An Industry in Flux: How the Uniti-Windstream $13.4 Billion Merger Deal Reflects Ongoing Telecom Consolidation

In the dynamic landscape of the telecommunications industry, consolidation has become a familiar trend, reshaping the market with each significant merger. The recently announced blockbuster agreement between Uniti and Windstream—valued at a staggering $13.4 billion—stands as a testament to this continued evolution. As we delve into the historical patterns of telecom mergers and acquisitions, it's clear that such deals are strategic moves aimed at enhancing competitive edges, extending market reach, and driving technological innovation in an industry marked by rapid changes and fierce competition.

This transformative deal carries the echoes of historic telecom unions, representing not just a financial transaction but a strategic leap forward. It serves as a poignant reminder of the industry's relentless drive towards growth and the pursuit of ever-greater economies of scale. Join us as we explore the intricate details of the Uniti-Windstream merger and its potential impact on the telecom sector at large.

Uniti Group Inc. Business Activities

Overview of Uniti’s operations and business model: Uniti Group Inc. is a real estate investment trust (REIT) that is dedicated to the acquisition and construction of mission-critical communications infrastructure. Uniti operates, develops, and provides an array of services including fiber infrastructure, wireless towers, and copper and coaxial broadband networks.

Uniti’s growth strategy and presence in Arkansas: Focused on expanding its services and infrastructure, Uniti has employed a robust growth strategy that includes strategic acquisitions and investments. Arkansas, the home state of Uniti’s headquarters, stands as a significant market where the company has intensified its efforts to become a leading provider of telecom infrastructure.

Uniti’s role in providing access to telecom infrastructure: Through leasing and fiber infrastructure solutions, Uniti plays a vital role in underpinning the operations of multiple carriers and customers. The company’s extensive network of fiber optic cables is pivotal in enabling high-speed data transmission and connectivity essential for current and future telecommunications needs.

Windstream Holdings Inc. Business Overview

Windstream Holdings, Inc. has established itself as a major player in telecommunications, offering robust services centered around delivering comprehensive network solutions. The company's market focus spans a broad spectrum, targeting both residential and commercial sectors to facilitate seamless connectivity and advanced communication strategies.

Comprehensive Connectivity Services

Windstream’s diverse range of services is tailored to meet the needs of modern connectivity and includes high-speed broadband internet, digital television, and voice services. With a keen emphasis on innovation, the company continues to expand its fiber-optic infrastructure, aiming to provide state-of-the-art broadband solutions that empower its users with faster and more reliable internet services.

Commitment to Homes and Businesses

At the core of Windstream’s ethos is a commitment to connecting communities. Whether it's a small household or a large enterprise, Windstream endeavors to offer tailored solutions that help bridge the digital divide. By investing in network upgrades and customer service, the company strives to enhance user experience and support the digital demands of tomorrow's homes and businesses.

Supporting Medical Research and Well-being

Understanding the critical role technology plays in healthcare, Windstream has dedicated efforts to support medical research and well-being. This includes providing robust telecommunication services that facilitate telemedicine and remote healthcare, ensuring that medical professionals and patients alike can rely on secure and uninterrupted connectivity for healthcare services and research endeavors.

Financial Details of the Merger

The acquisition of Windstream Holdings by Uniti Group is a transformative deal for the telecom industry, carrying a hefty price tag of $13.4 billion. This section delves into the financial nuances of this major consolidation effort, shedding light on how the merger agreement values each component of the business entities involved.

The $13.4 Billion Deal Terms

The agreed merger unites two significant players in the telecom space under a deal valued at $13.4 billion. This valuation is inclusive of debt and based on a meticulous review of both Uniti's and Windstream's assets and earnings potential. The financial arrangement stipulates specific terms which outline cash flow allocations, stock considerations, and future financial responsibilities between the now united entities.

Analysis of Share Prices and Financial Health Pre- and Post-Announcement

Prior to the merger announcement, shares of Uniti and Windstream were independently subject to market forces. However, with the public disclosure of the merger, we have observed a notable impact on each company's share price, indicative of investor sentiment towards this significant transaction.

• Pre-announcement, both companies experienced regular fluctuations in stock prices primarily influenced by existing market conditions and individual company performance.
• Post-announcement, an initial surge in share prices was recorded, reflecting optimism about the deal's potential to enhance market positioning and drive shareholder value.
• Long-term financial health of the merged entity is projected to stabilize, leveraging combined assets and streamlined operations for sustained profitability and growth.

