Jurisdiction(s):
United Kingdom

Key definition

Auction sale definition

What does Auction sale mean? An auction sale is a competitive M&A process to dispose of shares in a target company or its business and assets, securing the best price and terms by inviting bids from multiple purchasers in an open or limited auction. It is a descriptive term in UK and Irish corporate and distressed M&A practice rather than a defined statutory concept. The seller usually controls the process and appoints an investment bank/corporate finance adviser and legal counsel. Typical features include: confidentiality agreements; an information memorandum; a virtual data room and Q&A; vendor due diligence; a process letter setting the timetable and...

Private M&A auction process letter: template bidder instructions for indicative offers, financing evidence, regulatory clearances, due diligence access and SPA mark-up

Published by a LexisNexis Corporate expert

Precedents

Auction sale process letter—private M&A

Letterhead of corporate finance advisors

[ Insert name of recipient ]
[ Insert address of recipient ]
[ insert date ]

Dear [ insert name ]

Sale of [ Insert name of company or business ] (target)

We attach copy number [ insert number ] of a Confidential information memorandum ( Information memorandum ) relating to the Target for your review and consideration. The Information Memorandum is furnished to you in commercial confidence and pursuant to the Confidentiality [ letter OR agreement ] you executed on [ insert date ], a duplicate of which is enclosed as well. The Information Memorandum has been, or will be, distributed to a limited selection of other parties, each of whom will be subject to equivalent confidentiality obligations. The intention of the Information Memorandum is to enable you, and those other parties, to determine whether to commence negotiations to purchase [ the whole of the issued share capital of the Target [ or part thereof ] OR some or all of the business and assets of the Target ]...

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Web page updated on 22/05/2026

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