Obligation of confidentiality - 16 K.E.R.N. Market Value Check - Step 4.3
In addition to the anonymity of the documents, the following applies: With the first value indication by the potential buyer and a further release on your part, the interested party can receive the further, anonymous company data from the memorandum for a further value indication against the signing of a separate confidentiality agreement.
So there are two query rounds:
Round 1 by teaser gives the first, rough indication of value.
Round 2 with non-disclosure agreement and the memorandum, results in the second, more resilient purchase price offer by the potential buyer.
Afterwards, you decide on further steps or cancel the process.