A deal (transaction) that combines features and elements of both a negotiation and an auction. A negotiauction starts like an auction, where bidding is open to all participants in a stage of initial show of interest. Later one, low bidder(s) get eliminated and a round of in-depth, one-on-one negotiations with remaining bidders is phased in.

It not unusual that certain remaining bidders/ buyers may set its own conditions, coupling its bid with a request for more information (e.g., access to confidential data) in order to better evaluate its position and next move. The seller may not entertain such requests (or at times, threats to withdraw), and a respective bidder gets also eliminated. Negotiations (and one-way or two-way bargaining) continue until the seller can identity the highest/ best bidder from amongst remaining bidders, announcing the winner and concluding the deal.