I have an interview on Tuesday and want to list out the steps in a sell-side m&a deal. I've worked on buy-side deals and list out the steps as:
1) Pitch
2) Kick-off
3) Initial screening
4) Target selection
5) Target
6) Approach
7) Transaction execution
Can someone list out the steps in a sell-side just like how I've done it above? Thanks.
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I’d say:
1) Research/Pitch
2) Work with seller to determine auction type/list of potential buyers
3) Prepare teaser/NDA/CIM
4) distribute teaser
5) distribute NDA followed by CIM to interested bidders
6) Keep deal on timeline, collect 1st round bids
7) determine serious buyers for 2nd round
8) Prepare management presentation/data room
9) collect final bids/choose winner
10) escort deal to closing
11) get paid
This is ballpark correct. Need to add Phase I / II process letters in their respective places and in reality VDR is populated throughout the process.
I read that the process takes about 6 months, would you say that is accurate? Also, is the LOI signed before VDR due diligence phase?
LOI is basically the non binding offer so this is before DD starts. Re timing, yes it can take up to 6 months or longer to sign.
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