Well at least it's something and at least we know that there have been discussions ensuing. LoI's are usually drawn up so that the commercials are documented whilst the contract is actually being physically drawn up by the lawyers. In terms of due diligence, I would say that this may have already occurred as my undertsanding is that access to the data room is usually given at the outset, subject to a confidentiality deed which would contain a restraint clause.
Well at least it's something and at least we know that there...
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