Cancellation of Auction and Designation of Stalking Horse Bidder as Successful Bidder Notice

This legal template is designed to address the cancellation of an auction and the selection of a stalking horse bidder as the successful bidder under United States law. The cancellation of an auction typically takes place when the circumstances surrounding the sale or auction process change significantly, rendering it necessary to void the existing agreement. This template provides a formal notice, compliant with USA law, to inform all relevant parties about this cancellation.

Moreover, the template specifies the selection of a "stalking horse bidder" as the alternative successful bidder. A stalking horse bidder is a qualified purchaser who, before the auction process, establishes a bid or offer to set the minimum price for the auctioned asset or property. This bidder acts as a guarantee to ensure that the auction will result in a minimally acceptable outcome. In the event that the auction is canceled, this template facilitates the designation of the stalking horse bidder as the successful bidder, subject to any necessary approvals and legal requirements.

The template covers essential information such as details of the auction, reasons for cancellation, legal basis for designation of the stalking horse bidder, and any relevant provisions or requirements prescribed by USA law. It aims to provide a clear and transparent framework for canceling an auction and designating the stalking horse bidder as the successful bidder, ensuring compliance with applicable legal procedures.