M&A Chase List Prioritization
Rank reporting leads by evidence, competition, recognition, and deal size
- Difficulty
- Moderate
- Time to result
- ~weeks to results
- Steps
- 7
- Confidence
- 93%
The chase-list method turns a constantly changing stream of tips into an explicit reporting queue. Each lead is recorded with its source context, then reassessed according to transaction size, company recognition, competitive pressure, and the likelihood of producing meaningful new information. A public sales process involving a well-known company rises because many reporters will pursue it and readers will care about incremental developments. A large transaction also ranks highly because Bloomberg's terminal audience values market-moving deals. Smaller transactions can qualify when the companies have unusual recognition, but sub-billion-dollar deals generally receive little attention. The reporter deliberately allows lesser stories to pass when close to breaking a more consequential scoop. Because new tips, public disclosures, and competitor activity change the ranking, prioritization is continuous rather than a one-time editorial decision.
Origin
Alex Sherman explained the running chase list he uses to choose among technology, media, and telecommunications deal leads.
Core principles
- 01Maintain a live inventory of credible tips
- 02Prioritize stories with strong public significance
- 03Competitive intensity increases urgency
- 04Deal size is a useful default proxy for importance
- 05Name recognition can override a low transaction value
- 06Let lower-value stories pass when a major scoop is close
How to run it
- 1
Build the Lead Inventory
Maintain a running list of tips from executives, corporate-development teams, bankers, lawyers, board members, consultants, private-equity firms, and PR advisers. Preserve enough context to judge each source's likely access.
Pro tip Update the list immediately after meetings so weak signals are not lost.
Watch out A long list is not useful unless leads can be compared consistently.
- 2
Assess Evidence Potential
Estimate whether the tip can be advanced through direct sources and whether it could produce exclusive, defensible information. Promote leads with reachable participants.
Pro tip Favor leads for which you already have relationships on multiple sides of the market.
Watch out Do not equate an exciting rumor with a reportable story.
- 3
Measure Competitive Urgency
Determine whether major competitors are chasing the same process or whether the company has publicly announced a sale. Increase priority when delay creates a high probability of being beaten.
Pro tip Reassess immediately when a private process becomes public.
Watch out Competition should affect urgency, not reduce verification standards.
- 4
Score Name Recognition
Estimate how strongly readers and markets identify with the companies involved. Give greater weight to widely known companies that can sustain interest in incremental developments.
Pro tip Consumer familiarity can make a smaller deal more important than its price suggests.
Watch out Personal fascination with a company is not the same as audience recognition.
- 5
Score Transaction Size
Use expected deal value as a default indicator of market significance. Favor major transactions when evidence and competitiveness are otherwise comparable.
Pro tip Define a practical minimum threshold for routine coverage.
Watch out Do not apply the threshold mechanically when strategic or public significance is exceptional.
- 6
Choose the Highest-Value Chase
Concentrate reporting time on the lead with the best combination of evidence, competition, recognition, and size. Explicitly accept that lower-ranked stories may pass uncovered.
Pro tip Incremental news on a major live process may outrank a complete scoop on an obscure deal.
Watch out Constantly switching targets can prevent any lead from reaching publication.
- 7
Re-Rank Continuously
Update priorities as sources respond, competitors publish, processes die, or market conditions change. Remove dead leads and elevate newly actionable ones.
Pro tip Treat the chase list as a dynamic queue rather than a static backlog.
Watch out Stale assumptions about deal status waste reporting time.
In the wild
Once Yahoo publicly acknowledged a sale process, the story became highly competitive and broadly recognizable. Sherman prioritized even incremental Yahoo developments over smaller technology, media, and telecom deals because the process promised greater readership and internal attention.
→ Reporting effort concentrated on the story with the highest combined competitive and audience value.
A reporter is close to confirming new information about a major household-name acquisition while receiving a tip about an obscure three-billion-dollar transaction. Applying the chase-list criteria, the reporter continues the recognizable competitive scoop unless the smaller deal becomes unusually actionable or exclusive.
→ Limited time is directed toward the lead most likely to create market and audience value.
Common mistakes
Chasing Every Deal Equally
Equal time allocation ignores differences in market impact, audience demand, and competitive urgency. It can cause the reporter to miss the most consequential scoop.
Ranking Only by Dollar Value
A smaller transaction involving a famous consumer company may matter more than a larger obscure deal. Size is a default signal, not the entire decision.
Failing to Re-Rank
A private lead can become urgent when a sales process goes public or competitors begin pursuing it. Static priorities quickly become obsolete.
Is it for you?
Best for
Reporters, analysts, and deal teams managing more credible leads than they can investigate simultaneously.
Not ideal for
Organizations whose mandate requires equal coverage of every transaction regardless of size or audience interest.
From the transcript
“I have a chase list that I keep for myself that is built on sort of a running list of tips that I've gotten from…”
“beyond name recognition, the other general metric I use is size.”
“we don't even pay attention to deals that are under one billion dollars uh unless they come with some big name recognition.”
From the episode
Inside the M&A Press with Bloomberg's Alex Sherman
Alex Sherman