Mr. Schimpton spent much of the last month trying to raise money for a separate bid of his own.

A separate bid would be welcome, some investors said.

The law requires separate bids for plumbing, electrical, heating and ventilation work.

"Right at this juncture is where the new and the old seers made their separate bids for power," he went on.

But traders said the bulk of the market's move took place on the heels of two separate $1 billion bids for bonds.

A separate bid by Dyncorp's management collapsed last week after the financing expired.

Both parties have been working on separate bids.

The operation, which reported 1986 sales of $215 million, drew nine separate bids after it was put up for sale in April.

Morrison, the Scottish utilities group, has rejected two separate bids of more than £200m, opting instead to look at making its own acquisitions.

Mr set out his calculations in three separate bids.