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Risk Management
Total risk management is the combination of all the elements of risk management into a consistent strategy...
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Training - Investment Banking
Mergers and Acquisitions:
2 days
The course objective is to develop an understanding of the
strategic asset acquisition and divestiture process. The focus
of this course, however,will be to analyse merger and
acquisitions decisions from a financial perspective
emphasising valuation. This course provides a comprehensive
overview of the major facets of the industry and the skills
engaged in executing transactions. The anatomy of a deal from
inception to post-merger integration is covered. The workshop
addresses theories underlying MandA, domestic and global
transactions, as well as key legal and accounting issues. The
program is designed to provide executives and professionals
with an understanding of basic MandA principles and analysis
grounded in the context of current market dynamics.
Participants will first consider the current state of the
MandA market and how it fits within historic trends. Relatedly,
the group identifies the market dynamics that influence MandA
activity over time. Key factors of a successful acquisition
are examined and why many transactions fail (from the
perspective of the acquirer). Specific types of acquisition
structures are reviewed and the implications for each are
compared. After walking through the steps involved in the
typical acquisition transaction, the workshop turns toward the
important step of determining a value of the acquisition
target. Both intrinsic and relative value methods are
presented, with the help of illustrative cases. The final
topic covers the financing products that may be employed to
effect a transaction. Again, a case study is used to
illustrate.
Objectives:
Participants will be able to:
· Recognise the common motivations for acquisitions and the
reasons many are unsuccessful.
· Identify the methods of structuring a business acquisition
· Evaluate the intrinsic and relative valuation methods for
target companies. • Follow the sequence of events of a typical
transaction.
· Examine the structure used in financing MandA transactions.
Course outline
DAY 1
Mergers and Acquisitions Overview
* MandA market trends
* Why acquire?
* Key concepts
Key Drivers of a Successful Acquisition
* What creates value in an acquisition?
* Why do some acquisitions fail?
* Academic research
* Synergy
Case Study
Acquisition Structure
* Asset purchase
* Share purchase
* Merger
* Hostile
* Acquisition accounting
Sequence of Events
* Initial Negotiations
* Letter of Intent
* Agreement in Principle
* Due Diligence
* Acquisition Agreement
* Closing
DAY 2
Valuation
* Appraisal Principles
* Valuation Methods
Structuring the Acquisition
* Financing mix
* Mezzanine Debt
* Bridge financing
* Debt capacity
* Debt Terms and Conditions
Case Study
Course Fees
VAT to be included at the local rate, if applicable. Costs
shown are per delegate inclusive of refreshments, lunches and
seminar materials. Cost of accommodation is not included.
GBP 2000
Certificates of Participation
Certificates of participation are remitted to course
participants upon request. |
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