Note: It is important to consider that market dynamics are unpredictable, and while the immediate response to the merger announcement has been favorable, ongoing assessments will be essential to gauge the enduring financial impact of this corporate union.

Understanding the Regulatory Approval Process for the Uniti-Windstream Merger

The proposed $13.4 billion merger between Uniti Group Inc. and Windstream Holdings Inc. is subject to a thorough regulatory approval process. This process is essential to ensure that the merger aligns with legal and competitive standards set to preserve market health and consumer interests.

Steps Involved in Gaining Regulatory Approval

The regulatory review process typically involves several key steps, including:

• Filing of Applications: Both companies must file applications with the pertinent regulatory authorities detailing the transaction.
• Public Interest Assessment: Regulators assess if the merger would serve the public interest, looking into potential benefits and drawbacks for consumers and the market.
• Competition Scrutiny: An analysis to ensure the merger does not violate antitrust laws or excessively reduce competition.
• Public Comments and Hearings: Opportunity for stakeholders, competitors, and the public to voice support or objections, which the regulators will take into account.
• Consent Decree or Conditions: If necessary, the regulatory body might require specific conditions to be met or adjustments to be made for approval.
• Final Approval: Once all concerns are addressed and required conditions are met, the authorities can grant final approval for the merger.

Anticipated Timeline and Potential Roadblocks

The timeline for regulatory approval is not fixed and can vary significantly depending on the complexities of the deal:

• Review Duration: The review process could take anywhere from a few months to over a year to complete.
• Request for Additional Information: Regulators may request more information, which can extend the timeline.
• Competition Concerns: If significant antitrust issues are identified, the companies might face lengthy negotiations to resolve them.
• Public Opposition: Strong opposition from the public or other stakeholders can result in additional scrutiny and potentially delays.

Uniti and Windstream have likely accounted for these factors in their merger planning and will be working closely with regulatory bodies to navigate the approval process as smoothly as possible.

Assessing Market Dynamics: The Uniti-Windstream Merger

In the context of the Uniti, Windstream agreement to a 13.4 billion merger deal, a crucial aspect to consider is the state of market competition and the merger's compliance with antitrust laws. This examination ensures the transaction does not undermine a competitive market environment, which is essential for promoting innovation and protecting consumers.

Examination of Market Competition Pre- and Post-Merger

Prior to the merger, both Uniti Group Inc. and Windstream Holdings Inc. operated within a dynamic and competitive telecommunications landscape. The consolidation of these entities is anticipated to reshape the market structure. There is a necessity for a thorough assessment to understand how the combined entity will influence competitive conditions, market share, and consumer choice. Concerns including the potential for increased pricing power, reduced service quality, or diminished innovation must be addressed to ensure the merger aligns with the broader market's health and competitiveness.

Discussion of Antitrust Regulations and Potential Concerns

The United States antitrust regulations, primarily governed by the Clayton Act and the Federal Trade Commission Act, are designed to prevent anticompetitive practices and promote fair competition. The merger between Uniti and Windstream will likely trigger a thorough antitrust review to prevent the establishment of monopolies or oligopolies that could harm consumers.

• Regulatory Hurdles: Antitrust authorities will scrutinize the deal to ensure compliance with legal standards and the preservation of a healthy competitive market. This includes evaluating the potential for reduced competition in any of the markets where the companies currently operate.
• Market Power Assessment: Analyzing how the combined entity's market power would affect pricing, service levels, and the availability of diverse product offerings is pivotal. Special attention will be paid to the broadband and fiber markets, where scale can significantly impact competitive dynamics.
• Consumer Welfare: Ultimately, protecting consumer interests is at the heart of antitrust considerations. The review process will thoroughly consider whether the merger would lead to higher prices or reduced service quality.

The implications of the Uniti-Windstream deal on market competition and antitrust considerations are fundamental to the approval and subsequent success of the merger. As the process unfolds, both companies and regulatory bodies will work towards a resolution that aims to balance the scales between a successful business integration and the maintenance of a healthy, competitive environment.

