It refers to the sales deal. I understand it's where one company makes a bid large enough to be successful ahead of, and forestalling, a possible auction that could have involved several competitors. But check with @AgentPete.
Designed to take the other publishers out of the race. By accepting the bid an agent and author agree not to put it into a potential open auction.
Something that requires experience and skill on behalf of an agent who must assess if there is a possibility of the auction making more or less than the preemptive bid.
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