Due Diligence

6th-level Analytics & Forecasting

Casting Time: 1 action to commission, though the review itself takes 4 to 12 weeks
Range/Area: Unlimited; one organization that is the target of a pending Hostile Takeover, Acquihire, Vertical Integration, or Proxy Fight
Components: V, S, M (temporary access to a data room, granted by the target; an engagement letter with an investment bank or accounting firm, consumed)
Duration: Until the underlying deal closes or is abandoned
Classes: Investment Banker, General Counsel, CFO

You attempt to divine the target’s true financial position, contingent liabilities, and undisclosed risks before the deal closes. The target’s organization must succeed on a Discovery saving throw, made with disadvantage for each active Document Retention ward or Silent Settlement it currently maintains. On a failure, you learn of one material issue the target was concealing, and may use this knowledge to renegotiate the deal’s terms or withdraw without penalty.

On a success, the deal proceeds on the terms as represented. Any liability the target concealed nonetheless transfers to you in full once the deal closes — this spell reveals what it reveals, but grants no protection against what it doesn’t.

At Higher Levels. When cast using a spell slot of 7th level or higher, the check extends to cover matters arising after the data room was assembled but before closing (a Bring-Down).

Flavor: “No material issues were identified during the course of our review.” — due diligence memorandum, page 1, three months before a material issue was identified