Impact on Shareholders and Stock Prices

The announced Uniti, Windstream 13.4 billion merger deal has significant implications for shareholders of both companies. Evaluating the effect on stock valuation is crucial for investors looking to understand the merger's influence on their financial interests.

Analysis of the Merger's Effect on Both Companies' Stock

With news of the merger, initial responses indicate fluctuations in stock prices for both Uniti and Windstream. Shareholders of Uniti Group Inc. and Windstream Holdings Inc. might observe short-term volatility as the market assimilates the details of the agreement. In the long-term, the consolidation is poised to create a more substantial entity with the potential for enhanced earnings and stability, which could be beneficial for stock value.

Investor Reactions and the Long-Term Prospects for Shareholders

Investors have shown a mix of reactions, with some expressing confidence in the strategic benefits of the merger, while others are more cautious, anticipating the complexities of integration. Long-term prospects for shareholders will likely hinge on the seamless execution of the merger and the realization of anticipated synergies. Success in these areas could result in increased investor confidence and a resultant uptick in stock prices.

• Market analysts anticipate potential initial uncertainty among shareholders followed by gradual stabilization.
• The success of the merger is subject to regulatory approvals, which also play a significant role in investor sentiment.
• Long-term shareholder value will be driven by the merged company's ability to harness efficiencies and grow market share in a competitive industry landscape.

As the merger progresses, shareholders are encouraged to stay informed and engaged with developments, keeping in mind both the opportunities and risks associated with such large-scale corporate consolidations. The full impact on stock prices will become clearer as integration efforts move forward and the new business entity begins to operate as a combined force.

Strategic Benefits of the Merger for Both Companies

The merger agreement between Uniti Group Inc. and Windstream Holdings Inc. not only marks a significant consolidation in the telecom industry but also carries substantial strategic benefits for both companies. Below, we explore the key synergies and advantages anticipated from this $13.4 billion deal.

Synergies Expected from the Merger

• Technological Synergies: The combined entity is positioned to leverage shared technological resources, leading to enhancements in network infrastructure and accelerated adoption of advanced telecommunications technologies.
• Operational Efficiencies: With the merging of operations, both Uniti and Windstream can expect to realize considerable cost savings due to economies of scale and streamlined processes across multiple departments.

Strategic Advantages in Terms of Market Presence and Capabilities

• Enhanced Market Presence: Together, Uniti and Windstream will have a more formidable market presence, providing the capability to serve a wider customer base with a more diverse portfolio of services.
• Expanded Capabilities: The merger is set to combine the strengths of both companies, resulting in improved service offerings with increased reliability, coverage, and speed, which is crucial in an industry driven by evolving customer demands.

Potential Impact on Customers and Service Offerings

In the aftermath of the landmark Uniti-Windstream merger agreement, stakeholders are keen to understand its ramifications on customers and service offerings. As the industry braces for the coming changes, several aspects of customer experience stand poised for transformation.

Service Offerings and Pricing Adjusted by the Merger

With the consolidation of Uniti and Windstream, service offerings are likely to see a significant overhaul. The merger has the potential to streamline operations and reduce redundancies, leading to a more cohesive and comprehensive suite of services. On the pricing front, the impact is less clear-cut. While the increase in scale may allow for more competitive pricing structures, the reduced market competition could lead to higher prices over the long term.

Enhanced Customer Experience and Expanded Access

Potential benefits for customers could be substantial. By merging resources, the combined entity may be able to leverage a broader network infrastructure, resulting in expanded access to services, especially in underserved rural areas. A merger of this scale could also lead to improved service quality and reliability, a critical consideration for both residential and business customers who depend on round-the-clock connectivity.

• Customers might gain access to a more extensive product and service portfolio.
• Enhanced technological capabilities could offer customers new and improved ways to connect and manage their services.
• Investment in innovative solutions could become a priority, fostering advancements that benefit subscribers directly.

In conclusion, while it is difficult to predict with certainty the full impact of the Uniti-Windstream agreement on customers, the potential for positive changes to the customer landscape exists. It will be imperative for the merged company to balance its operational goals with the needs of its customers to ensure a successful integration and a competitive edge in the market.

Reflecting on the Telecom Union Legacy: A Look at Historical Mergers and Outcomes

The telecom sector has witnessed a substantial number of mergers and acquisitions over the years. Each of these strategic moves carried their promises for growth, synergies, and competitive advantage. Analyzing past telecom mergers provides a contextual backdrop for understanding potential outcomes of the recent Uniti and Windstream $13.4 billion merger deal.

