In each M&A transaction, there are several critical players involved in the deal process.

I. The Parties

Every merger or acquisition involves two parties: the acquirer and the target. The acquirer, also referred to as the buyer, is the company making the purchase, while the target, or seller, is the company being acquired.

For example, imagine a car company wanted to purchase a tire manufacturer. The car company is the acquiring company, and the tire manufacturer is the target.

II. Internal...