Mergers & Acquisitions

3 days 30 Oct - 1 Nov 2017, Singapore Singapore $4,490.00 Download brochure Add to basket

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Overview

This Mergers and Acquisition (M&A) course explores all aspects of buying, selling, structuring the deal, valuing private companies and management buy-outs.
The course covers all the main areas of M&A practice including:

  • Valuation (including the modelling)
  • Synergies
  • Due diligence
  • Legal structure
  • Financing with debt and/or equity
  • Financial versus strategic acquisitions
  • Closing the deal


All our 3-day courses have an additional day dedicated to M&A Negotiations, which looks at the negotiation strategy in detail as well as general tactics for enhancing the value of the business being sold and structuring the offer and the deal.

 

Who should attend

  •  M&A Specialists
  • Corporate Financiers
  • Commercial and Investment Bankers
  • Analysts
  • Investors
  • Finance Directors
  • Lawyers
  • All those involved in Buyouts and Acquisitions

Instructors

We work with a series of expert instructors, please select the course location of interest to review the credentials of who will be delivering the programme.

Singapore
Paul Richards

The Course Director has taught Masters students at leading business schools in the UK (Cranfield and Cass Business Schools) for more than 15 years. He has also trained successfully for Euromoney for 5 years in more than 100 courses many of which have been customized courses delivered in-house for major banking institutions (eg Barclays, HSBC and other international banking institutions).

He has more than 20 years investment banking experience specialising in domestic and international corporate finance at UBS (Warburg), HSBC and Map Securities (part of Skandia Insurance and Mapfre, Spain). He was also the chief executive of the London merchant banking operation of Credit Industriel et Commercial, a major French banking group.

As a result of this experience, he has extensive firsthand experience of: mergers and acquisitions; IPOs; bond issues; secondary market issues; privatisation; debt syndications; corporate treasury; equity valuation; investment analysis; security and derivative valuation; private equity; modelling; corporate governance; and compliance. His consulting and training clients have included a wide range of organisations such as Bowring, Industrial Development Company and Association of Corporate Treasurers and he has also been involved in expert witness work.

Currently, he is CFO at Affinity Real Estate Private Equity and he also undertakes training assignments for Euromoney. He is a non-executive director of Energy Invest Group, a resource financing company.

He won the 2004 Wincott Foundation Prize for his article "Lessons in shareholder value" on the boom and bust in new economy stocks, published in Professional Investor (the journal of the UK Society of Investment Professionals - the UK member society of the CFA Institute).

He has been a member of the FTSE Indices Committee, a member of the Accounting Standards Board working party on Operating and Financial Review and has 12 years’ experience as a non-executive director of a listed UK company.

He is a graduate of Cambridge University and London Business School. He is also a CFA charter holder, an Associate of the Chartered Institute of Bankers, a Member of the Association of Corporate Treasurers and a Fellow of UKSIP.

Venue

Singapore

4-5 Star Hotel in Singapore

All of our courses are held in 4 – 5 star hotels, chosen for their location, facilities and level of service. You can be assured of a comfortable, convenient learning environment throughout the duration of the course.

Due to the variation in delegate numbers, we will send confirmation of the venue to you approximately 2 weeks before the start of the course. Course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

Related Courses

Inhouse


 

Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company's exact requirements? If you'd like to do either of these, we can bring this course to your company's office. You could even save up to 50% on the cost of sending delegates to a public course.

To find out more about running this course in-house:





Our Tailored Learning Offering

If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

We produce learning solutions that are completely unique to your business. We'll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.



We can offer any of our public courses delivered at your office or we can devise completely tailored solutions:


Read more about our offering or complete a call back request to speak to a learning specialist.

 

Agenda

Day 1

Prerequisites to a successful deal

Session I: key steps in the M&A process

  • Strategic decision making: do companies need to grow?
  • Acquisition vs. organic growth
  • Strategic considerations
  • Types of transaction: strategic or financial
  • Developing a strategic approach to acquisitions
  • Screening potential targets
  • Deals from hell
  • What is success?
  • Types of synergies: operating or financial
  • Revenue enhancement or cost cutting

Case study: Identify causes of failures from some spectacular M&A disasters.


Session II: growth by acquisition, by joint venture or organically

  • Types of synergies: operating or financial
  • Revenue enhancement or cost cutting
  • Cut the fat not the muscle
  • Advantages of each expansion route
  • What can go wrong?

Case study: An acquisition in the airline industry

Session III: due diligence - friendly/hostile deals

  • Legal risks in acquisitions
  • Mitigating risk via due diligence
  • Legal protections
  • Credit risk in the event of a problem
  • Impact of the nature of the transaction (friendly / hostile) on due diligence

Case study: Issues arising in due diligence for a carve-out

Session IV: M&A valuation - cashflow approach

  • How value is driven by cashflows rather than profits
  • Calculating free cashflow
  • The value drivers and the basis of cashflow valuation
  • Cost of equity: dividend models
  • Capital structure concepts
  • Cost of debt: coupon vs. yield, market vs. book value
  • The cost of equity

Day 2

Valuation & Structuring

Session I: using WACC to value an acquisition target

  • Developing a model of cashflows
  • Estimating the terminal value
  • The steady state scenario
  • Sensitivity analysis of the terminal value
  • Checking assumption integrity

Case study: Valuation of an acquisition prospect using WACC

Session II: multiples based valuation techniques

  • Asset valuations: forced sale vs. going concern
  • Price / earnings multiples
  • Earnings related multiples: EV / EBIT(DA)
  • Other multiples: sales, book value, per subscriber
  • Selection of comparable companies

Case study: A break-up analysis for a global brand

Session III: the impact of the financials of the bidder

  • Financial analysis: producing pro forma projections
  • Valuing synergies and assessing the reality of achieving them
  • Analysing the effect of synergies on financials including earnings
  • The breakeven price earnings ratio for debt
  • Establishing the amount of debt that can be used
  • Using bridge finance pending equity or debt issues

Case study: Pro forma analysis of an acquisition prospect

Session IV: financing the acquisition and deal structuring

  • Assessing the impact on the value of the acquirer's shares
  • Paying with shares or cash or a combination? Pros and cons of each
  • Event risk and capital structure objectives
  • Underwriting a share issue
  • Bridging the valuation gap: earnouts

Case study: Pro forma analysis of an acquisition prospect

Day 3

Financial acquisitions: public to private (P2P)

Session I: financial acquisitions - leveraged buyouts

  • Types of leveraged transaction: LBO, MBO, MBI, BIMBO, SBO, P2P
  • Acquisitions suitable for leveraged finance
  • LBO analysis as a valuation metric
  • LBO deal structuring: equity and debt
  • The leveraged buyout process

Case study: Estimating returns in a recent buy-out of a buy-out (BOBO)

Session II: capital structure in LBOs

  • Senior debt multiples
  • Mezzanine: cost and use of warrants
  • Second lien financing
  • Providers of capital
  • Remuneration of equity capital providers
  • Bridges to second stage financings

Case study: Leveraged LBO financing for a P2P

Session III: disposals - the process

  • When to announce
  • The data room
  • Timetable
  • Presentations to potential purchasers
  • The short list
  • Vendor due diligence
  • Closing the deal

Case study: Accelerated IPO as a disposal option

Session IV: M&A arbitrage trading

  • Hedge fund strategies in M&A situations
  • Liquidity costs
  • Outcome analysis
  • Riskreturn
  • tradeoff
  • Vendor due diligence
  • Closing the deal

Case study: Compete to run arb trading positions in a takeover

Course summary and close

Why us


We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

  • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
  • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
  • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
  • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
  • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product