20-22 November 2017
19-21 March 2018
19-21 November 2018
9:30 - 17:00
This course follows on from the M&A modelling course and develops some of the principles previously covered but moves beyond simple synergy analysis to analyse other options available to an acquirer to extract maximum value post acquisition.
The course looks at more complex M&A transactions post acquisition including different types of disposals, asset sales, carve outs or trade sale/IPO and the process used to determine whether a disposal will enhance the value of an acquired business. Sometimes these disposals will be voluntary and sometimes forced through competition issues.
In each case the participants model the impact of the various types of transaction on a case company and assess the most appropriate transaction for the business. The course then examines the various issues associated with restructuring a business post acquisition as a means to extract value, including when restructuring is the best option and the forms of restructuring that can be considered. Each form of restructuring after an acquisition is again modelled using a case company.
This course is run in an interactive, participative format, where participants learn by doing. The key concepts covered in the main teaching sessions are punctuated and illustrated by detailed case and modelling work.
The approach has been designed to equip participants to put key concepts into practical use immediately.
Participants will be led through a comprehensive review of analysis practices, from initial principles through to more advanced techniques that are used in financial modelling.
By the end of this course participants will understand:
Much of the course work involves Excel modelling and analysis, equipping participants with the tools to analyse corporate transactions:
Each participant should bring a lap top with USB port to the course to facilitate modelling work
Refresher: Accounting for corporate transactions
Case study – The participants will model the initial acquisition transaction that will form the basis for the post acquisition analysis and value the combined business to arrive at a staring valuation
Overview of post-acquisition corporate transactions
Disposal and spin off process
Financial evaluation of a disposal
Modelling asset disposal post- acquisition
Case study – The participants will model the first approach to value creation post-acquisition transaction by reviewing an operating unit of the acquired business to determine whether to dispose of any of the assets of the unit by way of asset sale to enhance the value of the acquired business. The participants will then analyse the resulting business.
Modelling a spin off post- acquisition
Case study – The participants will review the various subsidiaries of the acquired business to determine whether to dispose of any of the units by way of spin off to enhance the value of the acquired business. The participants will then model the spin off transaction and analyse the resulting business.
Modelling equity carve outs post- acquisition
Case study – The participants will review the various subsidiaries of the acquired business to determine whether to dispose of any of the units by way of carve out to enhance the value of the acquired business. The participants will then model the carve out transaction and analyse the resulting business.
Assessing asset restructuring
Case study – The participants will complete a series of case studies on various aspects of an asset restructuring. The participants will also analyse and assess the various restructuring options to determine which will create the most value.
Restructuring companies post acquisition
Case study – The participants are introduced to a new transaction between a healthy and distressed company. The participants model the transaction and value the combined business.
Restructuring options post acquisition
Case study – The participants model the various types of distressed company restructuring options and determine which option is preferable. The participants also value different elements of the post- acquisition transactions to assess various recapitalisation options.
RedCliffe provide courses to cover all aspects of corporate finance. See alternative courses:
Heads of terms, memorandum of understanding
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