Acquisition Finance After the Crisis
Ralph Walkling & Joseph V. Rizzi


Objective
Acquisition Finance After the Crisis covers the tools and concepts needed to understand and design the financing of acquisitions including leveraged buyouts, acquisitions and restructuring in a post crisis environment.

Key benefits
The specific aims of the program are to explore and apply the lessons of the financial crisis pertaining to:

  • Understanding the tradeoffs between equity and debt financing and learning how to exploit unused debt capacity
  • Examining the types of debt best suited to the acquirer’s objective
  • Strengthening your ability to assess a proposal for acquisition finance quickly and insightfully in a difficult market
  • How to fix the broken deal
  • The future of private equity
  • Helping you assess capital market conditions that affect the design of acquisition financing
  • Learning how to deal with risk management
  • Considering bargaining and deal design in acquisition finance and merger advisory work

Who should attend?
Acquisition Finance After the Crisis is designed for all professionals involved in acquisition transactions, buyouts or recapitalizations. It can be used as a follow-up to AIF's Mergers and Acquisitions program.

Accreditation
Amsterdam Institute of Finance is registered with CFA Institute as an Approved Provider of continuing education programs. This program is eligible for 18 CE credit hours as granted by CFA Institute. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE Diary.

Faculty
Ralph Walkling - Stratakis Chair, Professor of Finance and Executive Director of the Center for Corporate Governance at Drexel University, USA

Joseph V. Rizzi - Senior Strategist at CapGen, a New York based private equity firm


For information about admission, please see our Practical Information.

Program Content
Day 1

Introduction to M&A Deal Design and Acquisition Finance

  • M&A strategy
  • Components of an M&A deal – where finance fits in optimizing M&A deal design
  • Current conditions and trends in acquisition finance

Valuing the Highly Levered Transaction

  • Techniques of valuing the target firm
  • How financing creates – or destroys – value

Framework for Analysis: the "Whole Deal" Approach

Case study

Day 2

Designing the Capital Structure
  • Identifying the range of financing alternatives
  • Choosing the right mix of financing
  • How lenders and investors look at the mix of debt and equity

Structuring the Financing

  • Designing the terms of financing instruments
  • Pricing the instruments
  • Risk analysis
Case study

Acquisition Financing in the Context of Negotiations and Auctions
  • Acquisitions as bargaining outcomes; Behavioral finance
  • Varieties of auctions and the incentives they create
  • Hostile takeovers as settings for negotiations and auctions
  • How financing can influence outcomes in negotiations and auctions

Day 3

Acquisition Finance Negotiation Exercise

  • Obtaining commitment letters of financing
  • Acquiring the target firm
  • Debriefing of exercise with emphasis on bargaining strengths and weaknesses, and team behavior during the takeover contest

 

Dates & Fees

2011 dates not yet available.
Contact info@aif.nl for details.
€ 3,450
 
(AIF programs are not subject to VAT)