4 questions reported in Harris Williams interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
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Merger models, accretion/dilution, purchase accounting and deal judgement. 4 questions
Common in middle-market M&A where buyer and seller expectations diverge.
A buyer values a target at $80m; the seller insists on $100m based on a forecast the buyer doesn't believe. What structures could bridge the gap, and what are the pitfalls of each?
Common in middle-market M&A and private equity interviews.
Explain the difference between an asset purchase and a stock purchase. Which does a buyer prefer, which does a seller prefer, and how does the tension get resolved?
The purchase price adjustment that gets negotiated after the headline number is agreed.
A deal is signed on a cash-free, debt-free basis with a normalised working capital target. What does that mean, and why is the target contested?
Common in middle-market M&A and valuation advisory.
How does valuing a private company differ from a public one? What discounts apply and how do you estimate a discount rate without a share price?
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
Company tags reflect where a question type is commonly reported in interviews. They are not sourced from, endorsed by, or affiliated with Harris Williams.