In an auction or other competitive sale, the second-highest bid. The term carries a slight connotation that the bidder was a plant who was simply trying to drive the price higher. This may or may not imply collusion.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
The second-highest bid in a competitive sale.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.