Principles of Mergers and Acquisitions

Revision
  • Economic Value Added
  • Organic versus external growth
  • Increasing regulatory constraints
M&A Strategies
  • Economic analysis of M&A operations (types of operations, motives, limitations, alternatives)
  • Financial analysis (M&A equity investments, position of the parties, constraints, impact on performance)
  • Operational analysis (integration and organisation of a group of companies)
  • Practical workshop
  • Analysis of the investment and divestment strategy of the Reuters group
Sequencing of M&A Operations
  • Types of negotiations (listed and non listed shares)
  • Stages of a typical deal, from origination to closing
  • Closing
  • Share purchase agreement
  • Price (deferred payment, guarantees)
  • Price settlement methods (cash, deferred cash, earn-out clauses, payment in kind…)
  • Indemnities and warranties
  • Negotiating the acquisition of a controlling stake
  • Practical workshop
  • Implementation of an acquisition within a listed group of companies
Financing Techniques in M&A Operations
  • Traditional financial analysis
  • Valuation on the seller side (with a particular focus on private equity)
  • Acquisition finance : post-crisis LBOs

  • Understand the financial logic, the various steps and the funding techniques used in most M&A operations
  • Be able to analyse a transaction
  • Understand the various parties’ roles and interests in the process
  • Be able to structure and optimise a basic M&A deal according to the client’s needs
  • Exhaustive presentation of the various stages in the merger process
  • Practical case studies
  • Coverage and corporate banking officers
  • Newcomers to investment funds or advisory teams or firms
  • Private equity professionals and middle office teams
  • Corporate borrowers
  • Auditors and accountants
  • Lawyers
  • All those involved in the financial dynamics of the M&A process
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