Latest / The Acquisition Talk with Fexingo: Mergers, Buyouts, and Business Sales for Operators
How the Buyer Rep Letter Changed M&A Forever
Episode 25 of The Acquisition Talk digs into one of the quietest but most transformative documents in M&A: the buyer representation letter. Lucas and Luna walk through the 2023 SEC rule change that made buyer rep letters mandatory for deals over a certain size, and then trace how that single piece of paper reshaped negotiation leverage, indemnity timelines, and even the kinds of buyers who show up to auctions. They use the $7.4 billion acquisition of a midsize industrial roll-up to show how the letter turned a standard 18-month indemnity window into a 60-month tail, and how sellers started…
The skinny
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