Question: At what stage in the acquisition process do private equity firms typically have the opportunity to conduct their first diligence call with the sell -

At what stage in the acquisition process do private equity firms typically have the opportunity to conduct their first diligence call with the sell-side banker?
After the teaser has been reviewed.
After the Confidential Information Memorandum (CIM) has been reviewed.
Following the submission of an Indication of Interest (IOI).
Following the submission of a Letter of Intent (LOI).

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