M&A Foundations · glossary
The first number or position put on the table, which tends to pull the eventual outcome towards itself. Skilled negotiators anchor early and deliberately — which is one reason the "non-binding" heads of terms matter more than they bind. Chapter 6 · Chapter 14
Explained in Chapter 6, Term Sheets and Heads of Terms, of M&A Foundations.
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Every chapter of M&A Foundations is free to read, including the full training share purchase agreement. It is part of one complete fictional deal, with every document attached and a test after every chapter. Open M&A Foundations → · All terms A–Z →