Analyze M&A event (target acquisition): 1. Deal Terms: - Offer price and premium - Cash vs. stock consideration - Collar provisions (if any) - Material adverse change clauses 2. Regulatory Path: - Antitrust review requirements (HSR, EU, China) - Remedies likely required - Regulatory precedents - Timeline estimate 3. Financing: - Financing commitment status - Debt capacity of acquirer - Bridge vs. permanent financing 4. Strategic Logic: - Synergy estimates (revenue, cost) - Integration complexity - Strategic fit - Acquirer track record on M&A 5. Spread Analysis: - Current spread (annualized) - Spread vs. deal probability - Historical spreads on similar deals 6. Risk Assessment: - Regulatory break probability - Financing risk - Target MAC risk - Competing bid probability - Activism risk 7. Trade Setup (if investing in spread): - Long target shares - Short acquirer (if stock deal) - Hedge ratio - Position sizing - Downside in deal break Output: Deal analysis with probability-weighted return estimate.