Why Taiwanese boards still under-specify synergy claims
Optimism that survives the CIM and then has to survive the SPA.
Essays that belong next to a marked pack.
These are teaching notes, not deal advice. They assume you already sit near an M&A Advisory Consulting file.
Working-capital pegs that survive a last-minute inventory push
What to freeze, sample, and leave for counsel.
When a letter of intent is doing too much work
Exclusivity, price mechanics, and the paragraphs that belong in the SPA.
Reading a Chinese-language CIM as an English-language adviser
False friends in capacity figures and related-party footnotes.
Earnouts that actually track the operating metric you care about
Definitions that close in the finance system, not only in the term sheet.