This course can be presented in-house via live webinar.
The trainer has over 40 years of City experience, encompassing banking, investment banking, M&A, and corporate finance at Citicorp, early stage investment, and corporate advisory work. He is a director of several companies and chairman of a fast-growing software company quoted on AIM.
Besides having been a visiting lecturer at the City of London (now Cass) Business School, he has 20 years’ experience of delivering in-house training to leading banks and investment banks in the UK, Europe, Africa, Asia and the USA, and public courses in UK, Europe and Asia covering M&A, company valuation, investment banking, corporate finance and credit analysis.
REVIEW: Comparison and contrast of the lifecycle of three different companies, highlighting how success or failure with acquisitions has determined their fate
DISCUSSION: Advantages and disadvantages of each approach
REVIEW: The Ansoff Matrix, a handy way to categorise potential risks in acquisition strategies
CASE STUDY: Reviewing company information to arrive at a value, taking into account qualitative and strategic factors
CASE STUDY: Reviewing summary information on a company to determine which areas need investigation and who should have responsibility for the task
Quiz: What are the top ten objective of a vendor
CASE STUDY: Reviewing an information memorandum on a company sale to assess: the value of the business, the most likely buyers
The Accounting Approach
Review: Was the near collapse of Quindell inevitable?
Exercise: Valuation of a business using different metrics
Exercise: Project Oxford, using comparable company techniques to value a company for acquisition
Exercise: Calculating the cost of equity and the weighted average cost of capital
Exercise: Discounting free cash flow to arrive at a value per share
Exercise: Project Media. Using an Excel spreadsheet and given assumptions to arrive at a value of a company that is an acquisition target
Project Media II. Varying inputs, in particular the debt / equity mix of the acquisition financing, to consider the maximum price that could be paid for the target
Exercise: Good or Bad LBO?
Discussion of recent transactions to see which ones the attendees would do, and what lessons can be learned about elements of success or failure
Case Study: Based on information provided attendees are tasked with structuring the finance for an MBO. Answers are discussed to identify the critical elements in the financing
Exercise: Agreeing the terms of the envy ratio
Discussion: How to finance the acquisition of Manchester United. The Man U accounts are reviewed with the object of deciding how to finance its acquisition. Answers are compared to the actual result.
This four day M&A course covers all aspects of buying, selling, valuing private companies and management buy-outs.
The first day of this mergers & acquisitions course covers creating shareholder value through the pursuit of a successful M + A strategy has been shown to be a far from risk-free activity. Buyers overpaying or using inappropriate financing methods can lead to destruction of value and in some cases financial distress. Day one covers topics of risk and return, process, investigation and integration as a practical guide to identifying and negotiating acquisitions
The second day of this mergers & acquisitions course covers the practical steps that are required to plan, negotiate, and close a successful sale. Valuing the business to be sold and the effective presentation of the commercial attractions of the business are key elements, as are choosing the appropriate advisers and running a competitive auction.
The third day of this mergers & acquisitions course covers the topics of the financial ratios used in comparable company valuation, creative accounting, and the cost of capital, forecasting and discounting free cash flow. Exercises include the use of an Excel spreadsheet as input to valuing a business and, accordingly, attendees are requested to bring a laptop to the course.
The fourth day of this mergers & acquisitions course covers the principles and practicalities involved in arranging and negotiating a management buyout. In addition to the legal issues to be addressed, the use of bank debt and other financial instruments is examined in the context of developing a workable structure for the deal.
Corporate finance is one of the most prominent sectors of the financial services. See details for other related courses.
Corporate Finance Courses
Training Course Area
|Listing Rules and Takeover Code Course - The Fundamentals||alternative investment market, disclosure and transparency rules, profit forecasts|
|Loan Documents and Security Issues Course||Capital expenditure, Loan facility agreement, Loan market association|
|Tax Issue in Mergers and Acquistions||Enterprise investment team, Qualifying corporate bonds, Stamp Duty Land Tax|
|Advanced Takeover Code||non-binding letters of intent, Schemes of Arrangement, UK Listing Authority|
|Joint Ventures||Contractual Joint Venture, International joint ventures, Memorandum of Understanding|