PROJECT KIKU -- LEGAL / REPUTATIONAL REVIEW
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 Class: LEGAL PRIVILEGED
 From: Legal
 To: Corporate Development; Managing Director

 The Japanese non-human route reduces one class of description risk
 but introduces several new ones: acquisition disclosure, import
 records, foreign regulatory interest, and a supplier team that does
 not know the end-use context.

 The existing legacy route is unattractive to describe but familiar
 to control. It sits inside known document patterns and established
 cover language. Project KIKU would require new language, new
 contracts, and a new explanation for why the Partner needs the
 material at programme scale.

 The supplier scientists appear earnest and technically competent.
 That is a diligence positive and an operational complication. They
 may ask questions during integration that a simple vendor would not.

 LEGAL VIEW
 If Finance supported the acquisition, Legal would not block it.
 Given Finance's no-bid recommendation, Legal sees no independent
 reason to proceed.

 See also: [FINANCE-COGS-COMPARATOR.TXT],
 [BOARD-DECISION-NO-BID.TXT].