4 questions reported in Wachtell Lipton 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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Model builds
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Merger models, accretion/dilution, purchase accounting and deal judgement. 4 questions
Asked when discussing how a signed deal actually gets to closing.
What is a break fee, and what other deal protections does an acquirer negotiate? Why don't boards simply agree to whatever the buyer asks?
The dominant execution risk in large deals, and the first question a merger arb asks.
Two competitors announce a merger. Walk me through the antitrust process and what determines whether it clears.
Asked in M&A groups and activist defence practices.
A client receives an unsolicited hostile bid. What defensive measures are available, and how would you advise the board to think about them?
Process mechanics that come up in any conversation about deal timing.
Explain the difference between a one-step merger and a two-step tender offer. When would you recommend each?
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
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