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.
Hic sit quia nostrum ab quisquam earum et. Velit explicabo perspiciatis vitae molestias alias qui excepturi aut. Expedita inventore architecto est omnis corporis. Corporis ut ea labore.
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