A medical device company is approached by its largest distributor about an acquisition. The buyer reasonably needs information. The seller is concerned that detailed margins, pricing, customer and supplier data could affect the commercial relationship if the transaction does not proceed. My suggested sequence: NDA → aggregate financials → management discussion → confirmation of the distributor’s internal sponsorship and resources → indication of value → anonymized supporting reports → executed LOI → controlled access to sensitive data From a buyer’s perspective, would this provide enough information to establish serious interest and an indicative value before the most sensitive data is disclosed?