What does the CIM consist of when selling a public company? I've sold two private companies (and authored two CIMs -- lots of fun) and understand how that works, but what's the process with a public company? I understand the point of a teaser in which the company's name remains undisclosed, but with a public company, as soon as the name is disclosed to the buyer, they can just go check out the SEC filings to get 95% of the info that would be in a CIM... Do you just dress up the 10-k into the CIM format, add some projections/additional market commentary and call it a day? Or do you just do something basic like show business description, market overview, financial projections and then attach the most recent 10-K as an appendix?
Just wondering... about to kick-off a sell-side for a pubco and am praying this won't require another 60+ page book...
as an advisor, u have some due diligence material or management comments u can shove in there as well?
Very insightful -- thank you.
Anyone else?
From the buy side perspective having reviewed both public and private companies my experience has been that the CIMs are essentially the same, a pubco CIM is just as comprehensive and robust as a privco CIM although I suspect it is easier to build the pubco CIM based on the availability and uniformity of public information.
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