process-letter

name	process-letter
description	Use this skill when the task requires process letter capabilities.
executor	LLM_BEHAVIOR
skill_id	finance.investment_banking.process_letter_3
status	ADOPTED
security	{"level":"high","pii":false,"approval_required":true}
anchors	["finance","api","observability"]
tier	2
input_schema	[{"name":"code_or_task","type":"string","description":"Code snippet, script, or task description to process","required":true}]
output_schema	[{"name":"result","type":"string","description":"Primary output from process letter"}]

Process Letter

description: "Analyze — Draft process letters and bid instructions for sell-side M&A processes. Covers initial indication of interest (IOI) instructions, final bid procedures, and management meeting logis"

Workflow

Step 1: Determine Letter Type

• Initial process letter: Sent with teaser/CIM to outline the process and IOI requirements
• IOI instructions: Specific requirements for first-round indications of interest
• Second round / final bid letter: Instructions for submitting binding offers after diligence
• Management meeting invitation: Logistics for in-person management presentations

Step 2: Initial Process Letter / IOI Instructions

Header:

• Date, deal code name
• "Confidential"
• Addressed to prospective buyer

Sections:

1. Introduction: Brief overview of the opportunity and the seller's objectives
2. Process Overview: Timeline, key dates, expected number of rounds
3. IOI Requirements: What to include in the initial indication:
   • Proposed valuation range (enterprise value)
   • Consideration form (cash, stock, earnout, rollover)
   • Financing sources and certainty
   • Key due diligence requirements
   • Indicative timeline to close
   • Any conditions or contingencies
   • Brief description of the buyer and strategic rationale
4. Submission Details: Where to send, deadline (date and time), format
5. Confidentiality Reminder: Reference to NDA, data room access
6. Contact Information: Banker contacts for questions

Step 3: Final Bid / Second Round Letter

Additional requirements beyond IOI:

1. Markup of purchase agreement: Provide the draft SPA/APA and request markup
2. Detailed financing commitments: Committed financing letters required
3. Remaining diligence items: Specify what confirmatory diligence is expected
4. Exclusivity terms: Duration and conditions of any exclusivity period
5. Regulatory analysis: Antitrust filing requirements and timeline
6. Key personnel terms: Employment agreements, compensation, rollover equity