NorthWest Biotherapeutics Inc (NWBO)

[flipper44]

Maybe. Where “quiet” is simply defined as not being able to shop the deal to other potential buyers for a period of time.

“If the buyer remains interested, they may ask for some much more detailed information. At a certain point we have to draw the line on information flow and push for a qualified letter of intent, LOI. In general a LOI says that if we carefully examine your books and records in a due diligence process and confirm everything you have told us so far and discover no materially adverse items, we will pay you $___[bln] for your company with these deal terms and this transaction structure.

In return for that, the buyer will usually require a quiet period. That means that for the due diligence period – usually 30 to 60 days, the M&A advisors are precluded from shopping the deal any further to other potential buyers. This is also called a standstill. If the due diligence is completed without major incident, the buyer’s team starts preparing the definitive purchase agreement.” — https://midmarkcap.com/mmc/merger-and-acquisition-success/