Session 1:

Strategy

• Choice between acquisition, organic growth and strategic alliances

• Acquisition objectives, checklist and screening, need for advisors?

• Case study: Choice of acquisition strategies for UK companies

Session 2:

Process

• Motivations of the parties involved in the process and scope for conflict of interest

• Key differences between acquisition of quoted and private companies

• Merits and demerits of an auction, issues that arise in hostile bids

• Due diligence

• Case study: Choice of Sale Method

Session 3:

Valuing the Target

• Distinguishing standalone value from value to the buyer

• Synergies and costs of achieving them

• Risk areas, sensitivity analysis, what cost of capital to use

• Control premium, private company discount and other factors influencing price

• Case study: Building synergies into acquisition valuation of a UK company and contrasting standalone value vs. value to the buyer

Session 4:

Structuring the Acquisition

• Buying shares or assets

• Paying with cash or shares

• Deciding on the appropriate level of debt financing

• Additional analysis required for highly leveraged deals

• Case study: Managers’ factors in deciding on how much debt is appropriate

• Case study: Significance of choice of debt or equity for Earnings Per Share

• Case study: Structuring the cash/debt vs. shares mix for a UK acquisition

Session 5:

Making it work

• When do acquisitions work?

• Factors influencing success or failure of an acquisition

• Where does post-deal integration go wrong?

• Case study: Developing a post-deal checklist for a UK company

Course Close