If VC1 chooses to steal the deal, then VC2 underbid on the valuation, no? Plus, even without any ROFRs, there are bidding wars all the time (between VC2 and VC3

If VC1 chooses to steal the deal, then VC2 underbid on the valuation, no? Plus, even without any ROFRs, there are bidding wars all the time (between VC2 and VC3, say, where neither has a chunk yet).