Historical Telecom Mergers: A Glimpse into the Rearview Mirror

Over the decades, the telecommunication landscape has been redefined by mergers and acquisitions that have both consolidated the market and shifted the competitive dynamics. From the merging of major national carriers to the absorption of niche players in specialized segments, these corporate unions have often aimed to combine technological resources, expand networks, and diversify offerings.

• AT&T and BellSouth Merger: Realizing a motivation similar to Uniti-Windstream's objectives, the merger formed to strengthen and expand their network. The success of this merger hinged on successful integration and streamlining operations without disrupting services.
• Sprint and Nextel Communications: This merger in 2005 serves as an example where cultural and technological integration posed significant challenges, eventually leading to a devaluation of the combined company's market position.
• Verizon and MCI Worldcom: A merger where regulatory approval was cautiously given to ensure market competition wasn't severely impacted. It demonstrates the importance of antitrust considerations in telecom mergers, an aspect likely to affect Uniti and Windstream.

Case Studies and Insights for Uniti-Windstream Future

Case studies of past telecom mergers offer a wellspring of lessons that could inform the trajectory of the Uniti-Windstream merger.

• Integration is key: Successful mergers prioritize swift and effective integration to prevent service disruption and capitalize on promised synergies.
• Market Reception: The complex interplay of market forces and regulatory bodies often shapes the end-success, influencing public reception and stock performance post-announcement.
• Customer Experience: Maintaining or enhancing the customer experience post-merger is crucial for the combined entity to retain and grow their customer base.

As Uniti and Windstream move forward with their planned merger, the stakes are high, and their actions will be closely watched by industry insiders and customers alike. The analysis of past telecom mergers provides a rich tapestry of outcomes from which to draw parallels and predict future performance in an ever-evolving market landscape.

Future Outlook for the Uniti-Windstream Merger

As Uniti Group Inc. and Windstream Holdings Inc. finalize their $13.4 billion merger, the industry is keen to understand the future trajectory of the combined entity. The merger positions the new organization for a strategic advantage in the competitive telecom landscape, leveraging the combined strengths to innovate and expand service offerings.

Predictions for Market Position and Strategy

Post-merger, the combined company is anticipated to emerge as a formidable player in the telecom sector, with a robust broadband infrastructure that can cater to the soaring demand for high-speed internet services. The strategic alignment is expected to yield significant operational efficiencies and enhance the ability to invest in critical network upgrades, vital for staying ahead in a market driving towards 5G and beyond.

Opportunities and Challenges Ahead

• Expanding Market Reach: The merger opens doors for nationwide expansion, enabling the new entity to serve a broader customer base with an enriched portfolio of services.
• Technological Innovation: There will be ample opportunities to innovate in the field of telecommunications, including the potential for groundbreaking 5G technology deployment.
• Regulatory Compliance: Navigating the complex regulatory environment will remain a challenge, one that will require careful attention to maintain compliance and avoid antitrust issues.
• Post-COVID-19 Landscape: The pandemic has irrevocably altered the telecom industry, accelerating the shift to remote work and digital communication. The resultant spike in demand for reliable internet services presents both an opportunity and a challenge to meet these evolving consumer needs.

Overall, the future for the merged entity of Uniti and Windstream is one filled with potential. The combination of their resources and expertise is poised to create a powerhouse capable of leading the next wave of telecom innovation and customer satisfaction. Nonetheless, they must strategically navigate the post-merger integration and evolving market dynamics to realize the full benefits of this landmark consolidation.

Industry Analysts Weigh In on Uniti-Windstream Mega Merger

The announcement of the $13.4 billion merger deal between Uniti Group Inc. and Windstream Holdings Inc. has sent ripples through the telecom industry. In an epoch where market consolidation is a growing trend, this recent development has garnered significant attention from industry analysts and experts.

Summarization of Analyst Opinions

Many experts view the merger as a strategic alignment that could fortify both Uniti and Windstream in the increasingly competitive telecom landscape. Analysts predict that the combined entity will benefit from enhanced network capabilities and a stronger financial footing. There is a consensus that the scale of operations post-merger will empower the company to invest more aggressively in next-generation technologies and infrastructure improvements.

