Mergers and Acquisitions

The programme offers participants an introduction to an aspect of business that has become an inseparable part of today's increasingly competitive economic environment. This introductory level curriculum walks students step-by-step through the M&A process. The curriculum identifies the types of corporations most likely to be M&A players and the types of corporations most likely to be M&A targets. Participants learn how to calculate potential risks and returns before taking the M&A leap; determine an acquisition candidate's value; weigh the various financing options; develop an exit strategy; and deal with the people and systems in the newly acquired company. This course uses an analytical framework and real-world applications to introduce the key principles and techniques of successful mergers, acquisitions, divestitures and leveraged buyouts. It addresses crucial questions including: Why do mergers that looked great on paper fail in reality? How does one value companies acquiring, or being acquired? What is the best negotiation strategy? What does it take to make the "synergy" come to life? How can a merger be funded in such a way as to retain the merged entity's flexibility? When do leveraged buy-outs make sense, and how can they be financed? Students will be able to: * Compare and contrast build and buy strategies * Describe the advantages and disadvantages of acquiring a public company * Identify the main players in M&A transactions * List the steps for planning an acquisition * Discuss the basics of financing an acquisition * Discuss the relationship between risk and return * Describe common risk considerations * Identify the formula for quantifying risk using the discount rate * Identify steps to be taken by a due diligence team * Recognize characteristics of a suitable turnaround candidate * Describe elements of accounting valuation * Define key principles of financial forecasting * Recognize crucial elements of economic valuation