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Process Letter

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Streamline M&A process communications with structured templates.

by anthropics34.2k stars on anthropics/financial-services
Updated Aug 4, 2026
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Free · Opens the source repo

What Process Letter does

The Process Letter skill provides a structured approach to drafting essential communications for sell-side M&A processes. It covers various types of letters including initial process letters, indications of interest (IOI) instructions, final bid procedures, and management meeting logistics. This skill is particularly useful for investment bankers, corporate finance professionals, and M&A advisors who need to ensure clarity and professionalism in their communications with potential buyers.

The skill guides users through a step-by-step workflow, starting with the determination of the letter type. Each letter type has specific requirements and sections that must be addressed, ensuring that all critical information is included. For instance, the initial process letter outlines the opportunity, process overview, and IOI requirements, while the final bid letter details additional expectations such as exclusivity terms and evaluation criteria. This structured approach not only saves time but also enhances the quality of the documents produced.

Additionally, the skill emphasizes the importance of professionalism and organization in M&A communications. It provides templates that include placeholders for firm letterhead, ensuring that the final output is visually appealing and ready for client review. The inclusion of guidelines for managing logistics and follow-ups for management meetings further supports users in maintaining a clear and efficient communication process throughout the M&A cycle.

Overall, the Process Letter skill is an indispensable tool for professionals involved in M&A transactions, helping them to communicate effectively and maintain a high standard of professionalism in their dealings with prospective buyers.

When to use it

Use this skill when preparing letters for M&A processes, particularly when clarity and professionalism are paramount.

When not to use it

This skill is not suitable for informal communications or for processes outside of M&A transactions.

What you can build with it

Drafting Initial Process Letters

Use the skill to create initial process letters that outline the M&A opportunity and IOI requirements for potential buyers.

Preparing Final Bid Instructions

Generate final bid letters that specify the requirements for binding offers after due diligence has been completed.

Organizing Management Meetings

Utilize the skill to draft invitations for management meetings, detailing logistics, agenda, and attendee expectations.

How to install Process Letter

View source

1. Install with the skills CLI

npx skills add anthropics/financial-services/process-letter --agent claude-code

2. Or install it manually

Download the skill folder and drop it into ~/.claude/skills/ for all projects, or .claude/skills/ to scope it to one repo. Restart Claude Code so it picks up the new skill.

Anthropic's agentic coding CLI, and the reference implementation of Agent Skills. Drop a skill folder into ~/.claude/skills and Claude Code loads it automatically whenever a task matches the skill's description. Claude Code docs

Inside SKILL.md

Written by anthropics

Process Letter

Workflow

Step 1: Determine Letter Type

  • Initial process letter: Sent with teaser/CIM to outline the process and IOI requirements
  • IOI instructions: Specific requirements for first-round indications of interest
  • Second round / final bid letter: Instructions for submitting binding offers after diligence
  • Management meeting invitation: Logistics for in-person management presentations

Step 2: Initial Process Letter / IOI Instructions

Header:

  • Date, deal code name
  • "Confidential"
  • Addressed to prospective buyer

Sections:

  1. Introduction: Brief overview of the opportunity and the seller's objectives
  2. Process Overview: Timeline, key dates, expected number of rounds
  3. IOI Requirements: What to include in the initial indication:
    • Proposed valuation range (enterprise value)
    • Consideration form (cash, stock, earnout, rollover)
    • Financing sources and certainty
    • Key due diligence requirements
    • Indicative timeline to close
    • Any conditions or contingencies
    • Brief description of the buyer and strategic rationale
  4. Submission Details: Where to send, deadline (date and time), format
  5. Confidentiality Reminder: Reference to NDA, data room access
  6. Contact Information: Banker contacts for questions

Step 3: Final Bid / Second Round Letter

Additional requirements beyond IOI:

  1. Markup of purchase agreement: Provide the draft SPA/APA and request markup
  2. Detailed financing commitments: Committed financing letters required
  3. Remaining diligence items: Specify what confirmatory diligence is expected
  4. Exclusivity terms: Duration and conditions of any exclusivity period
  5. Regulatory analysis: Antitrust filing requirements and timeline
  6. Key personnel terms: Employment agreements, compensation, rollover equity
  7. Binding vs. non-binding: Clarify what is binding at this stage
  8. Evaluation criteria: How bids will be evaluated (price, certainty, speed, fit)

Step 4: Management Meeting Invitation

  1. Logistics: Date, time, location (or video link), duration
  2. Attendees: Who from the company will present, who from the buyer should attend
  3. Agenda: Typical management presentation agenda (overview, financials, operations, growth, Q&A)
  4. Ground rules: No recording, confidentiality, questions format
  5. Materials: What will be distributed (presentation deck, data room access)
  6. Follow-up: Process for submitting additional questions after the meeting

Step 5: Output

  • Word document (.docx) with professional letter formatting
  • Firm letterhead placeholder
  • Track changes version for client review

Important Notes

  • Process letters set the tone for the entire deal — be clear, professional, and organized
  • Deadlines should be firm but reasonable — typically 2-3 weeks for IOIs, 3-4 weeks for final bids
  • Always include the evaluation criteria — buyers want to know how they'll be judged
  • Coordinate with legal on any representations or commitments in the letter
  • Client should review and approve before sending — they may want to adjust tone or terms
  • Keep a log of who received each letter and when — this becomes the process tracker

Frequently asked questions about Process Letter

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