First Step to Final Offer 3/17/26

Author

Brooks Gammill
March 17, 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

  • Weiss Asset Management Quantitative Analyst Internship Summer 2027 Link

  • Fifth Third Bank Summer 2027 Intern CIB - Multiple Roles, Industries, and Locations Link

  • Capstone Partners Summer Investment Banking 2027 Internship Link

  • Rabobank Group 2027 Corporate Finance Summer Intern Analyst Link

  • Oppenheimer & Co. Inc. 2027 Investment Banking Summer Internship - Multiple Roles and Locations Link

  • CIFC Asset Management Summer Intern 2027 Link

  • Millennium Management LLC Millennium Investment Internship 2027, New York 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

To see c/o 2028 opportunities, click here: Class of 2028 Application Tracker

Class of 2027 Finance and Consulting Opportunities

  • Fifth Third Bank Commercial Middle Market Program Summer 2026 INTERN - Dallas Link

  • Apollo Global Management 2027 Analyst, FIG NY Link

  • The Carlyle Group Analyst, ABF Asset Management Link

  • Insight Partners 2027 Onsite Diligence & Growth Strategy Analyst Link

  • Insight Partners 2027 Full Time Investment Analyst Link

  • General Atlantic 2026 Summer Analyst, Class of 2027, Portfolio Human Capital Link

  • Capstone Summer 2026 Risk Internship Link


    To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker

TECHNICAL QUESTION OF THE WEEK:

A company is trading at $20/share with 100 shares outstanding. It has 50 options with a strike price of $10. The company has $500 of debt, $100 of cash, and non-controlling interest of $30. What is its diluted enterprise value?

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MARKET NEWS

Hedge Funds Turn to Hybrid Options to Navigate Oil-Driven Market Swings

Institutional investors are increasingly using cross-asset hybrid options to manage extreme market volatility triggered by the Iran war and sharp oil price movements. Oil prices swung nearly $36 a barrel in a single day, the largest intraday range on record, causing major reversals across equities, bonds, gold and currencies. In response, hedge funds and other money managers have ramped up trading in over-the-counter structures such as dual binary and contingent options, which allow investors to bet on or hedge against simultaneous moves across different asset classes. The surge in these complex strategies reflects growing demand for protection and opportunistic trading as traditional market correlations break down amid geopolitical risk and inflation concerns.

Source: Bloomberg

Oil Shock Disrupts $134 Billion Quant Trading Strategy

A surge in oil prices triggered by conflict in the Middle East has disrupted a widely used quantitative trading strategy known as commodity curve carry, which typically profits from longer-dated futures trading above near-term contracts. The turmoil pushed oil markets into backwardation, with near-term prices rising sharply above later contracts and upending the usual structure the strategy relies on. As a result, curve carry strategies have dropped about 3% this year and experienced their worst week on record in early March. The strategy is part of a broader quantitative investment strategies market with roughly $134 billion tied to commodity trades, highlighting how geopolitical shocks can quickly challenge systematic approaches built on stable market patterns.

Source: Bloomberg

M&A DEAL OVERVIEW

Bain Capital to Acquire Perpetual’s Wealth Arm in $350 Million Deal

Australia’s Perpetual has agreed to sell its wealth management division to Bain Capital for an upfront payment of A$500 million ($350 million), with the deal also including a possible additional upfront payment tied to performance before completion and up to A$50 million in earn-out payments afterward. The transaction is part of Perpetual’s strategy to simplify its structure and concentrate on its core businesses, with completion expected toward the end of 2026. The unit generated A$235.6 million in revenue in 2025, and the announcement pushed Perpetual shares up about 1.9% in early trading.

Source: Reuters

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:

Correct Answer: B, $1,050 — A company has 100 shares outstanding, and its current share price is $10.00. It also has 10 options outstanding at an exercise price of $5.00 each. What is its Diluted Equity Value?

Explanation: The company’s basic equity value is $1,000 because it has 100 shares outstanding × $10 share price. To calculate diluted equity value, you account for the 10 options with a $5 exercise price using the treasury stock method. If exercised, the company receives $50 in cash (10 × $5), which at the $10 share price can repurchase 5 shares. Therefore, the net new shares issued are 10 – 5 = 5 shares, increasing the share count to 105 shares. Multiplying by the $10 share price gives a diluted equity value of $1,050.