> About 0.3% less? ...Why is he shocked somebody else would pay basically the same amount he himself bid? I am so confused.
Mr. Gural's bid is complicated, because he's already 75% owner of the building; he's really bidding that he'd rather spend $47.5M for the other 25% of the building, than accept $142.5M for his part.
But if Mr. Garlick isn't following through on the bid, it's not surprising that Mr. Gural would rather reauction. He doesn't expect anyone to bid much for the property, and he'd rather spend less to get the other 25%.
Mr. Gural's bid is complicated, because he's already 75% owner of the building; he's really bidding that he'd rather spend $47.5M for the other 25% of the building, than accept $142.5M for his part.
But if Mr. Garlick isn't following through on the bid, it's not surprising that Mr. Gural would rather reauction. He doesn't expect anyone to bid much for the property, and he'd rather spend less to get the other 25%.