I would like to point out what it seems to be quite a trade-off with respect to the buyer synergies. On the one hand, in fact, it is reasonable if not desirable to engage the counterparty asap with respect to the synergies the buyer has in mind in order to performe e reality check and be sure to avoid the risk to overestimate just apparent synergies and be ready to integrate them in the proper way. On the other hand, however, it could be also wise to avoid to be crystal clear about the potential synergies in the negotiation and DD phase since, as a buyer, you may not want to include fully the synergies in the price negotiation. What would you suggest as the best strategy to make a good balance about it?
In my experience, it really depends upon the type of acquisition. If it is a hostile acquisition, definitely do not want to expose too much of what the synergy plan will be post merger. However, if it a friendly acquisition, I think the engagement of the targeted company is beneficial to ensure both companies get out of the deal what they are seeking.
One thing that struck me during the training was the need to consistently revisit the synergies throughout the process and if possible, ensure both the acquirer and target are aligned. This is typically a one-time occurrence for us and is something I will be taking away as an improvement.