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GLOSSARY

Auction process letter definition

What does Auction process letter mean?

A letter setting out details of the auction process which is usually distributed by the corporate finance advisers to carefully selected potential buyers together with the information memorandum. Its purpose is to ensure that proposals for the acquisition of the target company/target business are provided in a timely manner and on a consistent basis. This in turn enables the seller to compare each proposal on a meaningful basis and to highlight any particular issues that the seller may have in completing the transaction in the time required (eg external and internal approvals and consents). It is not meant to solicit binding offers for the target company/target business.

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