Oh no, there should not go out any LOI without my signature on it.

哦不，任何书（LOI）没有我的签名都不能发出。

From those five, usually three will provide a letter of intent, or LOI, with an offer outlining the basic terms of the deal and the price that they will pay.

在这五家中， 通常有三家会提交书（LOI），其中包含报价， 概述交易的基本条款及他们愿支付的价格。

So to already pre-LOI, you sort of need to have that internal alignment in that context of, okay, is this a 100% acquisition?

因此，在签署书（LOI）之前， 需要在内部达成致， 明确在这个背景下，这是否是个百分之百的收购。

So I'm aware of all LOIs.

所以我清楚所有书。

It'd be a bunch of things you got to negotiate after LOI.

这是堆你在书之后需要谈判的事情。

To be honest, wherever we don't close an LOI, there has been something typically fundamentally different that has occurred during the due diligence phase.

说实话， 无论我们在哪个地方没有签书，通常在尽职调查阶段都会发生些根本性的不同。

In Brazil, I've just learned that after the LOI, that's when you really start to negotiate.

在巴西，我刚刚了解到，在书之后，才是真正开始谈判的时候。

So getting up to an LOI, that's where we see that they can actually be helpful.

所以，在达成书（LOI）的过程中，我们发现他们实际上可以提供帮助。

What are you doing before LOI?

在提交书（LOI）之前，你们在做些什么？

As soon as it moves into the phase where, okay, we're pre-LOI, we're starting to move forward, we're putting this in front of our investment committee for approvals, I'm already involved.

旦进入到书预审阶段，我们就会开始前推进，将其提交给投资委员会批准，我已经参与其中了。

When you close 90 plus percent of all your LOIs, I do think that number speaks for itself.

当你关闭90%以上的所有书时，我认为这个数字已经说明了切。