What does a confidential information memorandum (CIM) contain?

• A one-page, anonymized teaser sent before any NDA is signed, since the CIM is the earliest and least detailed document a prospective buyer ever receives in a process
• A detailed post-NDA marketing document: business overview, market, management, financials, and projections
• A public regulatory filing containing only audited historical figures
• The acquirer's own tax filings and internal board minutes
• The final, legally binding purchase agreement executed at closing, because the CIM is the definitive contract that governs the sale once both parties have signed