{
  "docId": "019dd923-622c-750b-8b9b-15d71754f3a1",
  "docSlug": "2fca39b214c5",
  "documentTitle": "N/A",
  "authorId": "99_Other",
  "authorName": "10X EBITDA",
  "documentKindSlug": "other",
  "documentKindLabel": "Other",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-02-01 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 77,
  "pageCount": 82,
  "prevPage": 76,
  "nextPage": 78,
  "slideType": "appendix",
  "function": "appendix",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "This is a page from a technical interview guide (The Core Technicals Guide).",
  "elementsJson": [
    "paragraph"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-15d71754f3a1/77",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-15d71754f3a1#slide-77",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.57
      },
      "kind": "paragraph",
      "text": "337. How do you determine the target's purchase price in an M&A model? \"If the target is public, we can multiply the Offer Price by the Fully-Diluted Shares Outstanding... If the target is private, we can just multiply its LTM EBITDA by a multiple.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0e3f6599-be99-4e69-b7a7-a0f7d0ebc180",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.78,
        "x": 0.11,
        "y": 0.77
      },
      "kind": "paragraph",
      "text": "338. Do you have to build all three financial statements for the accretion dilution analysis? \"Technically, no, we don't have to build all three financial statements for the accretion dilution analysis.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1120877f-d5ca-43e1-9228-e921a4e00a74",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.42
      },
      "kind": "paragraph",
      "text": "336. In an M&A transaction, should you use options outstanding or options exercisable to calculate the purchase price? \"We should use Options Outstanding.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4a0de186-c0c5-406f-b989-2cc4228ca2c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.11,
        "y": 0.08
      },
      "kind": "paragraph",
      "text": "334. In a typical transaction, can the acquirer achieve all of the synergies in Year 1? Explain. \"No, the acquirer cannot achieve all of the synergies in Year 1. That's because the post-transaction integration takes time to execute.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7d8d5d9c-e5e2-4e46-8fd9-8bfc78353a25",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.78,
        "x": 0.11,
        "y": 0.27
      },
      "kind": "paragraph",
      "text": "335. How do you calculate Offer Premium in an M&A model? \"We can calculate Offer Premium by dividing Offer Price by the target's current Stock Price and then minus 1.\"",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da441771-cfa0-4df8-a188-e61f26227c08",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "No, the acquirer cannot achieve all of the synergies in Year 1. That's because the post-transaction integration takes time to execute. The integration could take several years. As a result, it is uncommon for the acquirer to achieve 100% of synergies in the first year. — 10X EBITDA",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-70f7-7334-b21d-4a47ddc5dcc4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.01,
        "w": 0.25,
        "x": 0.11,
        "y": 0.34
      },
      "kind": "source-note",
      "text": "Financial Modeling Course References:",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14796dcd-63ad-4f8d-ace4-15c9794076c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.22,
        "x": 0.64,
        "y": 0.02
      },
      "kind": "title",
      "text": "VI. Mergers & Acquisitions (M&A) D. Financial Model",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51f6afb8-187d-4d07-b289-0fe439b48775",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.11,
        "y": 0.25
      },
      "kind": "title",
      "text": "D. Financial Model",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7b4d66d6-4753-4f5a-a941-8e5e4278b5ae",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}