First Step to Final Offer (02/06/24)

Author

Brooks Gammill
February 06, 2024

Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internship, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!

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MARKET NEWS

New Macy’s CEO Tony Spring looks to revive a 166-year-old retailer fighting for relevance (CNBC)

Tony Spring, Macy's incoming CEO, faces the challenge of revitalizing the iconic department store chain amid declining stock performance and pressure from activist investors. With a background in retail and experience as CEO of Bloomingdale's, Spring aims to curate strong brands, improve customer experience, and attract younger shoppers while addressing Macy's structural challenges.

Battle for Disney's future heats up, company sets meeting date (Reuters)

Activist investor Nelson Peltz intensifies his battle with Walt Disney, criticizing the board's succession planning and proposing to replace two current members with himself and former Disney CFO Jay Rasulo. Disney defends its board nominees, emphasizing their qualifications and ongoing efforts in succession planning, while stating it has engaged with shareholders and added new members to its succession planning committee, including former Morgan Stanley CEO James Gorman.


Boeing 737 MAX crisis adds to high demand for older planes (Reuters)

The second-hand airplane market is thriving due to a chronic shortage exacerbated by the pandemic, with Boeing's latest crisis adding to concerns about supply constraints. Airlines are facing pressures to fly older planes longer, leading to higher prices and increased maintenance efforts, while delays in new plane deliveries and engine shortages further compound the challenges facing the industry, impacting both passenger travel and air cargo.

M&A DEAL OVERVIEW

Six Flags Merges with Cedar Fair's For $8Bn

Cedar Fair is acquiring Six Flags in an $8 billion deal, forming a major theme park operator. The merger aims to save $200 million annually, with Cedar Fair's CEO leading the new company. While the deal promises benefits like expanded presence and increased revenue, challenges such as economic uncertainties and debt burdens may affect long-term performance.

TECHNICAL QUESTION OF THE WEEK:

Could you ever end up with negative shareholders’ equity?

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ADDITIONAL RESOURCES

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANWSER:

Correct Answer - Precedent Transactions, Public Comps, LBO

AUTHOR

Written by Beckett Kreter