You're confusing ROFR with simple bidding when you use the phrase "steal the deal". VC2 and VC3 are open bidding, and between them whoever bids highest wins (yo

You're confusing ROFR with simple bidding when you use the phrase "steal the deal". VC2 and VC3 are open bidding, and between them whoever bids highest wins (you call it "steals"). ROFR changes this landscape considerably. VC1 doesn't have to put their bid in until the others are locked. I cited an article explaining how this can steer away competition. Another scenario you might not have considered is that if VC1 would've bid $15M, but the highest other offer is only $10M, then VC1 gets it at $10M.