Jurisdiction(s):
United Kingdom

Key definition

Auction definition

What does Auction mean? An auction is a method of sale in which goods, property or rights are offered to competing bidders and the item is sold when the auctioneer closes bidding (traditionally on the fall of the hammer) to the highest acceptable bid. In practice it is widely used for real estate and chattels, including sales by mortgagees, LPA receivers, liquidators and enforcement officers, and for certain public‑sector disposals and procurement (including electronic and reverse auctions). Key legal features typically include published conditions of sale, reserve prices, bidder registration/deposits, and completion deadlines. Sales by auction are addressed by the Sale of Goods Acts in...

Seller-led private M&A auction: template timetable, actions and responsibilities (IM to SPA signing)

Published by a LexisNexis Corporate expert

Precedents

Auction sale Timetable—private M&A Sale of [ insert name of company or business ]: Timetable

Seller preparations (IM – [ insert number ] days): appoint corporate finance and professional advisers; carry out vendor Due diligence; identify and contact potential bidders; prepare the information memorandum and marketing presentation; verify disclosures if required; procure signed confidentiality agreements (Seller/Seller solicitors/Seller corporate finance advisers/Potential bidders/Potential bidders’ solicitors).
First round (IM and IM + [ insert number ] days): issue the first round process letter with the IM; receive indicative offers outlining price, structure, funding, conditions and regulatory matters (Seller/Seller corporate finance advisers/Potential bidders/Potential bidders’ solicitors).
Second round (IM + [ insert number ] days): shortlist bidders; circulate second round letter, draft sale and purchase agreement and vendor due diligence; open the data room; buyers conduct diligence; arrange management meetings and site visits; submit revised offers with SPA mark-up by deadline (Seller/Seller solicitors/Second round bidders/Second round bidders’ solicitors/Target management).
Third round (preferred bidder stage) (IM + [ insert number ] days): grant exclusivity; provide data room for final diligence; complete diligence; finalise negotiations of the SPA; execute the sale and purchase agreement (Seller/Seller solicitors/Preferred bidder/Preferred bidder solicitors)...

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Web page updated on 22/05/2026

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