It's been over a decade since I did auction theory so take what I say with a grain of salt. The bidders would be shaving their bids (ie: paying less than they a

It's been over a decade since I did auction theory so take what I say with a grain of salt. The bidders would be shaving their bids (ie: paying less than they actually value the stock at) since there's an incentive (ie: profit) to not be the top bidder. Everyone wants to be the last bidder since they get their stock for the lowest price. That probably leads to really unstable dynamics and an inefficient equilibrium. So the company may actually come out with less money than other approaches.