How long does MNPI last for?
Long story short - I work for a private investment firm that had been discussing a take-private with an independent sponsor for about a year and a half. The deal has gone through several iterations over this time, but we killed it ~6 months ago (at least we passed, not sure if the independent sponsor is still working on it) and haven't engaged with it since.
Now I'm recruiting for public markets roles and have been thinking about pitching the target company - it's actually quite a good business trading at a really compelling valuation. Problem is, I obviously at one point had MNPI (e.g. board materials and management model) and am not sure if the transaction has officially died or if we'd just passed on our end. Would I get in trouble trying to pitch this? Has anybody pitched a broken deal target before?
PS - under ordinary circumstances I would just try to find another target but I have near-term interviews and it's hard to find real value in the public markets at the moment, especially in tech (where I'm focused).
I don't see why it matters if you don't disclose any confidential information and make sure you stick to public sources.
I’d be safe and pitch something else. Anyway pitching something you worked on is lame and doesn’t demonstrate your ability to find, learn about and articulate ideas independently
MNPI lasts until the information is no longer material or nonpublic - shitty answer, I know, but at the end of the day it’s a subjective determination by the SEC, and even the appearance of impropriety is an issue for the compliance guys.
I’d steer clear entirely... maybe I’m a boy scout, but from a risk/return perspective the marginal value of this vs a new name seems nominal and the tail risk is large. If you can’t put together a new thesis, it’s probably not a good fit anyway
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