A Confidential Information Memorandum (CIM) is the detailed document an investment bank prepares for an M&A process so buyers have what they need to bid. Also called an Offering Memorandum, IM, or Information Memorandum, the CIM typically runs 30 to 80 pages and is prepared by an investment bank or M&A advisor on behalf of a selling company, providing prospective buyers with the substantive business, financial, market, operational, and team information they need to evaluate the company and submit an initial bid. It is distributed after a buyer signs an NDA and indicates serious interest, and is the central marketing document in an M&A process.
The standard structure of a CIM: executive summ...