Want FREE Templates on Digital Transformation? Download our FREE compilation of 50+ slides. This is an exclusive promotion being run on LinkedIn.

M&A Sell-Side Process Letter - Phase I and Phase II

M&A Sell-Side Process Letter - Phase I and Phase II (5-page Word document) Preview Image M&A Sell-Side Process Letter - Phase I and Phase II (5-page Word document) Preview Image M&A Sell-Side Process Letter - Phase I and Phase II (5-page Word document) Preview Image M&A Sell-Side Process Letter - Phase I and Phase II (5-page Word document) Preview Image
Arrow   Unlock all preview images:   Login Register

M&A Sell-Side Process Letter - Phase I and Phase II (Word DOCX)

File Type: 5-page Word document
Secondary File: Word (DOCX)

Top 100 Best Practice $29.00
FlevyPro price: $20.30 (30% discount)

Add to Cart


Immediate digital download upon purchase.
Lifetime document updates included with purchase.
Fully editable & customizable DOCX document.
Supplemental DOCX document also included.
Trusted by over 10,000+ organizations.


  1. Phase 1 process letter - Outlines the basis on which bidders may make an offer.
  2. Phase 2 process letter - Outlines the process to access information to enable bidders to submit a final binding offer.


This product (M&A Sell-Side Process Letter - Phase I and Phase II) is a 5-page Word document with a supplemental Word document, which you can download immediately upon purchase.

What is the M&A process letter?

The M&A process letter is a template or example which assists transaction advisory consultants, investment bankers, and M&A practitioners with a sound basis from which to outline the proposed transaction steps in an M&A process.

As the M&A process progresses down the funnel and the potential buyer pool narrows, bidder(s) will typically provide a letter of intent. Prior to submission of the letter of intent by the bidder(s), the M&A bid process letter provides information to M&A transaction professionals/ investment bankers on the M&A timeline, instructions, and contact information for all future communication, as well as any terms that the bidders must include if they make an offer.

The M&A bid process letters accompany the confidential information memorandum distributed to potential bidders in an M&A process.

What information is included in the M&A process letters?

The M&A bid process letters addresses:
•  The schedule (i.e. timetable, number of bidding rounds and deadlines for bid submissions);
•  Instructions for obtaining data room access
•  Contact information for all notices and communications; and
•  The terms bidders should include in an offer package.

The phases are defined and scoped as follows:

Phase I – Indicative Offer

The phase I M&A bid process letter example outlines the basis on which a bidder may make an offer and to set out the process that is expected to be followed with respect to a Proposed Transaction. It covers critical aspects, including the indicative offer requirements, valuation methodology, strategic rationale, financing details, conditions, and other essential elements. This non-binding letter sets the stage for deeper negotiations.

Phase II – Binding Offer

The phase II M&A bid process letter sample invites successful bidders to the next stage of the process. During Phase II, the process through which access to additional information on the Target is outlined to enable bidders to submit a final binding offer. It explains the process for submitting a formal binding offer, which includes site visits, management presentations, due diligence access, and review of transaction agreements. This binding agreement finalizes the deal and contains the specifics of the transaction.

These M&A bid process letter templates are useful to a number of audiences, including:

Potential Acquirers and Investors: It facilitates crafting strong offers and conducting efficient due diligence.
M&A Practitioners: It serves as a template to streamline initial deal stages and guide clients effectively.
Investment Bankers: It structures the process, protects client interests, and sets clear expectations.
Venture Capitalists: It presents a structured approach to potential targets and expresses strategic rationale.
Transaction Advisory Consultants: It assists in formulating offers and ensuring compliance with regulations.
Private Equity Fund Managers: It helps evaluate opportunities and conduct investigations.
Legal Professionals: It ensures critical legal aspects are adequately covered.
Financial Advisors: It guides them in assisting clients during the deal process.
Business Owners and Sellers: It helps them present their businesses professionally and attract potential acquirers.

As you can see, this M&A process letter is a versatile and valuable document that caters to a diverse group of stakeholders in the M&A arena. Its structured approach and comprehensive content make it an essential tool for anyone involved in M&A transactions, from business owners and investors to advisors and legal professionals.

Got a question about the product? Email us at support@flevy.com or ask the author directly by using the "Ask the Author a Question" form. If you cannot view the preview above this document description, go here to view the large preview instead.

Source: Best Practices in M&A (Mergers & Acquisitions) Word: M&A Sell-Side Process Letter - Phase I and Phase II Word (DOCX) Document, Corporate Finance 101

FlevyPro price: $20.30 (30% discount)

Add to Cart


File Type: Word docx (DOCX)
Secondary File: Word docx (DOCX)
File Size: 34.1 KB
Number of Pages: 5

Current version published: Apr 14, 2019


Author: Corporate Finance 101
Additional documents from author: 37

Corporate Finance 101 consists of consultants who have experience helping professionals across disciplines, including strategy consultancies and transaction advisory houses, to aid the quality of the thinking behind their output.

These documents are prepared to help you increase the impact of your business communication and save you valuable time. [read more]

Ask the Author a Question

Must be logged in

Did you know?
The average daily rate of a McKinsey consultant is $6,625 (not including expenses). The average price of a Flevy document is $65.
Bundle and save! You can save up to % with bundles!

View bundle(s)

Trusted by over 10,000+ Client Organizations
Since 2012, we have provided best practices to over 10,000 businesses and organizations of all sizes, from startups and small businesses to the Fortune 100, in over 130 countries.
AT&T GE Cisco Intel IBM Coke Dell Toyota HP Nike Samsung Microsoft Astrazeneca JP Morgan KPMG Walgreens Walmart 3M Kaiser Oracle SAP Google E&Y Volvo Bosch Merck Fedex Shell Amgen Eli Lilly Roche AIG Abbott Amazon PwC T-Mobile Broadcom Bayer Pearson Titleist ConEd Pfizer NTT Data Schwab

Read Customer Testimonials

Save with Bundles

This document is available as part of the following discounted bundle(s):

Save %!
Transaction Advisory (M&A) Agreements Toolkit

This bundle contains 4 total documents. See the additional documents to the right.


Add Bundle & Save

5-page Word document and Word
15-page Word document
4-page Word document

Save %!
Transaction Advisory (M&A) Toolkit

This bundle contains 8 total documents. See the additional documents to the right.


Add Bundle & Save

4-page Word document
5-page Word document and Word
Excel workbook
62-slide PowerPoint deck and Word

Customers Also Bought These Documents

Document Bundle
$119.00 Product Bundle
This bundle contains 8 documents:
14-page Word document
98-slide PowerPoint deck
22-slide PowerPoint deck

Customers Also Like These Documents

24-slide PowerPoint deck
163-slide PowerPoint deck
146-slide PowerPoint deck

Related Management Topics

M&A (Mergers & Acquisitions) Valuation Valuation Model Example Growth Strategy Business Plan Example Strategy Development Marketing Plan Development Team Management Change Management Target Operating Model Due Diligence Alliances Market Research

Download our FREE Strategy & Transformation Framework Templates

Download our free compilation of 50+ Strategy & Transformation slides and templates. Frameworks include McKinsey 7-S, Balanced Scorecard, Disruptive Innovation, BCG Curve, and many more.