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- First Step to Final Offer 5/20/25
First Step to Final Offer 5/20/25
Brooks Gammill
May 20, 2025
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
RecruitU Partner Opportunities
RecruitU partners are companies that have recruiters actively using RecruitU to find students for their full-time and internship roles. So if you’re signed up, you have direct visibility with these companies.
Class of 2026 Finance Opportunities
Class of 2027 Finance Opportunities
The D. E. Shaw group Summer 2026 Roles - Multiple Positions and Locations Link
JPMorgan Chase & Co. 2026 Summer Analyst Programs - Multiple Positions and Locations Link
GCM Grosvenor 2026 Summer Intern Roles - Multiple Positions and Locations Link
RBC Capital Markets 2026 Capital Markets, Corporate Banking Summer Analyst Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2028 Finance Opportunities
Houlihan Lokey Summer 2025 Research Intern, Corporate Valuation Advisory Services, New York Link
TECHNICAL QUESTION OF THE WEEK:
Why does Enterprise Value NOT necessarily represent the "true cost" to acquire a company? |
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MARKET NEWS
Corporate Bond Market Shows Limited Reaction to Moody's U.S. Rating Downgrade
Moody's recent downgrade of the U.S. sovereign credit rating had a modest impact on the corporate bond market. Investment-grade (IG) bond spreads widened slightly by about one basis point, while high-yield (junk) bond spreads increased by approximately five basis points. Despite the downgrade, the corporate bond market remained relatively stable, with no significant disruptions observed. Analysts anticipate that the market will continue to monitor the situation closely, but the initial response suggests limited immediate effects on bond market activity.
Source: Reuters
JPMorgan CEO Succession Plans Remain Steady as Dimon Reaffirms Commitment
Jamie Dimon, JPMorgan’s CEO, downplayed speculation about his imminent departure during the bank’s May 2025 investor day, confirming his plan to stay for a few more years. As the bank continues to prepare for the future, several high-profile executives, including Marianne Lake, Troy Rohrbaugh, and Doug Petno, are emerging as potential candidates to succeed him. Dimon emphasized that while succession planning is prudent, the decision ultimately lies with the board. Despite changes in the succession landscape, JPMorgan’s strong leadership pipeline gives confidence that the bank will continue to thrive under its next leader.
Source: Yahoo Finance
M&A DEAL OVERVIEW
Ares Management Acquires Landscape Workshop
Ares Management has acquired Landscape Workshop, a leading grounds maintenance company in the Southeastern U.S. The acquisition aims to support Landscape Workshop’s continued growth by providing capital for regional expansion and potential acquisitions. Founded in 1984 and headquartered in Birmingham, Alabama, Landscape Workshop operates in 38 locations, offering a range of services including landscape maintenance and irrigation systems. This strategic acquisition by Ares Management will allow the company to further scale and enhance its services. The financial terms of the deal were not disclosed.
Source: Ares Management
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: D, It depends; Current Equity Value cannot be negative but Implied Equity Value can be negative. — Could a company's Equity Value ever be negative?
Explanation: Current Equity Value, calculated as the company's share price multiplied by its shares outstanding, can never be negative because share prices cannot fall below zero. However, Implied Equity Value—which is derived from valuation models (e.g., discounted cash flow)—can be negative if the company's liabilities significantly exceed its asset value, indicating that the company's obligations outweigh the intrinsic value of its future cash flows and assets.