First Step to Final Offer 4/28/26

Author

Brooks Gammill
April 28, 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 Summer Analyst, Class of 2028, Financial Services Link

  • Apollo Global Management 2027 Summer Analyst, Credit Trading Link

  • The D. E. Shaw Cove Private Equity Intern – Summer 2027 Link

  • Boston Consulting Group Associate, Internship (US Offices), US Campus Link

  • CIBC 2027 Corporate Banking Summer Analyst Link

  • Stifel 2027 Public Finance Summer Analyst - Multiple Roles and Locations Link

  • BNP Paribas 2027 – Summer Analyst Internship - Securities Services, Loan Solutions Link

  • Jefferies 2027 Investment Banking Summer Analyst Program – New York, Israel Coverage Group Link

  • Bridgewater Associates 2027 Investment Associate Intern Link

  • Nomura Securities International 2027 Investment Management Summer Analyst 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 Full Time Investment Analyst Link

  • Financial Technology Partners 2026 Summer Analyst - Multiple Roles and Locations Link


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

Class of 2026 Finance Opportunities

  • Scotiabank 2026 Corporate Banking Portfolio Team Analyst- NYC Link

TECHNICAL QUESTION OF THE WEEK:

A company issues $100 in Preferred Stock to purchase $50 of PP&E. How do Equity Value and Enterprise Value change?

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MARKET NEWS

Private Equity's Sluggish Returns Shift Power Toward Investors

A prolonged slowdown in capital distributions is tilting the balance of power in private equity away from fund managers and toward their investors, according to a report by asset manager Orix. Capital returned to limited partners fell to just 6% of total assets under management last year, well below the 10-year historical average of 14%, leaving LPs increasingly frustrated with delayed exits. In response, general partners are being forced to make greater concessions to retain investor backing. Fund managers are now committing a larger share of their own capital to new funds — roughly double the traditional 1% to 2% — while also accepting lower management fees, which have dropped to a record low of 1.6%, down from the long-standing 2% standard. Zero-fee co-investment opportunities, once a negotiating perk, have become a baseline expectation among institutional investors. Adding to the pressure, generating adequate returns has become structurally harder: buyers today must achieve 10% to 12% EBITDA growth over five years, compared to just 5% in the prior decade, demanding far greater operational involvement from fund managers.

Source: Bloomberg

M&A DEAL OVERVIEW

Warner Bros Shareholders Approve $110 Billion Paramount Skydance Merger

Warner Bros Discovery shareholders have voted in favour of the company's proposed $110 billion merger with Paramount Skydance, though they simultaneously cast an advisory vote against the executive pay packages tied to the deal. Under the proposed compensation structure, CEO David Zaslav stands to receive up to $887 million upon completion — a figure proxy advisor ISS described as extremely large. The merger, which saw Paramount defeat Netflix in a months-long bidding war for Warner Bros, is expected to close in the third quarter of 2026. With shareholder approval secured, regulatory scrutiny is now the primary hurdle, with both US and UK authorities set to examine the deal's competitive implications. The US Department of Justice issued subpoenas in late March seeking information on the merger's potential impact on studio output, content rights, streaming, and cinema. The deal has also faced pushback from the entertainment industry, with over 4,000 film professionals and consumers signing an open letter warning that the combination would reduce jobs and limit creative output for audiences.

Source: Reuters

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:

Correct Answer: B, Equity Value increases by $100, Enterprise Value remains unchanged. — A company issues $200 in Common Shares, and it uses $100 from the proceeds to pay Dividends to the common shareholders. How does Equity Value and Enterprise Value change?

Explanation: When the company issues $200 of new shares, it brings in $200 of cash, which increases both equity value and enterprise value initially. However, it then pays out $100 as dividends, reducing cash by $100. Since enterprise value accounts for cash (EV = equity + debt − cash), the $100 increase in cash from the net transaction (200 raised − 100 paid out) is offset by the increase in equity, leaving enterprise value unchanged overall. Meanwhile, equity value still increases by the remaining $100 of net cash raised, since shareholders have effectively put in $200 and received $100 back.