At which stage of an M&A sale process are bidders first granted access to target management?

At which stage of an M&A sale process are bidders first granted access to target management?

At which stage of an M&A sale process are bidders first granted access to target management? 




A) Telephonically, after distribution of the teaser
B) Telephonically, after distribution of the CIM
C) In person, prior to submission of first round bids
D) In person, at the management presentation







Answer: D