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A's win bidding for Iwakuma

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Per the Oakland Athletics' website, the A's have won the bidding for Japanese pitcher Hisashi Iwakuma. 

Because Iwakuma had been posted by his team in Japan, MLB clubs had to submit bids through a sealed-bid process.  Texas was one of the teams rumored to have been bidding on Iwakuma, but if they did bid, their bid was not as high as Oakland's.

The posting fee is the amount paid to the Japanese League team for the rights to Iwakuma -- Oakland now has to reach a separate agreement with Iwakuma on a contract.  If an agreement can't be reached, Iwakuma stays in Japan, and Oakland is not obligated to pay the posting fee.