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?

a$)$ After the teaser has been reviewed.

b$)$ After the Confidential Information Memorandum $($CIM$)$ has been reviewed.

c$)$ Following the submission of an Indication of Interest $($IOI$).$

d$)$ Following the submission of a Letter of Intent $($LOI$).$