A competitive pitching process where multiple investment banks present identical, glossy slide decks to a client who will ultimately choose their partner based on who bought them the most expensive dinner.
What they actually mean
"Let's perform some corporate theatre for people who already made up their minds last Tuesday."
Heard in the wild
"We have the beauty parade for the acquisition mandate on Thursday, so ensure the logo on slide 47 is perfectly aligned."
To indicate a vague, highly conditional level of interest in a deal, allowing one to claim credit if it succeeds or pretend it never happened if it fails.
We can soft-circle five million for the round, assuming of course that the wind remains in the east and the moon is in a favorable phase.
Translation
I am saying yes now to make you go away, but I have signed absolutely nothing.
The savings promised to justify a merger.
"The deal unlocks significant synergies."
Translation
Two teams became one.
The thorough investigation done before a deal, hire, or major decision — verifying claims before committing.
"Diligence closes Thursday."
Translation
Six weeks of reading in a locked data room.