M&A Foundations · glossary
A short, usually anonymised summary of the business sent to potential buyers to test appetite before anyone signs an NDA. Enough to intrigue; not enough to identify or harm the target if it circulates. Chapter 5
Explained in Chapter 5, Preparing for a Deal, of M&A Foundations.
The stages deserve a sentence each, because you will meet these words constantly. The teaser is a short, usually anonymised profile of the business, sent to likely buyers to see who bites. Anyone interested signs an NDA and receives the information memorandum (IM) — a detailed selling document describing the business, its financials and its growth story. It is marketing, not a warranted document — buyers are expected to verify everything in due diligence. Alongside it comes…Read Chapter 3, Deal Types and Structures →
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