CEOs are used to doing the company's product sales pitch. When they look for investors or acquirers for their company, it is temping to just press play and do that same sales pitch again. But they can be very different stories.
An investor needs to hear the sales pitch. It makes her believe that the company makes products that people want to buy. Also, it shows that the company CEO is actually good at selling (or not). But investors needs more: strategy, financials, margins, funding requirements, and a more explicit comparison versus the competition than you would put in the sales deck.
Potential acquirers might not be interested at all in the sales pitch. Maybe they are considering to buy the company for a very specific asset they need. (Technology, people, distribution). Acquirers need a very specific, tailored presentation. To make it, you need to put yourself in their shoes and resist the temptation to hit "play" and run the sales pitch.
Image from WikiPedia