Picture yourself at an auction: you want the item, but not at any price. In corporate takeovers, the same tension plays out on a huge scale. Setting a deal price is the moment when planning, valuation, and negotiation all collide. Get it wrong, and a brilliant strategy can become a costly mistake. This chapter explains where premiums come from, and how to think about the bargain zone between buyer and seller. It also covers the practical role of reference points like market price, the work of independent valuers, the logic of share swap ratios, and why markets react the way they do.