What do IB analysts do on M&A deals post-announcement but pre-closing?
What are the responsibilities of IB analysts on mega-cap M&A deals like Microsoft/Activision and Broadcom/VMware after the deal is announced but before the final close? I know those types of deals could often take 1+ year of time between the announcement date and the final closing date as there could be a quick go-shop provision followed by shareholder votes and regulatory approvals. So what do IB analysts usually do during those periods, both on the sell-side but especially on the buy-side?
Would the work be similar had it been a smaller (<$1bn) deal or if the target company was sold to a sponsor instead of a strategic? What would be the responsibilities of analysts in those cases?
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Can’t give an answer on those deals specifically, but in my experience after a deal signs it is mostly legal work. You’re jumping through the hoops for regulatory approval, maybe transferring licenses, setting up transition service agreements, etc. Not much work for junior bankers. Junior banker work could things like: funds flow to coordinate where the money goes, confirmatory diligence meetings, archiving the VDR. And waiting patiently for lawyers to push paper back and forth.
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