Mergers and Acquisitions

Aims

The aim of this course is to provide students with an understanding of the financial and strategic concepts applied to M&A, and a full recognition of the impact of corporate consolidation on shareholders and stakeholders.

The course will assist participants to:

• Appreciate the M&A activity in the context and state of the global economy
• Assess the corporate motives and the strategic rationales for M&As
• Evaluate the potential benefits of M&A and takeover transactions
• Address the key success factors
• Highlight the associate risks and potential disadvantages.

Learning Outcomes

On completing the course, the participants will have the ability to evaluate issues related to the:

• M&A process from deal sourcing through transaction closing
• Strategic rationale for and against M&A
• Creation of synergies and firm value
• Different negotiating techniques and bidding strategies
• Commonly used takeover defences and tactics
• Deal valuation and financing
• Role of outside advisors and company management
• Regulators, the regulatory and tax environment
• Post-merger integration and other impacts of the M&A process.

Content

• Introduction, Overview, and Definitions of M&A
• Types of M&A (Horizontal, Vertical, Co-generic, Conglomerate, Cross-border
• Motives for M&A
• The M&A Process – Structuring the deal
• Target Valuation
• Financing of M&A (Cash, Equity financing, Deferred payment, Hybrids)
• Leveraged buyouts (LBOs) & Special Purpose Acquisition Company (SPAC)
• Value creation and value destruction for shareholders
• Anti-Takeover Defences.