The way M&A usually works is that all sides have bankers/advisers who run Excel spreadsheet calculations that come out with different precise numbers depending

The way M&A usually works is that all sides have bankers/advisers who run Excel spreadsheet calculations that come out with different precise numbers depending on a couple of scenario parameters. Those are put on PowerPoint slides and presented to management. The decision whether to go with one of the precise numbers (or some aggregate thereof), or some close by round number has more to do with bidding tactics, game theory and psychology, so I think this research actually quite interesting. If you're a manager involved in some bidding process, what this article is telling you could be somewhat loosely rephrased as "use the Excel numbers rather than the ones that stuck in your head after the presentation", which is interesting advice.