M&A Basics | Handling Buyer Meetings

What Happens After the CIM Lands in a Buyer’s Inbox? – An iGaming-Focused Playbook

As an iGaming M&A advisor who has shepherded studios, platform providers, and B2C operators through more than a decade of transactions, I have learned that a Confidential Information Memorandum (CIM) is not merely a marketing brochure; it is the gateway to disciplined dialogue. When executed properly, the CIM attracts motivated, licensing-aware suitors and filters out tyre-kickers, compressing the path to a credible offer. Below is a step-by-step framework—tailored to our highly regulated sector—for managing buyer engagement once the memorandum has been dispatched.

Professional Conduct: The Golden Rule in a Regulated Market

Regulated gaming buyers value punctuality, transparency, and respect for compliance workloads. Confirm meetings promptly, avoid rescheduling, and send calendar invitations with a short agenda. A concise pre-meeting agenda, distributed at least twenty-four hours in advance, prevents scope-creep and shows respect for the internal approval chains common at tier-one operators. At every stage, route document requests through a secure data room with access logs; doing so protects personal data and provides an audit trail that can be produced to regulators if they scrutinise the transaction file post-completion. During calls, speak from a quiet room with headset on, CIM at hand, and enough time blocked to avoid mid-conversation distractions.

Converting a Call into a Site Visit

Most strategic buyers will ask for a short call before travelling. Your single goal on that call is to earn the right to meet face-to-face, because offers rarely materialise without a walk-through of the data vault, the player-protection tools, and the affiliate management team. Keep answers concise, reassure the buyer that proprietary details—such as RNG algorithms or player-wallet ledgers—will be shown only inside a controlled data room, then agree a date. A CIM that includes only two or three screenshots deliberately stokes curiosity and nudges them toward an in-person visit.

The First Meeting: Tour First, Talk Second

Welcome the buyer, sign them into the building, and move quickly to a floor-walk—trading room, fraud desk, compliance corner, and development pod. After the tour, regroup in a meeting room to cover open questions that the CIM did not answer, such as licence renewals, cloud architecture, retention cohorts, or recent regulatory audits.

While guiding the tour, provide plain-English insights into traffic acquisition, bonus cost controls, and market-specific legislative trends. Candidly acknowledge any weaknesses: an ageing front-end, a heavy reliance on one affiliate network, or a pending licence review. Credibility rises when shortcomings are shared voluntarily.

Information That Should Not Leave the Room

With no offer on the table, do not hand over tax returns, bank statements, RNG source code, or player-level databases. Equally, defer negotiations on headline price, escrow terms, or earn-outs until after an LOI is signed.

Honest but Consistent

Re-read the CIM the night before each interaction so that game counts, revenue splits, and licence timelines match what is written. A mismatch—stating an 88 % gross margin on the call when the CIM shows 85 %—forces buyers to audit every claim and slows momentum.

In a typical online-betting acquisition, regulators in core markets—Malta, Isle of Man, the United Kingdom, and Ontario—must pre-approve a change of control. Seasoned bidders therefore request evidence that your compliance manuals are current, that key persons remain in good standing, and that suspicious activity reports have been filed on time. Having these artefacts indexed and ready can shave weeks off the approval cycle and increase your negotiating leverage.

After the First Meeting: Manage Momentum

Send a concise thank-you email within one business day, attach any promised data, and propose a clear decision date. Most disciplined acquirers table an LOI after one or two meetings; three meetings is usually the ceiling. Circling back swiftly keeps your process competitive and signals that you manage deadlines as tightly as a sportsbook trading desk. Detailed compliance testing—player-funds segregation checks, game-server penetration tests, and licence-transfer filings—should begin only after an exclusivity letter of intent is signed.

When to Walk Away

If a buyer requests a sixth meeting or still hesitates to share valuation thoughts, redirect your energy toward fresher prospects. Representations regarding revenue or player liabilities cannot be verified until LOI stage, so extra pre-offer meetings rarely change the outcome. Decisiveness benefits both sides. If an engaged bidder declines after four encounters, the likelihood of reversal is statistically low; staying too long in courtship can encourage price-chipping behaviours at LOI stage.

Pros and Cons of Buyer Engagement Practices

Pros – Structured staging keeps sensitive IP secure until trust is earned; early licence vetting eliminates bidders who would fail regulator “change of control” scrutiny; and on-site tours humanise both sides, accelerating cultural-fit assessments.

Cons – Multiple meetings divert management from KPI delivery; providing too little detail can frustrate professional buyers and depress initial valuations; and regulatory complexity means even serious bidders need longer to model post-deal compliance costs.

Frequently Asked Questions

Is an in-person meeting really essential in a world of virtual data rooms?

Yes. Most gaming regulators require acquirers to understand the operational reality they are inheriting. A site visit demonstrates robust internal controls and reassures the buyer’s compliance officers that your culture aligns with their licence obligations.

Why does a buyer keep asking for more data and meetings?

Acquiring an iGaming asset carries not only financial but also licence-transfer risk. Buyers must satisfy themselves that player funds are segregated, AML procedures are current, and no regulatory breaches lurk undisclosed. Repetition often reflects fear of the unknown; calm transparency reduces that fear.

What if my CIM already answers their questions?

Repeat the answer verbatim. Consistency breeds confidence, and seasoned M&A professionals cross-check every channel for discrepancies.

Should I offer seller financing to push the deal over the line?

Offering an earn-out or vendor note can signal confidence in future performance, but structure it so that regulatory approvals are a pre-condition to any payment schedule.

When does due diligence start and how long should it last?

Formal due diligence begins once an LOI grants exclusivity and typically runs 45–60 days. Finally, remember that most regulators require a formal “change of control” notification, so any timetable must accommodate that statutory clock. Failure to account for that notice period is the most common cause of closing delays in our sector.