Mergers and Acquisitions: Analysis, Financing and Structuring

Day One

09.00 - 09.15 Welcome and Introduction

09.15 - 10.15 Mergers and Acquisitions – Motives, Categories and Historical Developments

• Distinction between Mergers and Acquisitions
• Categories of Mergers
  • Takeovers/buyouts/leveraged buyouts
  • Friendly vs. hostile deals
  • Reverse takeovers
• Economics of M&As
  • Motives behind M&As
  • How value can be created through M&As
  • Effects on management
• Historical Development
  • Deregulation and low interest rates
  • The great merger movements

10.30 - 12.00 Valuation for M&As

• Comparable Companies Analysis
  • Spread key statistics, ratios and trading multiples
  • Benchmarking of comparable companies
  • Determine valuation
• Precedent Transaction Analysis
  • Location of necessary deal-related information
  • Spread key statistics, ratios and trading multiples
  • Benchmarking of comparable companies
  • Determine valuation
• Discounted Cash Flow Analysis
  • Key performance drivers
  • Free cash flow analysis
• Valuation of Combined Businesses
  • Synergy effects
  • Conglomerate discounts
• Case study and Small Exercise

12.00 - 13.00 Lunch

13.00 - 14.30 Leveraged Buy-Outs

• Key Participants
• Characteristics of a Strong LBO Candidate
• Economics of LBOs
  • Value drivers
  • The cash sweep
  • Returns analysis
• Exit/Monetization Strategies
• LBO Financing
  • Structure
  • Primary sources
  • Selected key terms
• Case Study and Small Exercise

14.45 - 15.45 The M&A Process

• The M&A Sales Process
• Organization and Preparation
• First Round
• Second Round
• Negotiation
• Closing
• Risk Management

15.45 - 16.00 Evaluation and Termination of the Seminar