are target code names obvious to prospective buyers !!
Having read Rosenbaum as well as viewed various pitchbooks, I've observed that in the earlier stages of the deal process IBs will assign a code names to the client company and later to buyers as well. Since the world is small, I would think that both strategics and financial sponsors (PE) will have a pretty good idea of the space, vertical and industry they work in. If a bank presents their initial marketing material to prospective buyers, is it not obvious who the client company is given there are only limited companies with the financials/product offerings in the space? (e.g. there are idk only 20 construction material supply companys with 100m-200m revenue - maybe only applies to more larger firms and less in PE MM)
Fair question, the reality is that almost always the code name goes along with the name of the company. When you will receive the deck you will read something like "Project Venus" on the front page and in the first page you might read "Project Venus relates to the potential carve-out of the consulting division from Bain & Co...". Everyone working on the deal in IB, PE, PD usually knows about both the code name of the project and the name of the company/companies.
Not only does the code name usually correlate with the first letter of the name of the company (i.e. you might call an Amazon sale "Project Activate"), but even the teaser will also usually have identifying information (actual product names, detailed map). For the construction material supply example they'd probably include their leading product(s) and a description of it straight from the website. Extremely obvious.
The code names aren't there to keep the identity of the target (or acquiror) secret from people involved in the deal, even very early on. They're there as a simple and easy precaution against needless leaks by people talking / emailing about a deal in earshot or in view of people who have no legitimate need to know about it.
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