M&A Foundations · glossary
A sale process in which the seller invites several bidders to compete in structured rounds, rather than negotiating with one buyer. Competition tends to improve the price and the terms for the seller — at the cost of a heavier, more formal process. Chapter 3
Explained in Chapter 3, Deal Types and Structures, of M&A Foundations.
Corporate finance advisers — investment banks on larger deals, boutique advisory houses on smaller ones; everyone says “the bankers” either way — are the commercial engine of a sale. A seller granting a sell-side mandate hires them to value the business, prepare the marketing materials, identify and discreetly approach potential buyers, and run the sale process. The marketing materials are a one-page anonymous teaser and a fuller information memorandum (IM)…Read Chapter 2, Who’s Who on a Deal →
Related terms
Where this term lives
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 →