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- First Step to Final Offer 3/3/26
First Step to Final Offer 3/3/26
Brooks Gammill
March 03, 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
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
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
To see c/o 2028 opportunities, click here: Class of 2028 Application Tracker
Class of 2027 Finance and Consulting Opportunities
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
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:
How does an increase in interest rates typically affect the valuation of a company? |
MARKET NEWS
Citadel Funds Outperform S&P 500 With Broad Gains in Volatile February
Citadel’s hedge funds delivered positive returns in February despite choppy markets, with its flagship Wellington multistrategy fund rising 1.9% for the month and 2.9% year-to-date. All five core strategies — commodities, equities, fixed income, credit, and quantitative — finished in positive territory. The tactical trading fund gained 1.5% in February, lifting its 2026 return to 3.5%, while the equities fund rose 1.0% and the global fixed-income fund advanced 1.6%. The performance stood out as the S&P 500 fell 0.9% during the month amid pressure on AI-linked and software stocks and geopolitical-driven oil price volatility. Citadel managed $66 billion in assets as of Feb. 1.
Source: CNBC
War Halts Record Bond Issuance as Credit Risk Surges Globally
A record-breaking start to the year for global bond sales has abruptly stalled after escalating conflict in the Middle East rattled markets and drove credit-risk gauges sharply higher. No major dollar-, euro- or sterling-denominated syndicated bond deals were marketed in the US or Europe on Monday, with all 15 US issuers that had planned offerings stepping back. The disruption follows a surge in issuance that saw $1.5 trillion raised globally in the first two months of 2026, including $400 billion of US high-grade bonds. Credit spreads widened amid concerns over private credit exposure and broader market volatility, though bankers expect activity to resume once conditions stabilize, with sovereign borrowers such as Germany and Austria signaling potential near-term issuance.
Source: Bloomberg
M&A DEAL OVERVIEW
Warburg Pincus to Invest Up to $1 Billion in Global Eggs at $8 Billion Valuation
Warburg Pincus will invest up to $1 billion in Global Eggs, valuing the Ricardo Faria-led Brazilian egg producer at $8 billion. The Luxembourg-based company, founded in 2018, produces conventional, cage-free, free-range, and specialty eggs and is on track to supply more than 15 billion eggs this year. As part of the deal, Warburg Pincus principal Allison Ross will join the board to support the company’s expansion into new markets. The investment follows Global Eggs’ $1.1 billion agreement last year to acquire U.S.-based Hillandale Farms, with funding coming from Warburg Pincus Capital Solutions Founders Fund.
Source: Reuters
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: C, Not enough information to know — Is a company with a 50x P/E overvalued or undervalued? Why?
Explanation: There is not enough information to know whether a company with a 50× P/E is overvalued or undervalued because a P/E ratio must be evaluated in the context of growth, risk, and industry dynamics. A high P/E may be justified if the company has strong expected earnings growth, durable competitive advantages, or high returns on capital, while the same multiple could signal overvaluation if growth is slowing or risk is elevated. Valuation ultimately depends on future cash flow expectations relative to price, not the multiple in isolation.