Due diligence is the process of investigating or auditing a company to assess the value, risks, and opportunities associated with a potential merger or acquisition.

I. Due-Diligence Process

The due-diligence period begins shortly after the M&A transaction is initiated, typically following the execution of a nondisclosure agreement, and continues until the transaction closes.

A. Due-Diligence Request

The acquirer generally kicks off the due-diligence period by submitting a due-diligence...