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These letters accompany the confidential information memorandum distributed to potential bidders in an M&A process.
Bid process letters address:
- 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
- Terms bidders should include in an offer package.
The phase I process letter 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.
The phase II process letter invites successful bidders to the next stage of the process. During Phase II, the process through which access to additional information on Target is outlined to enable bidders to submit a final binding offer.