I mean, I didn't pay a lot of attention to legal structures before a transaction started. Also didn't pay that much attention on a recent deal, like if employees got options and all that.
I'm more focused on the strategic rationale and the potential synergies. Guess people just ask different questions?
Not the interviewer's fault though. Came to know where I could learn more. Just a thought and maybe some vent.
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We've all been clapped in a few interviews before my friend. It's just part of the process.
What role was this for?
Lateral Analyst role at an EB.
What were the legal questions? maybe we could help
It's something usually written in the lawyer's memo. Think "what is the tax rate for a Cayman Island IPO entity". I don't blame the interviewer for asking this. I almost always read the lawyer's memo but somehow forgot it.
Shake it off man. I had a sub 3.0 undergrad gpa and was once laughed out of an interview for summer analyst position. And I survived and so will you.
I was bullied a couple of times only because I went to HBS. Many frustrated people in IB who didn’t take a two year vacation as I did (was in IB before) or were not accepted at HBS. It’s just very random. Remember it’s numbers game. Keep going.
Thanks. It sounds super weird that people bully you because you went to HBS. Guess shit happens.
I found out the hard way. You are being interviewed by miserable and overworked people who do nothing but try to compare themselves with you. Wanting to be in your place (fresh and alive)."Was it worth it to spend $200k?" and similar questions. Tbh, it ends up just funny to remember that shit when you are in a better place. You'll get there, man.
I think some legal structures like the benefit of RSUs vs Warrants vs Options make sense to understand. However, if the interviewer is grilling you on why you don't reverse merge a company into an Irish domiciled holding shell company to save XYZ basis points on taxes, they're just being a SOB and giving you a hard time. Be polite and say you're not familiar with that aspect of financial law and will review to get yourself up to speed.
Thank you. Something similar happened although not as grueling: I'm in a coverage group and have only been involved in one tiny, early-stage M&A so far. The interviewer was asking me what was the shareholder structure like after XYZ deal. Tbh I had no idea. I read some strategic rationale and was talking about two companies I know well. However, I didn't go into whether people's RSUs and options got carried over/converted. I don't blame the other party. I know very little of M&A, but want to get into it.
Think that's fair man. In my personal experience, I've found it helpful to ask myself the question "why do they want to do that" regarding major client decisions. For example, to take the latest Spirit/Frontier transaction. How did they come to the funky decision of giving exactly 1.9xxxx shares of Frontier and 2.xxx dollars per share of Spirit. Well, if you look into their press release filings, it turns out that figure gives Frontier exactly 51% of ownership over their new pro-forma company. Frontier would not want to issue a single share extra because if they did, they would lose control over their own company. In addition, if you look at their balance sheets, you'll see that they cannot finance the transaction in all cash from BS, and that they'll need to issue high yield debt (while also repaying/rolling over Spirit's outstanding debts) and they simply cannot afford that or it would send them down another tier in credit ratings and they would default on covenants. So, really the premium paid and deal structure is as much about financial negotiation as it is able legal boundaries. All this info is readily available online, just gotta dig around and think about it.
You're gonna make it brah, just let your passion drive you over these knocks, you'll get there and laugh about all the fuck-ups, I know I do
OP here. I actually passed this round, which was Round 3. Failed Round 4.
Round 3: thought done a poor job. Passed.
Round 4: thought done a good job. Failed.
Life !
Hey, do you mind sharing some sample questions? In the process of lateraling and just wish to see what sort of questions to expect.
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