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Bid Pricing Strategy: Part I

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

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 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

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

Preparing for Corporate Banking Interview

There are plenty of resources online for preparing for an investment banking interview but almost nothing on preparing for a corporate banking interview. This article will change that. So if HSBC calls you and says you are being invited in for an interview next week for a corporate banking role in

Signs You Are Not Doing A Good Job And/Or Getting Fired

How do you know you are doing a bad job? Sometimes management will pull you into a room and just tell you - however, rarely are interactions so direct in Corporate America and usually by the time that happens it is too late to effect reasonable change. Best to read

Resigning From Your Job

What a marvelous day! The day that you leave your Blackberry/Corporate iPhone and can be relatively assured that your vacations or weekend rave plans (woohoo! Electric Zoo!) will no longer be curtailed by the corporate machine. And now, you get to tell people that you work in private. Equity. The remnants of the

Getting Fired as an Investment Banking Analyst

Every year, a bunch of fledgling investment banking analysts worry that they will underperform on the job. And we recently wrote about how you can get fired in an investment bank. "If I can't spread comps will I get fired from investment banking?" "I'm worried that everyone who is working with me

Fired from Investment Banking

"Oh did you hear about Vincent in equity derivatives? He was fired in October." But fired can be fairly ambiguous outside of knowing that someone has left the firm. At investment banks, fired usually means one of four things. No promotion/bad bonus Asked to leave/counselled out Termination without cause Termination with cause No

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