Latest / The Acquisition Talk with Fexingo: Mergers, Buyouts, and Business Sales for Operators
The NDA Non-Circumvent Trap in M&A Deal Sourcing
Episode 63 of The Acquisition Talk digs into one of the sneakiest clauses hiding in early-stage M&A conversations: the non-circumvent provision inside a standard NDA. Lucas and Luna walk through a real 2023 case where a mid-market private equity firm lost a $45 million deal because its managing director had a ten-minute coffee with a portfolio company's CEO before the NDA was signed — triggering a 'prior contact' exclusion that let the seller walk away with no penalty. They explain how non-circumvent clauses work, why they're a double-edged sword for both buyers and…
The skinny
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