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- First Step to Final Offer 2/24/26
First Step to Final Offer 2/24/26
Brooks Gammill
February 24, 2026
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internships, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
CAREER OPPORTUNITIES
Class of 2028 Finance and Consulting Opportunities
General Atlantic 2027 Summer Analyst, Class of 2028, Capital Solutions Link
General Atlantic 2027 Summer Analyst, Class of 2028, Growth Acceleration Link
Lloyds Bank 2027 Summer Analyst Program Link
Guggenheim Partners 2027 Guggenheim Securities Investment Banking Summer Analyst – New York Private Capital Markets Link
Citi Banking - US, 2027 Summer Analyst - Multiple Roles and Locations Link
BNP Paribas 2027 – Summer Analyst Internship - Multiple Roles, Industries, and Locations Link
Starwood Capital Group 2027 Summer Analyst - Multiple Roles, Industries, and Locations Link
Apogem Capital 2027 Apogem Investments - Private Equity Summer Internship Program Link
KeyBank 2027 Summer Analyst - Multiple Roles, Industries, and Locations Link
To see c/o 2028 opportunities, click here: Class of 2028 Application Tracker
Class of 2027 Finance and Consulting Opportunities
General Atlantic 2026 Summer Analyst, Class of 2027, Portfolio Human Capital Link
Berkeley Research Group, LLC Summer Associate 2026 - Corporate Finance - Transaction Advisory Link
Verition Fund Management Summer 2026 Internship (NYC) - Multiple Roles Link
UBS 2026 Summer Internship - Wealth Management Operations - Nashville Link
KPMG Intern, Summer 2026 - Multiple Roles and Locations Link
Capstone Summer 2026 Risk Internship Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2026 Consulting Opportunities
TECHNICAL QUESTION OF THE WEEK:
Is a company with a 50x P/E overvalued or undervalued? Why? |
MARKET NEWS
Wall Street Turns Bullish on Slumping IPOs Ethos, York Space and PicS
Three of the weakest US IPO performers this year — Ethos Technologies, York Space Systems and Brazilian fintech PicS — received near-unanimous buy ratings from analysts as Wall Street warmed to their post-selloff valuations. The companies have fallen between 17% and 42% since raising a combined $1.26 billion in their listings, underperforming a broader IPO class that has averaged gains of about 16% this year. Analysts now see meaningful upside, with Ethos projected to nearly double from recent levels and York Space carrying roughly 30% return potential over the next 12 months, as firms highlight differentiated technology, expanding client bases and improving growth prospects.
Source: Bloomberg
Private Equity Faces Prolonged Slump as Exits and Fundraising Weaken
Private equity firms are enduring a downturn that Bain says is more prolonged than the 2008 crisis, with profit distributions stuck at just 14% of net asset value last year — among the weakest levels since the financial crisis — as the industry sits on $3.8 trillion in unsold assets. Fundraising fell 16% in 2025 to $395 billion, marking a fourth straight annual decline, even as deal value rose 44% to $904 billion. Firms are now holding portfolio companies for around seven years on average, up from five to six years in 2021, and managers must target roughly 12% annual earnings growth for five years to achieve returns that previously required only 5%, reflecting tougher rate and valuation conditions.
Source: Bloomberg
M&A DEAL OVERVIEW
Paramount Skydance Enhances Offer in Pursuit of Warner Bros Discovery
Paramount Skydance has improved its takeover proposal for Warner Bros Discovery as it seeks to outbid Netflix’s agreed $82.7 billion deal. The revised offer raises its previous $30-per-share bid and includes covering the $2.8 billion breakup fee tied to the Netflix agreement, backstopping a multibillion-dollar refinancing to cut $1.5 billion in costs, and adding a quarterly “ticking fee” of about $650 million if the transaction is not completed by year-end. WBD’s board said it is reviewing the updated proposal with advisers while maintaining its recommendation in favor of the Netflix merger, under which Netflix would acquire the studio and streaming assets, with WBD’s global networks business to be spun off separately.
Source: The Guardian
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: A, Precedent Transactions — Which valuation model would most likely yield the highest valuation?
Explanation: Precedent Transactions would most likely yield the highest valuation because they reflect actual acquisition prices paid for comparable companies, which typically include a control premium and often anticipated synergies. Buyers in M&A transactions are usually willing to pay above the unaffected market price to gain control and realize strategic benefits, driving transaction multiples higher than trading comps or intrinsic valuation methods like a DCF or LBO.