Insight into the Industry Perspective on the Merger's Significance

From an industry perspective, experts opine that the merger is more than a financial transaction; it represents a major shift in market dynamics. The enormity of the deal is expected to put other telecom giants on notice, possibly triggering a wave of similar consolidations in the sector.

• Analysts highlight the potential for the joint venture to disrupt established regional markets, given the combined resources and customer base.
• Experts also point out that this type of consolidation could lead to improved service offerings for customers, as the merged entity streamlines operations and taps into economies of scale.
• Regarding the impact on the market, the sentiment is that while competition may be affected, the drive for innovation will increase as a response to the merged entity's momentum.

Overall, industry analysts and experts are closely monitoring the unfolding of this merger, eagerly anticipating the strategic moves Uniti and Windstream will make next, and how this will affect the competitive landscape of the telecom industry.

Understanding Employee Impacts in the Uniti-Windstream Merger

As the Uniti and Windstream 13.4 billion merger deal progresses, the question of employee implications and the potential restructuring becomes a point of focus. Mergers of this magnitude typically entail a series of changes that can affect the workforce and company operations significantly.

Potential Restructuring and Integration of the Workforce

The merger between Uniti and Windstream is expected to lead to a comprehensive review of the combined workforce. This might result in restructuring efforts to streamline operations and eliminate redundancies. As both companies work towards integrating, they will assess roles and departments where overlaps occur, aiming for a more efficient organizational structure without compromising productivity or service.

Expected Cultural and Operational Challenges

Merging two distinct company cultures comes with its challenges. As Uniti and Windstream aim to create a unified corporate culture, they must take into account the differences in their previous operational practices and employee experiences. It is critical for the successful merger that the management teams address these potential cultural clashes and work diligently to blend the best aspects of both organizations.

• Integration teams will likely focus on aligning policies, communication practices, and shared company values.
• The management must handle changes with sensitivity to reduce uncertainty and preserve employee morale.
• Training programs might be initiated to facilitate a smooth transition into the new, cohesive working environment.

In conclusion, while the Uniti-Windstream merger brings significant growth potential, it is equally important to acknowledge the imminent challenges related to employee restructuring. As the two companies move forward, transparent communication and careful planning will be key in mitigating disruptions and setting a strong foundation for the merged entity.

Integration Challenges for Uniti and Windstream

Uniti and Windstream have announced a merger agreement that positions the combined entity as a significant player in the telecommunications landscape. However, with the merger of such sizable entities comes a series of integration challenges. These hurdles require careful planning and seamless execution to ensure the merger delivers its intended benefits without disrupting service quality or customer satisfaction.

The Complexities of Merging Two Sizable Telecom Entities

Combining operations, cultures, and technologies from two different organizations is an intricate process. Both Uniti and Windstream bring their own unique systems and protocols to the table, necessitating a well-orchestrated unification strategy. Critical aspects that demand focus include aligning network architectures, integrating customer service platforms, and consolidating backend support systems. Moreover, rebranding and marketing efforts will need to be synchronized across the newly formed enterprise.

Discussion on Integration Plans and Execution

Strategic integration plans form the blueprint for a successful merger. Uniti and Windstream will have to tackle the integration on multiple fronts, starting with thorough due diligence. Execution will rely heavily on transparent communication between the merging entities and with stakeholders. Coordination efforts will span across departments to align business goals, merge corporate cultures, and retain talent. Identifying potential redundancies and addressing them proactively will also be crucial. Furthermore, investing in change management initiatives will be vital to minimize resistance and ensure a smooth transition.

• Alignment of Business Objectives: Developing a unified vision for the merged company's future and setting clear objectives is a key to successful integration.
• Merging Corporate Cultures: Uniting different corporate cultures without causing friction requires a sensitive and thoughtfully managed approach.
• System and Operational Consolidation: Integrating disparate systems and operations while maintaining uninterrupted services is a balancing act that demands meticulous planning.
• Communication: Keeping all stakeholders informed and engaged during the integration process promotes transparency and aids in reducing uncertainty.

As Uniti and Windstream commence their journey towards a combined future, overcoming these integration challenges will be pivotal to the merger's long-term success. Ensuring a methodical execution of integration plans will ultimately dictate the pace at which the new entity can achieve the synergies and market advantages projected from this $13.4 billion deal.

