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Simple English definitions for legal terms
bid wanted
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A quick definition of bid wanted:
Term: Bid Wanted
Definition: When someone wants to sell a stock, they might ask dealers to make offers to buy it. A "bid wanted" notice is a way for the seller to let dealers know that they are looking for offers from anyone who wants to buy the stock. This notice is often found in a publication called the pink sheets, which lists stocks that are not traded on big stock exchanges. The pink sheets are printed on pink paper and show the prices that dealers are willing to pay for these stocks.
A more thorough explanation:
Definition: Bid wanted is a term used in the securities market to indicate that a dealer is seeking bids from anyone interested in purchasing a security that is up for sale. This notation is commonly found in the pink sheets, which are daily publications that list over-the-counter stocks, their market-makers, and their prices. The pink sheets are published by the National Quotation Bureau, a private company.
Example: If a dealer wants to sell a security, they may put out a bid wanted notice to attract potential buyers. For instance, a dealer may post a bid wanted notice for a particular stock in the pink sheets, indicating that they are looking for bids from anyone interested in purchasing the stock.
Explanation: The example illustrates how a bid wanted notice works in the securities market. When a dealer wants to sell a security, they may use a bid wanted notice to attract potential buyers. The notice indicates that the dealer is seeking bids from anyone interested in purchasing the security. This helps the dealer find a buyer quickly and efficiently.