Oscar Wilde is reputed to have said “England and America are two countries separated by the same language”. The same could be said of the differences in the M&A process.
This course contrasts the market-based customs and practices of U.S. and U.K. custom with respect to the M&A process and some of the key legal differences in relation to the sale and purchase of shares of private companies together with some references to related agreements.
Whilst the practices and customs that apply to U.S. deals are largely the same across the Continental U.S. (and Canada to some extent), the U.S. is a federal system and there are differences in law and practice between the various states. In this context, references to U.S. law largely refer to New York law, and (where relevant) to Delaware law with some references to Californian law.
Globalization and the influence of the European Union means that, despite civil law dominating Europe, many of the practices and customs in relation to M&A are broadly similar in the U.K. and Europe law, so reference is made to civil law systems where these differ from English law (e.g. re duty to negotiate in good faith).
The programme does not attempt to offer a linear approach and contrast all the key differences in all customs and practices (e.g. Locked Box remains much rarer in the U.S. than Europe), but simply those where law and practice differs significantly.
This course was originally developed for a U.S. investment bank looking to provide their staff with a sound basis on the legal aspects as well as the commercial customs in M&A deals in the U.S. and Europe. In this context it will appeal to lawyers, corporate finance advisors, bankers, accountants and corporates looking in M&A or related activities.
Corporate finance is one of the most prominent sectors in the financial services. Here are a few related courses.
Corporate Finance Course
Training Course Area
|The Debt Finance Training Course||Asset based lending, Collateralised loan obligations, convertible bonds|
|Listing Rules and Takeover Code Course - The Fundamentals||Disclosure and transparency rules, market abuse directive, prospectus rules|
|Negotiating Heads of Terms (LOI/MOU) & Related Issues||Ancillary documents, commericial contracts and licences, Financial Services and Markets Act 2000|
|Loan Documents and Security Issues Course||bi-lateral vs club vs syndicated deals, Loan market association, mergers and acquisition|
|Valuing Commodity Companies and Sectors||Normalised earnings multiples, probabilistic valuation, valuing a natural resource firm|