Just because a company makes a "stalking horse" bid, does not necessarily mean that the property will sell for that amount or more. There is always the possibility that the stalking horse bidder cannot finance the bid, or conditions change or all sorts of things might happen. I used to work for a company that split into a public offering and a private entity. The company that was the publid offering went chapter 7 inside of 15 months, and the market conditions changed between when the stalking horse bid was made and the day of the sale. On that day, not even the stalking horse bidder submitted a formal bid. Two months later, the assets were knocked down to the stalking horse bidder, for about 30% of what their initial bid was.
On the private entity side, it also went Chapter 7 6 months after the public offering. Again there was a stalking horse bidder for their primary asset. The stalking horse bidder failed to raise the money to finance the bid for the next 4-5 months, and finally the primary asset was sold for 10% of the original stalking horse bid to a bidder that could actually finance the transaction.