Technological Synergies and Infrastructure Investment

The landmark merger between Uniti Group Inc. and Windstream Holdings Inc. is not merely a financial transaction; it marks the confluence of two robust technological frameworks. This section delves into how the conjoined tech stack and infrastructural assets will yield significant benefits for the newly formed entity.

Unifying Technological Assets for Enhanced Performance

The synergy between Uniti's comprehensive fiber infrastructure and Windstream's software and service capabilities is anticipated to usher in an era of enhanced efficiency and performance. By leveraging the combined capabilities, the merged company will be better positioned to deliver innovative solutions with increased reliability and speed, addressing the rapidly evolving demands of both residential and business customers.

Strategic Infrastructure Investments and Innovation

Strategically, the new entity is set to inject substantial capital into infrastructure development and technological innovation. These investments will be pivotal in staying at the forefront of industry advancements and maintaining a competitive edge. Among the prospective areas of development, special attention will be given to:

• Innovations Benefiting Health and Well-being: Recognizing the transformative power of technology in healthcare, the company plans to explore solutions that can support well-being sectors, including gadgets and services that could assist cardiologists in patient care.
• Advanced Connectivity Solutions: The commitment to infrastructure spend will also encompass advancements in connectivity that promise to elevate the customer experience by providing seamless and undisrupted access in an increasingly digital-first world.

In conclusion, the union of Uniti and Windstream is poised to not only reshape the market landscape but also to drive a technological evolution that stretches beyond the realm of telecommunications, into broader societal benefits.

Additional Considerations in the Uniti-Windstream Merger

While the merger's strategic, financial, and regulatory aspects are often the focal points of discussion, other factors also play a crucial role in the long-term success of the combined Uniti-Windstream entity. Let's delve into some additional considerations that may influence the future trajectory of the newly formed company.

Expanding Reach: Access to New Markets

With the merger of Uniti and Windstream, the consolidated company stands to benefit significantly from an expanded geographical footprint. Access to new markets is a pivotal advantage that can propel the company towards a wider customer base, increased revenue streams, and a more diverse portfolio of products and services. The synergy of Uniti's infrastructure and Windstream's service offerings could potentially unlock untapped markets and drive innovation.

Influential Headquarters: The Role of Arkansas

The headquarters of an organization are often seen as a central hub for its operations, corporate culture, and business strategy. The role of the Arkansas headquarters following the Uniti-Windstream merger will be a matter of strategic importance. How will it shape the company's identity, culture, and operational efficiency? It's expected that by leveraging the state's business-friendly environment and talent pool, the headquarters can serve as a key driver in the company's post-merger integration and growth plans.

• Will the company's presence in Arkansas contribute positively to local economies and job creation?
• How will the leadership at the Arkansas headquarters navigate the merging of two distinct corporate cultures?
• What strategic initiatives will be prioritized at the Arkansas headquarters to ensure a smooth transition and harmony across all operations?

The answers to these questions are essential components in evaluating the comprehensive impact of this merger and its potential to redefine the competitive landscape of the telecom industry.

Looking Ahead: The Uniti-Windstream Merger's Place in Telecom History

The recent announcement of the $13.4 billion merger deal between Uniti Group Inc. and Windstream Holdings Inc. signifies a monumental shift within the telecommunications industry. As we conclude our in-depth look at this transformative union, it is clear that its ramifications extend well beyond the immediate financial uplift for the companies involved.

The merger is expected to alter the telecom landscape significantly, creating a new entity with enhanced capabilities and a strengthened competitive position. In recap, the Uniti-Windstream merge is not just about a substantial addition to the ranks of telecom giants; it is poised to influence industry standards, customer experiences, and innovation trajectories for years to come.

Final Evaluation: A Strategic Gamble Poised for Reward?

As we weigh the potential outcomes of this strategic move, it's crucial to reflect on its possible success or pitfalls. Storming through regulatory approvals and addressing market competition concerns are just the first hurdles the combined entity will face. The true test will be in successfully integrating operations and realizing the touted strategic benefits amidst a fiercely competitive industry.

Will the expected technological synergies and infrastructure investments deliver the anticipated value to shareholders and customers alike? Or will the merger buckle under the heavy weight of integration challenges and internal restructuring? Only time will reveal the full impact of Uniti and Windstream's bold consolidation bid.