CONFIDENTIAL — Acme Corp Board Strategy Memo, Q3 Fiscal Year

Executive summary: This memo outlines the confidential three-year acquisition
strategy approved by the board. The primary target is a mid-market competitor in
the adjacent logistics segment, with a projected purchase price in the range of
four hundred to six hundred million dollars, funded through a combination of cash
reserves and a new senior credit facility.

Rationale: The acquisition consolidates our position in the regional distribution
network, removes a price-competitive rival, and brings a proprietary routing
platform in-house. Synergy estimates suggest annual cost savings of roughly
eighty million dollars by the third year, driven primarily by warehouse
consolidation and headcount rationalization across overlapping corporate functions.

Risks: Regulatory review is the principal risk; antitrust scrutiny in two regions
could delay closing by six to nine months. A contingency reserve has been set
aside. Integration risk is moderate given the platform overlap. Do not distribute
this document outside the board and the executive steering committee.
