Simultaneous IPO preparation and M&A sale process: the company files an S-1 while soliciting buyer interest. The company commits to whichever path delivers superior risk-adjusted value — if a strategic or sponsor bid exceeds the expected IPO valuation (plus a discount for market and lock-up risk), the M&A path wins; otherwise the IPO proceeds. Expensive (advisory fees on both tracks) but maximizes optionality and creates competitive tension that can lift the final price.