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- First Step to Final Offer 5/6/25
First Step to Final Offer 5/6/25
Brooks Gammill
May 06, 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!
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TECHNICAL QUESTION OF THE WEEK:
MARKET NEWS
Financial Leaders Anticipate Broader Access to Private Assets for Investors
At the Milken Institute conference, financial leaders predicted a surge in private credit products becoming available to individual investors. While current offerings are limited, like the SPDR SSGA Public & Private Credit ETF, interest is growing. Companies like Capital Group and KKR are introducing new funds, and Vanguard plans to collaborate with Blackstone. However, challenges remain around liquidity and regulation, making it difficult to offer liquid investments in inherently illiquid assets. Still, traditional asset managers are expected to increasingly incorporate private credit into their portfolios. (Reuters)
Source: Reuters
M&A Activity Surges with $30 Billion in Deals, Driven by Fuel and Footwear Sectors
The first Monday of May saw a significant resurgence in M&A activity, with $30 billion in deals announced, signaling a rebound in the market after a quieter April. Notably, the $8 billion acquisition of Skechers by 3G Capital is a standout, driven by the footwear sector's growing appeal as companies look to consolidate in a competitive space. In addition, Shell's potential bid for BP highlights the ongoing reshaping of the energy industry through strategic acquisitions. These high-profile deals indicate that despite market volatility, dealmakers are eager to capitalize on opportunities, particularly in sectors showing long-term growth potential. The volume of transactions on "Merger Monday" underscores the resilience of strategic M&A in navigating both economic and industry-specific challenges.
Source: Bloomberg
M&A DEAL OVERVIEW
3G Capital to Acquire Skechers in $9.4 Billion Deal
Private equity firm 3G Capital has agreed to acquire Skechers USA Inc. for $63 per share in cash, valuing the footwear company at approximately $9.4 billion. The offer represents a 30% premium over Skechers' 15-day average stock price. Shareholders can choose between the cash offer or $57 per share plus an equity unit in the newly formed private parent company. Skechers' leadership, including CEO Robert Greenberg, will remain in place, and the company's headquarters will stay in Manhattan Beach, California. The transaction is expected to close in the third quarter of 2025.
Source: Bloomberg
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: B, Basic Equity Value includes only common shares outstanding; Diluted Equity Value includes common shares outstanding plus potential shares from options, warrants, and convertible securities. — What is the difference between Basic Equity Value and Diluted Equity Value? What do they mean?
Explanation: Basic Equity Value is calculated using only the company's currently outstanding common shares. Diluted Equity Value, however, includes not just these shares but also potential shares from securities such as stock options, warrants, convertible bonds, and convertible preferred stock, reflecting the total value assuming all convertible securities are exercised or converted. Diluted Equity Value provides a fuller picture by accounting for the impact of securities that could increase the number of shares outstanding, thus lowering the value attributable to each share.