Series 79: 11.2.12.3. The Confidential Information Memorandum

11.2.12.3. The Confidential Information Memorandum

Prospective buyers who have signed a CA receive a confidential marketing document describing the target and the proposed transaction. This document, known as the confidential information memorandum (CIM) (or sometimes the descriptive memorandum, detailed memorandum, or simply the “book”), is typically a glossy, relatively lengthy marketing document for the target. Unlike the fairly generic and much shorter teaser, the CIM contains detailed, confidential information about the target. The CIM is the rough equivalent of a prospectus; although, unlike a prospectus, a CIM has no required format or content.

The CIM often includes some of th