61.   She returned home and made an offer, but was beaten out by a higher bid.

62.   Shares in Maybelline fell as investors had been anticipating higher bids.

63.   So he thinks any higher bids will include cash.

64.   Targets with independent boards get more money for shareholders by attracting higher initial bids and bargaining more intensely, according to the study.

65.   That agreement, however, has clauses that allow Wasserstein to comply and at the same time benefit from any higher bid, should one come along.

66.   That led investors to offer higher bids to ensure they received notes.

67.   That would indicate that some investors expect a higher bid, traders in takeover stocks said.

68.   That leaves him with the option of selling those shares to any higher bid that might emerge.

69.   The arbitragers, or arbs, are clearly betting on a higher bid.