Battle for AT&T Wireless: Bids are in and Rising

Looks like the auction process that is the sale of AT&T Wireless is beginning to heat-up. Even though this is a two horse race, the two bidders Cingular and Vodafone are willing to match and raise their bids. With space of 72 hours, AT&T Wireless has gone from being worth a mere $30 billion to $38 billion, reports Reuters. Over the weekend, Cingular and Vodafone offered $13 a share for AT&T Wireless, which valued the third largest wireless company at $35 billion. Cingular then raised its bid to $14 a share or about $38 billion for the whole thing. Wall Street Journal reports that Vodafone is ready to up the bid as well. How high can the bidding go? My guess is that as far as the desperation is concerned, Cingular is the more desperate party and can play to win aggressively.