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- First Step to Final Offer (03/19/24)
First Step to Final Offer (03/19/24)
Brooks Gammill
March 19, 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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Class of 2026
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Class of 2027
MARKET NEWS
Bond vigilantes snooze as Treasury market shrugs off vast US borrowing (Financial Times)
Hedge fund billionaire Ken Griffin recently voiced concerns about US government spending at an industry conference, suggesting the need for discipline in the bond market due to extensive spending and debt issuance plans. Despite worries over potential bond vigilantes punishing free-spending nations, analysts note a lack of evidence for such behavior, with demand for Treasuries remaining strong amid expectations of interest rate cuts and high yields, mitigating concerns over supply and vigilante action.
European patent applications hit record high in 2023 (Reuters)
In 2023, the European Patent Office received a record 199,275 patent applications, up 2.9% from the previous year. Leading contributors were the United States, Germany, Japan, and China, with Huawei topping the list for the third year in a row. EPO President Antonio Campinos emphasized the attractiveness of the European technology market and noted a notable increase in applications from small and medium-sized enterprises.
Toyota agrees to biggest wage hike in 25 years in sign of Japan Inc’s big pay bump (CNBC)
Toyota Motor and other major Japanese companies, including Panasonic and Nissan, have agreed to significant pay increases for factory workers, the largest in 25 years, in ongoing annual wage negotiations. These substantial raises are anticipated to support the Bank of Japan's potential shift away from negative interest rates, with economists viewing them as a key step towards achieving sustainable wage growth and stable prices. The momentum for wage hikes is seen as crucial for broader economic recovery, with unions across various industries demanding hefty pay raises.
M&A DEAL OVERVIEW
Diamondback Acquires Endeavor for $26Bn
Diamondback Energy, Inc is set to acquire Endeavor Energy Resources, L.P in a $26 billion merger, consolidating their positions in the Permian Basin and creating a $50 billion oil-and-gas giant with projected annual synergies of $550 million. However, the merger faces risks including global conflicts, legislative changes impacting oil production, and the volatility of oil prices.
TECHNICAL QUESTION OF THE WEEK:
In the current interest rate environment, what would be the most ideal capital structure for a LBO deal? |
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANWSER:
Correct Answer - EBITDA Margin Growth
AUTHOR
Written by Beckett Kreter