But the bid appears to have failed because of inadequate financing.

Unless and until a rival bid appears, CBS stockholders have on the table an all-cash offer of $81 a share.

Industry experts suggested that the bid for federal assistance appears to be pitting financially disadvantaged companies against the industry's healthier players.

New England Electric's bid also appeared to offer a larger share to the bankrupt utility's shareholders than Northeast's did.

But the new bids appear to divide the creditors and the equity holders of the bankrupt company.

This bid appeared to unsettle Rigoglioso and many believe he engineered a second bid to be accepted after several disciplinary issues.

For CBS shareholders now, the big question in the stock is whether a better bid will appear.

By some measures, the competitive bid appears to be paying off.

It was not illogical to think a bid might appear.

The recent unfriendly bids appear to be aberrations, not part of a larger revival of hostile takeovers.