Rival bidders aren't horsing around. Indeed, competing parties for insolvent companies' assets have launched a "canter" offensive against stalking-horse bidders. As a result, the success rate of lead bidders in bankruptcy-related merger and acquisition deals has been reined in.

The 63.7% winning percentage of stalking-horse bidders in transactions announced so far this year represents a 19% decline vis-à-vis the corresponding period in 2010. In fact, 2011 is a loss leader for stalking-horse bidders, as the failure rate of 36.3% is the highest for at least the past five years. -- Neil Malcolm