A dual-track process involves running an M&A sale track alongside an initial public offering (IPO) track. This allows the owner to make a final decision on its preferred exit strategy late in the process. Geographically, dual-tracks have been popular in London, New York and Japan, but they are now also seen more often on bigger deals in various parts of Europe. The panel will discuss what key factors practitioners need to consider in such a set-up, in particular whether there are regulatory constraints in certain jurisdictions, what effect the dual-track feature can have on timing, whether it is good practice to use different banks and advisers for each track, and what ramifications the parallel processes normally have on certain aspects, such as disclosure, the organisation of due diligence and the scope of representations and warranties.