M&A Timeline - Actual Deliverables?
Noob looking for insight. I conceptually can wrap my head around what goes on during an M&A processes but am confused about the concrete deliverables that physically govern the transaction (I.E a warranty deed establishing ownership of a house is drafted by a law firm as a deliverable, which concretely establishes ownership of buyer). I was wondering if someone could share a brief timeline of a deal and the typical physical "deliverables" that are needed as it progresses which show its concrete progression. Thank you!
Based on the most helpful WSO content, here's a brief timeline of a typical M&A deal and the concrete deliverables involved:
Project Name
Organizational Meeting
Send Teaser and NDA
CIP, Model, IOI Process Letter
Pre-IOI Diligence Meetings
Indication of Interest (IOI)
Final Steps
This timeline provides a structured overview of the key deliverables at each stage of the M&A process, ensuring concrete progression and alignment with transaction goals.
Sources: Sellside / Buyside M&A Process "Checklist", Sell-Side M&A Overview, M&A consultant Q&A, Intro to M&A deal docs, Overview of Sell-Side M&A
Initial valuation and pitch
Buyers list
NDA
Teaser
CIM
Management presentation
Due diligence requests
Purchase agreement
Additional reports and updates as requested.
What about if you are on the buy side? Keen to understand what is the focus between stage 1 and stage 2 and when the crunch points are and how you can add value as a banker?
I've only worked on a handful of small buy-side mandates. They typically came after a successful platform deal with a LMM sponsor/family office that engaged us to source add-on acquisitions. The primary deliverable was a target list with regular updates on financials, ops, management, etc...all the updates that we would provide potential buyers in the diligence phase of the deal.
I'd imagine larger buy-side engagements are more involved, but I don't have the experience to opine.
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