The article explores how takeover auctions can be initiated by either the potential buyers or the seller, depending on the type of bidders involved. In auctions where bidders' values are similar, sellers are more likely to start the auction. On the other hand, in auctions where bidders have different values, both sellers and buyers can kick off the auction. The likelihood of buyers starting the auction decreases when values are more similar. The study also looks at how initiation affects bids and auction outcomes.