M&A – M&A Process
Articles
The M&A Sell-Side Process: A Step-by-Step Guide from an Investment Bank's Perspective
How does an M&A sell-side process really work? An investment bank walks through all 10 phases - from Pitch and Teaser to Signing and Closing - and the key documents behind each one.
Why Do Companies Merge? Strategic vs. Financial Buyers Explained
M&A rationale explained: why companies acquire instead of growing organically, how strategic and financial buyers value targets differently, and when a deal creates value.
How to Answer 'Why Do Companies Do M&A?' in an Interview
A structured framework for answering the classic M&A interview question, plus a worked example showing how to test whether a deal actually creates value.
Strategic vs. Financial Buyer: The 3 Types of M&A Buyers Explained
Strategic acquirer, private equity fund, or family office — every M&A buyer type has different motivations, financing, and a different price ceiling. Here's how they differ.
How to Answer "Walk Me Through the Types of M&A Buyers" in an Interview
A step-by-step framework for answering the classic M&A interview question on strategic, private equity, and family office buyers — with a worked numerical example.
What Is a Merger Consequences Model? Key Assumptions Explained
A merger consequences model combines acquirer and target financials to test if a deal is EPS-accretive or dilutive. Learn the key assumptions that drive the output.
How to Answer "Walk Me Through a Merger Model" in an Interview
A step-by-step framework for answering the merger consequences / accretion-dilution question in finance interviews, plus the follow-up most candidates miss.
What Is a MAC Clause in M&A? Material Adverse Change Explained
A plain-English guide to Material Adverse Change (MAC) clauses in M&A agreements: what they protect against, common carve-outs, and why they're rarely successfully invoked.
How to Answer MAC Clause Questions in an M&A Interview
How to structure an answer when an interviewer asks you to assess whether an event triggers a Material Adverse Change (MAC) clause, with the framework and a worked example.
Cases
What Is M&A and Why Do Companies Do It?
Why do companies pursue M&A instead of growing organically, and what's the difference between a strategic buyer and a financial buyer? Walk me through the main reasons companies do deals — and what typically causes those deals to destroy value instead of creating it.
Types of Buyers: Strategic, Private Equity, and Family Office
As a junior banker preparing a sell-side pitch, you are tasked with explaining how strategic acquirers, private equity buyers, and family offices differ in their motivations and required returns, and using that framework to estimate the enterprise value each buyer type would realistically offer for a mid-market target.
Merger Consequences Model
Combining two companies: key assumptions and what the output tells you
MAC Clause and Deal Closing Risk
Material adverse change: what qualifies, negotiation dynamics