Quote:
Originally Posted by K-dog
Kyle and BYU had an agreement done but had not reduced it to a formal writing. Both had agreed on all terms. Kyle got a call from the U while the contract was being prepared. He returned to the Y and told them that the U had offered a little more money and he wanted the Y to match. BYU told him that they already had an agreement with him and they expected him to honor it. He said he wanted more money and knew they could pay it. They told him to pound sand. Bottom line, Kyle reneged on his deal with the Y. The U didn't outbid the Y. The Y refused to modify a previously agreed on contract.
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In Kyle's defense, I would have done the same thing. This sort of gamesmanship (if you can call it that) is exactly the way large M&A deals are done, at least when there is an auction process.