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- First Step to Final Offer 7/1/25
First Step to Final Offer 7/1/25

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
PwC Appoints New Partners in Hong Kong and China
PwC has promoted a new group of partners in its Hong Kong and China offices as part of a broader effort to stabilize operations and restore confidence following a major regulatory setback. The move comes after the firm was fined by Chinese authorities over its audit of China Evergrande, prompting the loss of key state-owned clients and staff departures. While PwC topped China’s audit revenue rankings in 2022, it dropped out of the top spots in 2023, overtaken by EY, KPMG, and BDO. The firm says the new appointments reflect business needs and aim to ensure continued client service.
Source: Bloomberg
BlackRock’s Rieder Favors Equities Over Long-Term Bonds
Rick Rieder, CIO of Global Fixed Income at BlackRock, said he currently sees greater value in equities than in long-duration bonds. Speaking on Bloomberg’s ETF IQ, Rieder noted that while shorter-dated debt still offers appealing income, long-term Treasuries have lost their role as a hedge, becoming increasingly correlated with equity markets. He pointed to equities’ 19% return on equity versus sub-5% long-bond yields, especially with inflation around 2.4%. With the S&P 500 up nearly 6% this year—led by tech—and long-dated bond ETFs lagging behind, Rieder is positioning for a steepening yield curve, staying cautious on duration until inflation and rates ease.
Source: Bloomberg
M&A DEAL OVERVIEW
Oracle, Blackstone, Andreessen Horowitz Revive Bid for TikTok’s U.S. Business
President Donald Trump has confirmed that the investor group behind a previously stalled TikTok deal—Oracle, Blackstone, and Andreessen Horowitz—is once again pursuing a majority stake in the app’s U.S. operations. The proposed agreement would reduce ByteDance’s stake to just under 20%, with new outside investors taking 50% and Oracle assuming a key role in data security. The deal still requires approval from Chinese authorities, though Trump expressed optimism that President Xi Jinping will greenlight the transaction. The development comes amid a broader easing of U.S.-China trade tensions.
Source: Bloomberg
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:

Correct Answer: D, It depends on the company's current capital structure. — How would levering up more affect your valuation?
Explanation: The impact of levering up (taking on more debt) on a company’s valuation depends on its current capital structure. Adding debt can lower the company’s weighted average cost of capital (WACC), potentially increasing its valuation if the cost of debt is low and manageable. However, too much debt raises financial risk and may increase the cost of equity, which could offset the benefits and reduce valuation. So, whether leveraging up helps or hurts depends on the balance between risk, return, and how the market perceives the company’s ability to handle more debt.