Teaser
A brief anonymous document providing high-level information about a business for sale to generate buyer interest.
Full Definition
A teaser (also called a "blind profile" or "opportunity summary") is a brief, typically anonymous document used to market a business for sale and generate initial buyer interest before confidential information is shared.
Typical teaser contents:
- Brief business description
- Industry/sector
- Geographic presence
- Key financials (revenue, EBITDA ranges)
- Investment highlights
- Transaction rationale
- Process overview
- Adviser contact details
What teasers typically don't include:
- Company name or identifying details
- Detailed financial information
- Customer or supplier names
- Proprietary information
Purpose of teasers:
- Generate interest from potential buyers
- Qualify interested parties before NDA
- Maintain confidentiality
- Cast wide net efficiently
- Comply with information memorandum regulations
Teaser process: 1. Teaser distributed to target buyer list 2. Interested parties sign NDA 3. Full CIM provided post-NDA 4. Data room access granted 5. Bids submitted
UK practice: Teasers are standard in UK M&A processes, particularly for adviser-led auctions. They balance the need to generate interest while protecting seller confidentiality.
Related Terms
Confidential Information Memorandum (CIM)
A detailed document providing comprehensive information about a business for sale to potential buyers.
Non-Disclosure Agreement (NDA)
A legal contract protecting confidential information shared during M&A negotiations and due diligence.
Data Room
A secure repository where confidential documents are stored and shared with potential buyers during due diligence.