Some general M&A questions

Hello WSOers,

I'm a student and curious about M&A. I have some general questions about it, hoping some people can chime in.

Feel free to answer any or all of these questions as you see fit.

1. How strategic is the deal process in M&A? I've been reading about different strategies (takeover, defense, etc) and was wondering how viable these strategies are. Think greenmail, white knights, etc. Sounds a lot like a chess game to me. Just read Barbarians at the Gate and wondered if anything has changed.

2. In M&A, is most of the quantitative work done by analysts and associates, while the rest of the deal process (like working with top management) done by higher level employees?

3. In M&A, what is the day-to-day work of an analyst? Similar to other IB areas, like making pitchbooks or office memorandum? I know how relevant modeling is in M&A but unsure about the rest.

4. Do most people in M&A try to transition into PE? What is the 'ultimate' career path from M&A for professionals?

5. Last question. I currently intern in the finance department for a mid-sized manufacturing firm, which is a subsidiary of a large conglomerate. We, the subsidiary, are merging with another firm this year in a Reverse Morris Trust. GS and UBS are orchestrating the deal (GS is providing the financing). As someone interested in M&A, how would I go about learning more about this field from the inside out? I spoke to our CFO this week and will be reaching out to the VP of corp. dev. next week.

Thanks all.

Best,

H