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Warren Buffett David A. Grogan | CNBCDespite having $128 billion to burn, Warren Buffett just backed out of a bidding war after a slightly higher offer topped Berkshire Hathaway’s.

Then private-equity giant Apollo Global Management then sweetened its initial bid to $145 a share, or $5.14 billion.

Little is cheap in the market right now as stocks’ record run this year has driven multiples higher across the board and lifted most stocks.

“Prices are sky-high for businesses possessing decent long-term prospects,” Buffett said in the most recent annual letter.

He has repeatedly said the premium for buying companies outright has gotten too rich for his liking partly due to competition from private-equity companies.