Yes pls. I too believe it is highly recommended to do seller’s due diligence to have an idea on where they stand in terms of strategy and M&A idea and M&A business case prior to M&A process preparation.
Without doing DD on these two components, doubt the target company can attract prospective buyers and high possibility of deal failure.
To begin with strategy and M&A idea, this is where seller would initiate an idea on why and what to sell like whole business/carve-out by analyzing its corporate strategy (portfolio/transformation/divestment strategy) Vs business strategy (increase financial returns/increase strategic focus/reduce operational complexities)
Next stage lead to M&A business case due diligence – To find out sell-side strategy and its scope, target investors (strategic Vs financial), legal term sheet outline (SPA, APA,FPA,TSA)