Series 79: 11.3.2. The First Round

11.3.2. The First Round

While prospective buyers are digesting and analyzing the CIM, the sell-side adviser prepares an initial bidding procedures letter. This letter sets out the deadline by which a prospective buyer must submit a first-round bid, and describes in detail what information the buyer should include in the bid. As previously mentioned, the first-round bid is a non-binding IOI, but an elaborate and detailed one that addresses the requirements of the initial bidding procedures letter. In addition to a purchase price range—always a key detail—the seller may require that the IOI note any financing requirements, conditions or required approvals, anticipated timeline, strategic considerations, and other relevant information.

Between the distribution of the CIM and the distribution of the initial