Teaser
M&A / Merger ModelA one or two page anonymised summary of the opportunity, sent to screen interest before any name is disclosed.
The teaser describes the business without identifying it: sector, geography, rough size, headline financials, investment highlights. A well written one is specific enough to interest the right buyer and vague enough that the company cannot be identified.
Anonymity is the point. It goes to a screened buyer list, so a party that turns out not to be interested never learns which company was for sale, which protects the seller from employees, customers and competitors hearing about a process that may not complete.
A recipient who wants to proceed signs a non disclosure agreement, at which point the name is revealed and the confidential information memorandum follows.
Its practical job is list management. The response rate tells the seller how much genuine appetite exists before committing to a full process, and a weak response is a signal worth acting on early.
Worked example
A two page teaser describes a northern European speciality chemicals business with revenue of 180 and EBITDA of 34, without naming it.
It goes to thirty screened parties. Eighteen sign the NDA, which tells the seller there is genuine appetite before committing to a full process.
A recipient who declines never learns which company was for sale, which is what protects the seller from employees and customers hearing about a process that may not complete.