What is an IOI (and how does it relate to an NBO)?

An IOI (Indication of Interest) is an initial, non-binding valuation indication from a buyer based on the teaser and the IM. It indicates the price range the buyer is considering and whether they are serious enough to proceed. An NBO (Non-Binding Offer) is the next step: a more concrete, yet still non-binding offer including terms such as price structure, financing, and planning. This document usually forms the basis for determining who is granted exclusivity.

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