Canadian M&A Roundup Q3 2018

Mergers & Acquisitions

by Chris - October 7, 2018October 7, 20180

Canadian M&A has seen a sharp increase in activity in the third quarter of 2018 with $152.4B in announced deals, an increase of 63.6% from Q3 2017 and 21.8% from Q2 2018. M&A Drivers Hostile bids Consolidation in mining Beverage companies entering the cannabis space Hostile Bids According to Reuters and data from

Can Your Manager Read Your Work Emails or View Your Browsing History?

Career

by Matt - September 29, 20180

Are Company Emails and Internet Usage Traced? What is the right way to treat work email? Everything written on email should be professional and not compromise the brand of you or your employer. This holds true across all of Corporate America - but is especially true in tier one organizations such

Hedging Policy for Corporates – FX, Interest Rate and Commodity Price Risk

by Matt - September 24, 2018September 24, 20180

In operating a large corporate with diversified cash flows, companies generally will find themselves exposed to large elements of market risk. The larger and the more complex the company, the more likely that they will have exposure to macroeconomic and firm-specific variables that are beyond their control. In this article we

Interview with: Loan Syndications Associate in Hong Kong

by Karl - September 10, 2018September 12, 20180

Written by an associate in loan syndications at a major Chinese bank who previously worked as a corporate banking associate at one of the largest banks in the world by AUM How did you get into loan syndications at a major Chinese bank? I got top grades at a top 3 business

Bid Pricing Strategy: Part II

Mergers & Acquisitions

by Matt - August 31, 2018August 31, 20180

Certain bid pricing considerations were discussed in a previous post, illustrating what a financial advisor or investment banker would look at for a bid for a private company. Here, we look at other considerations. The bid price is just one of several things that the seller and their financial advisor will consider

Feedback for Investment Banking Summer Analysts

Career

by Matt - August 25, 2018August 25, 20180

Summer Interns - Returns Offers Handed Out, What Did You Think? A lot of my contacts still slaving away on the sell side have seen summer interns come in and go while the new full time analysts and associates have started or are about to start. As for how the summers did?

Bid Pricing Strategy: Part I

Mergers & Acquisitions

by Matt - August 24, 2018August 24, 20180

Bid Considerations in a Sell-Side Process When an investment bank represents a potential buyer in a sale process, both parties are very motivated to be the winning bidder. However, the investment bank is more incentivised to bid to win as they are paid on a success fee whereas the potential buyer

A Comparison Of Spin-Outs Versus Carve-Out IPOs: Part II

Equity Capital Markets

by Matt - August 24, 2018August 24, 20180

Comparison Between Spin-Off and IPO There are reasons why a company may choose a spin-off versus an IPO. Depending on what shareholders prefer, this can either can be a good or bad option. An IPO results in cash proceeds for the parent. So if Alibaba carves out and IPOs Ant Financial, the

Deal Protection in Mergers & Acquisitions

Mergers & Acquisitions

by Alexey - August 20, 2018August 25, 20180

Mergers and acquisitions are the bread and butter of investment banking. However, plenty of mergers and acquisitions fall through for various reasons. As such, the acquiring firm will want to employ strategies that ensure that they can consummate the transaction. Deal protection exists because acquiring companies want to be secure from

Subscription Receipts in Acquisition Finance

Equity Capital Markets

by Matt - August 14, 2018August 15, 20180

Why Issue Subscription Receipts Subscription receipts are often used as a form of acquisition financing in regards to equity. A public company may need to issue equity when debt is either not available or is not prudent. For instance, if the indicative cost of debt becomes too high as the market feels