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In this video tutorial, the negotiation process for a typical merger is outlined step-by-step. It begins with the initial approach, which can be initiated by either the buyer or the seller. The buyer's management may express interest in acquiring a target company, reaching out to its management. Alternatively, a seller may seek acquisition by hiring an investment banking firm, such as Goldman Sachs, to identify potential buyers. The seller's goal is to attract interest from multiple bidders during this process. The video will further elaborate on each subsequent step of the negotiation process in mergers.