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I'm assuming it's similar to other ACs, if so it will be as follows:

1) You'll be given a brief and background on a company and it will probably be something to do with future corporate direction (merger / joint venture etc). Just use the data provided and some basic multiples to give a recommendation and make sure you can justify it. One I've had is you have 1 large company specialising in golf, and 3 possible target companies, each with their own strengths and weaknesses. Usually there is 1 clear loser and 2 'good' options.

2) Yes

3) If you get to AC stage, you are still being considered.

4) Squash is good, if you pick up on anything you have in common with the interviewer use that (I used Apple for both interviews, both interviewers worked in TMT!). I cant really say whether you should talk about something finance related or a hobby.