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Why are three different valuations of the same jar? Why might a firm value the target firm(jar) at one dollar figure and then bid with

Why are three different valuations of the same jar? Why might a firm value the target firm(jar) at one dollar figure and then bid with a higher dollar figure? A firm that overpays in the context of an auction is said to have met the Winner's Curse. Under what conditions does this likely happenthat firms overpay for an acquisition

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