M&A Timeline - Actual Deliverables?

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

• Importance: Naming the project is crucial. For example, if your MD is inspired by something like Aspen trees, the project might be named "Project Aspen."

Organizational Meeting

• Kickoff Call: This is the initial meeting to lay out the transaction workstreams and align everyone on timing and expectations.
• Deliverables:
  • Transaction Workstreams:
  • NDA (Non-Disclosure Agreement)
  • Buyers List
  • Teaser
  • Model
  • CIP (Confidential Information Presentation)
  • Data Room

Send Teaser and NDA

• Teaser: A document with general information about the company, including basic financial information and geography, but nothing that makes the company identifiable.
• NDA: Sent to a broad universe of strategics and financial sponsors. Follow up on NDAs and send daily progression reports to the deal team.

CIP, Model, IOI Process Letter

• After NDA Execution: Interested buyers receive the CIP, Model, and IOI (Indication of Interest) process letter.
• Deliverables:
  • CIP: Detailed information about the company.
  • Model: Financial model of the company.
  • IOI Process Letter: Instructions for submitting an Indication of Interest.

Pre-IOI Diligence Meetings

• Meetings with Interested Buyers: Buyers ask for additional data and valuation guidance.
• Deliverables:
  • Data Requests: Provide additional data as requested by buyers.
  • Valuation Guidance: General guidance on valuation, though specifics are often withheld.

Indication of Interest (IOI)

• Receive Bids: Collect bids from interested buyers.
• Deliverables:
  • Bids: Review and evaluate the bids received.
  • Progression Reports: Regular updates to the deal team on the status of bids and buyer interest.

Final Steps

• Further Diligence and Negotiations: Engage in deeper due diligence and negotiations with the most attractive bidders.
• Deliverables:
  • Final Agreements: Draft and finalize the purchase agreement and other necessary legal documents.
  • Closing Documents: Complete all required documentation to close the deal.

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