Noncompetitive bids normally reflect the general public's interest in an auction.

But the Standard bid, analysts said, reflected his preference for taking carefully measured risks.

But Victor Campbell, a Columbia senior vice president, said the company's bids reflected the hospital's future value to the company, not its long-term debt.

Analysts said Bowater's superior bid reflected the pressure faced by competitors in the industry to gain strength through size.

In Mr. Bloomberg's view, his bid should reflect well on him and his team.

The bid reflected the uncertainty of predicting what the world would look like seven to nine years from now.

The rival bids reflect the improving fortunes of airlines, which are starting to post profits again after half a decade of huge losses.

Dow Jones noted in its offering that the bid reflected a premium of about 18.7 percent on the pre-bid price of $15.125.

CBI's board rejected Praxair's offer, saying that the bid did not reflect the company's true value.

The directors said in a statement that the bid "doesn't reflect the underlying value of the company."