[larrys]

"Once you express strong interest in getting bought, you've just lost all negotiating leverage. "

Sure if you maintain that strong stance. But you can always change your level of interest and the opposite party will sense that and run to fix the deal. It's a game of chicken at that point but here's the thing. The acquirer is only looking at you and has decided they want what you have. If they didn't they wouldn't be attempting the acquisition.

So look as eager as you want. And then stop being prompt and act as if something else is going on and watch and see what happens. The investment banker doesn't want to loose a deal.

[lix2333]

I work in an investment bank and I'm not sure how much power the banker has in the deal process. A lot of it is dependent on the buyer, less on the banker. Bankers get paid based on the size of the deal. We usually take 2-3% of the transaction, but if the deal is huge, you might see that number fall down to 1% or so. Usually, its the buyer that hesitates and decides not to buy it. The banker would usually try to get the firm to purchase it, so they can get paid the commission.