Mergers and Acquisitions

Objectives
Mergers and Acquisitions offers participants a complete view of successful M&A processes including strategy, tactics, legal and accounting issues, valuation, deal structuring and negotiations.

Participants will build a solid M&A basis through a combination of theory and practice in the form of case studies, group work and negotiation exercises.

Key benefits
By attending this program, you will:

• Understand the strategic and economic considerations in mergers and acquisitions
• Become familiar with the principal legal and accounting aspects of M&A
• Explore the valuation models employed by buyers and sellers of companies
• Examine the various aspects of successful deal structuring
• Participate in negotiating a deal

Day 1
Financing M&A’s

• The role of capital structure in acquisitions 
• Cash deals vs stock deals: dilution analysis and valuation
• Financing with debt: the role of syndicates and recent examples
• Valuation aspects of financing terms
  -  Contingent payments

Creating Value through Deal Design

• Institutional investors and hedge funds in the M&A process
• Deal design: why M&A fail at the design stage
• Derivatives and M&A: Recent examples
  -  AXA Mony
  -  Porsche-VW
• Merger arbitrage

Case studies

Day 2
Due Diligence

• General introduction
  -  Shares or assets transaction
  -  Public or private acquisition
  -  Principal steps in the merger process
• The due diligence process
• Special considerations

Private Deals

• The specific features of private equity deals
  -  Financing structure
  -  Motives
  -  Exit strategies
• Europcar’s business model and financial synergies
• Financing a private equity deal
  - Valuation

Case studies

Day 3
Merger Motives and Consequences

• Winners and losers in M&A transactions
• Good and bad motivations

Valuation

Deal Structuring

Case studies

Day 4
Using Market Information to Assess

• Deal synergies
• Probability of a successful deal

Strategic Issues - Takeover Defenses

• Choosing the means of payment
• Constructive and destructive defense mechanisms

Choosing Takeover Candidates

Bidding Strategies

Deal Protection

Case studies

Day 5
Merger Negotiation

• Personal preparation and group negotiation
• Class discussion

Merger Integration

Mergers and Acquisitions is applicable to all those who want to get a solid overview of what it takes to succeed in today’s M&A marketplace.

Pre-requisite
Participants should be familiar with the foundations of corporate finance theory, including valuation techniques such as discounted cash flow, since these techniques will be applied throughout the course. For those who do not have sufficient knowledge of valuation theory, AIF's Valuation or Foundations of Finance courses can serve as an introduction to the topic.

Amsterdam Institute of Finance is registered with CFA Institute as an Approved Provider of continuing education programs. This program is eligible for 30 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.

"Very practical. Good balance between theory and application. Enjoyable. Good use of cases."
Investment Associate, Strategy & Business Development
Samsung Group
Korea

"It met my expectations and gave me a good "helicopter view" on all issues that are present in M&A"
Consultant
Ernst & Young Corporate Finance
The Netherlands

"I liked the course as it covered key M&A aspects - decision-making, valuation, negotiation and legal. I received a good opportunity to practice valuation and real negotiation during the case studies and the M&A process became clearer for me."
Senior Consultant, Integration Advisory
KPMG
Russia