Process for selling a company, most often used by Private equity funds, which plan to set up three Options and to keep them all open for as long as possible. These Options are an initial Public offering, sale to another fund or industrial player and Refinancing through the issue of new Debt and repayment of part of the Equity. The final choice is made at the last moment, most often on the basis of the highest price that can be obtained for the first two Options, with the third Option being a fallback plan if the first two Options would Yield a price that is deemed to be too low.

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