Agenda
Course Instructor: Professor Ralph Walkling
A detailed schedule will be included with the pre-reading material sent to paid registrants about two weeks prior to the course; however, most course days begin at 9:00 a.m. and conclude at 5:00 p.m.
| Monday, 7 September 2009 |
Introduction to M&A Deal Design and Acquisition Finance
- M&A strategy
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Components of an M&A deal – where finance fits in
- Optimizing M&A deal design
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Current conditions and trends in acquisition finance
Valuing the Highly Levered Transaction
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Techniques of valuing the target firm
- How financing creates – or destroys – value
Framework for Analysis: the "Whole Deal"
Approach
Case study
| Tuesday, 8 September 2009 |
Designing the Capital Structure
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Identifying the range of financing alternatives
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Choosing the right mix of financing
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How lenders and investors look at the mix of debt and equity
Structuring the Financing
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Designing the terms of financing instruments
- Pricing the instruments
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Risk analysis
Case study
Acquisition Financing in the Context of Negotiations
and Auctions
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Acquisitions as bargaining outcomes; behavioral finance
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Varieties of auctions and the incentives they create
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Hostile takeovers as settings for negotiations and auctions
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How financing can influence outcomes in negotiations and auctions
| Wednesday, 9 September 2009 |
Acquisition Finance Negotiation Exercise
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Obtaining commitment letters of financing
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Acquiring the target firm
- Debriefing of exercise with emphasis on bargaining strengths and weaknesses, and team behavior during the takeover contest