process-letter

Anthropic ｜ 金融與投資 ｜ 原文 ｜ Apache-2.0

撰寫賣方併購的 process letter、競標說明和管理層會議邀請

---
name: process-letter
description: 撰寫賣方併購流程的 process letter 和競標說明。涵蓋初步意向書（IOI）說明、最終競標程序，以及管理層會議的後勤安排。觸發詞："process letter"、"bid instructions"、"IOI letter"、"bid procedures"、"final round letter"、"management meeting invite"。
---

# Process Letter

## 工作流程

### 步驟 1：判斷信件類型

- **初始 process letter**：隨 teaser／CIM 一起寄出，說明流程和 IOI 的要求
- **IOI 說明**：第一輪意向書的具體要求
- **第二輪／最終競標信**：盡職調查後提交具約束力報價的說明
- **管理層會議邀請函**：現場管理層簡報的後勤安排

### 步驟 2：初始 Process Letter／IOI 說明

**信頭：**
- 日期、交易代號
- "Confidential"
- 收件人為潛在買方

**段落：**

1. **簡介**：簡要介紹這個機會和賣方的目標
2. **流程概述**：時程、關鍵日期、預計輪數
3. **IOI 要求**：初步意向書要包含什麼：
   - 提議的估值區間（企業價值）
   - 對價形式（現金、股票、盈利支付、再投資 rollover）
   - 資金來源和確定性
   - 主要的盡職調查需求
   - 預計的交割時程
   - 任何條件或或有事項
   - 買方簡介和策略理由
4. **提交細節**：寄到哪裡、截止時間（日期和時間）、格式
5. **保密提醒**：提到 NDA、資料室存取權限
6. **聯絡資訊**：有問題時的投行聯絡人

### 步驟 3：最終競標／第二輪信件

在 IOI 之外的額外要求：

1. **購買協議的修訂標記（markup）**：提供 SPA/APA 草稿，並要求買方 markup
2. **詳細的融資承諾**：需要有承諾性質的融資函
3. **剩餘的盡職調查項目**：說明預期還要做哪些確認性盡調
4. **排他條款**：任何排他期的期間和條件
5. **法規分析**：反壟斷申報要求和時程
6. **關鍵人員條款**：雇用合約、薪酬、再投資股權
7. **有約束力 vs. 無約束力**：釐清在這個階段哪些有約束力
8. **評估標準**：報價怎麼評估（價格、確定性、速度、契合度）

### 步驟 4：管理層會議邀請函

1. **後勤安排**：日期、時間、地點（或視訊連結）、時長
2. **出席者**：公司這邊誰要簡報、買方誰應該出席
3. **議程**：一般管理層簡報的議程（概況、財務、營運、成長、Q&A）
4. **基本規則**：不得錄影、保密、提問方式
5. **資料**：會發放什麼（簡報檔、資料室存取權限）
6. **後續**：會後提交額外問題的流程

### 步驟 5：輸出

- Word 文件（.docx），採專業的信件格式
- 公司信頭的佔位處
- 供客戶審閱的追蹤修訂版本

## 重要注意事項

- Process letter 定下整筆交易的調性，要清楚、專業、有條理
- 截止日要明確但合理，IOI 通常 2-3 週，最終報價 3-4 週
- 一定要寫評估標準，買方想知道自己會被怎麼評判
- 信中任何聲明或承諾，都要跟法務協調
- 寄出前要讓客戶審閱並核准，他們可能想調整語氣或條款
- 記錄誰在什麼時候收到每封信，這會變成流程追蹤表

---
name: process-letter
description: Draft process letters and bid instructions for sell-side M&A processes. Covers initial indication of interest (IOI) instructions, final bid procedures, and management meeting logistics. Triggers on "process letter", "bid instructions", "IOI letter", "bid procedures", "final round letter", or "management meeting invite".
---

# Process Letter

## Workflow

### Step 1: Determine Letter Type

- **Initial process letter**: Sent with teaser/CIM to outline the process and IOI requirements
- **IOI instructions**: Specific requirements for first-round indications of interest
- **Second round / final bid letter**: Instructions for submitting binding offers after diligence
- **Management meeting invitation**: Logistics for in-person management presentations

### Step 2: Initial Process Letter / IOI Instructions

**Header:**
- Date, deal code name
- "Confidential"
- Addressed to prospective buyer

**Sections:**

1. **Introduction**: Brief overview of the opportunity and the seller's objectives
2. **Process Overview**: Timeline, key dates, expected number of rounds
3. **IOI Requirements**: What to include in the initial indication:
   - Proposed valuation range (enterprise value)
   - Consideration form (cash, stock, earnout, rollover)
   - Financing sources and certainty
   - Key due diligence requirements
   - Indicative timeline to close
   - Any conditions or contingencies
   - Brief description of the buyer and strategic rationale
4. **Submission Details**: Where to send, deadline (date and time), format
5. **Confidentiality Reminder**: Reference to NDA, data room access
6. **Contact Information**: Banker contacts for questions

### Step 3: Final Bid / Second Round Letter

Additional requirements beyond IOI:

1. **Markup of purchase agreement**: Provide the draft SPA/APA and request markup
2. **Detailed financing commitments**: Committed financing letters required
3. **Remaining diligence items**: Specify what confirmatory diligence is expected
4. **Exclusivity terms**: Duration and conditions of any exclusivity period
5. **Regulatory analysis**: Antitrust filing requirements and timeline
6. **Key personnel terms**: Employment agreements, compensation, rollover equity
7. **Binding vs. non-binding**: Clarify what is binding at this stage
8. **Evaluation criteria**: How bids will be evaluated (price, certainty, speed, fit)

### Step 4: Management Meeting Invitation

1. **Logistics**: Date, time, location (or video link), duration
2. **Attendees**: Who from the company will present, who from the buyer should attend
3. **Agenda**: Typical management presentation agenda (overview, financials, operations, growth, Q&A)
4. **Ground rules**: No recording, confidentiality, questions format
5. **Materials**: What will be distributed (presentation deck, data room access)
6. **Follow-up**: Process for submitting additional questions after the meeting

### Step 5: Output

- Word document (.docx) with professional letter formatting
- Firm letterhead placeholder
- Track changes version for client review

## Important Notes

- Process letters set the tone for the entire deal — be clear, professional, and organized
- Deadlines should be firm but reasonable — typically 2-3 weeks for IOIs, 3-4 weeks for final bids
- Always include the evaluation criteria — buyers want to know how they'll be judged
- Coordinate with legal on any representations or commitments in the letter
- Client should review and approve before sending — they may want to adjust tone or terms
- Keep a log of who received each letter and when — this becomes the process tracker