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  "notes": "The slide contains two distinct sections: a continuation of a previous technical question about debt/PIK interest and a new section on M&A modeling steps.",
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      "text": "The first step in an M&A model is to build the purchase price. We want to know what the acquirer is paying for the target.",
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      "text": "The first step in an M&A model is to build the purchase price. The second step is to build the Sources & Uses. The third step is to build the standalone Income Statements. Combine the two companies' standalone Income Statements. Adjust for synergies, amortization, D&A, interest, and stock issuances. Compare standalone EPS with combined EPS.",
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      "text": "298. A PE firm decides to raise $100mm of mezzanine at 10% PIK interest rate. Walk me through the impact to the three financial statements.",
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      "text": "299. Can you walk me through an M&A (Accretion / Dilution) model?",
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      "text": "VI. Mergers & Acquisitions (M&A)",
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