Process Letter
A document issued by the seller's M&A adviser describing the sale process rules, bid deadlines, and required format for offers.
Also known as: Bid process letter, Tender process letter
One-line definition
The process letter is the rulebook for the auction — it tells bidders exactly what to submit, by when, and in what format.
Key contents
- First-round vs second-round bid dates.
- Required bid components (price, structure, financing confirmation, conditions).
- Data room access timing.
- Management presentation schedule.
- Exclusivity and SPA negotiation timetable.
Related terms
LOI (Letter of Intent)
A non-binding document outlining the key terms of a proposed transaction, submitted by a potential buyer before entering exclusivity.
Management Presentation
A formal presentation by the target's management team to potential buyers, providing an overview of the business, strategy, and financial performance.
Data Room
A secure (typically virtual) repository of documents about the target company, made available to potential buyers during due diligence.