Mergers&Acquisitions

30Oct1Nov2017
Singapore,Singapore
US$4,990

ThisMergersandAcquisition(M&A)courseexploresallaspectsofbuying,selling,structuringthedeal,valuing
privatecompaniesandmanagementbuyouts.
CourseInstructor
Morethan20yearsofinvestmentbankingexperiencespecialisingindomesticandinternationalcorporate

financeatUBS(Warburg),HSBCandMapSecurities.

AdivisionofEuromoneyInstitutionalInvestor(Jersey)Ltd

CourseDescription
ThecoursecoversallthemainareasofM&Apracticeincluding:
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Valuation(includingthemodelling)
Synergies
Duediligence
Legalstructure
Financingwithdebtand/orequity
Financialversusstrategicacquisitions
Closingthedeal

Allour4daycourseshaveanadditionaldaydedicatedtoM&ANegotiations,whichlooksatthenegotiation
strategyindetailaswellasgeneraltacticsforenhancingthevalueofthebusinessbeingsoldandstructuring
theofferandthedeal.
Whoshouldattend:
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M&ASpecialists
CorporateFinanciers
CommercialandInvestmentBankers
Analysts
Investors
FinanceDirectors
Lawyers
AllthoseinvolvedinBuyoutsandAcquisitions

Agenda
Day1
Prerequisitestoasuccessfuldeal

SessionI:keystepsintheM&Aprocess
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Strategicdecisionmaking:docompaniesneedtogrow?
Acquisitionvs.organicgrowth
Strategicconsiderations
Typesoftransaction:strategicorfinancial
Developingastrategicapproachtoacquisitions
Screeningpotentialtargets
Dealsfromhell
Whatissuccess?
Typesofsynergies:operatingorfinancial
Revenueenhancementorcostcutting

Casestudy:IdentifycausesoffailuresfromsomespectacularM&Adisasters.

SessionII:growthbyacquisition,byjointventureororganically
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Typesofsynergies:operatingorfinancial
Revenueenhancementorcostcutting
Cutthefatnotthemuscle
Advantagesofeachexpansionroute
Whatcangowrong?

Casestudy:Anacquisitionintheairlineindustry

SessionIII:duediligencefriendly/hostiledeals

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Legalrisksinacquisitions
Mitigatingriskviaduediligence
Legalprotections
Creditriskintheeventofaproblem
Impactofthenatureofthetransaction(friendly/hostile)onduediligence

Casestudy:Issuesarisinginduediligenceforacarveout

SessionIV:M&Avaluationcashflowapproach
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Howvalueisdrivenbycashflowsratherthanprofits
Calculatingfreecashflow
Thevaluedriversandthebasisofcashflowvaluation
Costofequity:dividendmodels
Capitalstructureconcepts
Costofdebt:couponvs.yield,marketvs.bookvalue
Thecostofequity

Day2
Valuation&Structuring

SessionI:usingWACCtovalueanacquisitiontarget
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Developingamodelofcashflows
Estimatingtheterminalvalue
Thesteadystatescenario
Sensitivityanalysisoftheterminalvalue
Checkingassumptionintegrity

Casestudy:ValuationofanacquisitionprospectusingWACC

SessionII:multiplesbasedvaluationtechniques
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Assetvaluations:forcedsalevs.goingconcern
Price/earningsmultiples
Earningsrelatedmultiples:EV/EBIT(DA)
Othermultiples:sales,bookvalue,persubscriber
Selectionofcomparablecompanies

Casestudy:Abreakupanalysisforaglobalbrand
SessionIII:theimpactofthefinancialsofthebidder
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Financialanalysis:producingproformaprojections
Valuingsynergiesandassessingtherealityofachievingthem
Analysingtheeffectofsynergiesonfinancialsincludingearnings
Thebreakevenpriceearningsratiofordebt
Establishingtheamountofdebtthatcanbeused
Usingbridgefinancependingequityordebtissues

Casestudy:Proformaanalysisofanacquisitionprospect
SessionIV:financingtheacquisitionanddealstructuring
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Assessingtheimpactonthevalueoftheacquirer'sshares
Payingwithsharesorcashoracombination?Prosandconsofeach
Eventriskandcapitalstructureobjectives
Underwritingashareissue
Bridgingthevaluationgap:earnouts

Casestudy:Proformaanalysisofanacquisitionprospect

Day3
Financialacquisitions:publictoprivate(P2P)

SessionI:financialacquisitionsleveragedbuyouts
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Typesofleveragedtransaction:LBO,MBO,MBI,BIMBO,SBO,P2P
Acquisitionssuitableforleveragedfinance
LBOanalysisasavaluationmetric
LBOdealstructuring:equityanddebt
Theleveragedbuyoutprocess

Casestudy:Estimatingreturnsinarecentbuyoutofabuyout(BOBO)

SessionII:capitalstructureinLBOs
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Seniordebtmultiples
Mezzanine:costanduseofwarrants
Secondlienfinancing
Providersofcapital
Remunerationofequitycapitalproviders
Bridgestosecondstagefinancings

Casestudy:LeveragedLBOfinancingforaP2P

SessionIII:disposalstheprocess
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Whentoannounce
Thedataroom
Timetable
Presentationstopotentialpurchasers
Theshortlist
Vendorduediligence
Closingthedeal

Casestudy:AcceleratedIPOasadisposaloption

SessionIV:M&Aarbitragetrading
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HedgefundstrategiesinM&Asituations
Liquiditycosts
Outcomeanalysis
Riskreturn
tradeoff
Vendorduediligence
Closingthedeal

Casestudy:Competetorunarbtradingpositionsinatakeover

Coursesummaryandclose

Abouttheinstructors

TheCourseDirectorhastaughtMastersstudentsatleadingbusinessschoolsintheUK(CranfieldandCass
BusinessSchools)formorethan15years.HehasalsotrainedsuccessfullyforEuromoneyfor5yearsinmore
than100coursesmanyofwhichhavebeencustomizedcoursesdeliveredinhouseformajorbanking
institutions(egBarclays,HSBCandotherinternationalbankinginstitutions).

Hehasmorethan20yearsinvestmentbankingexperiencespecialisingindomesticandinternational
corporatefinanceatUBS(Warburg),HSBCandMapSecurities(partofSkandiaInsuranceandMapfre,Spain).
HewasalsothechiefexecutiveoftheLondonmerchantbankingoperationofCreditIndustrieletCommercial,
amajorFrenchbankinggroup.
Asaresultofthisexperience,hehasextensivefirsthandexperienceof:mergersandacquisitionsIPOsbond
issuessecondarymarketissuesprivatisationdebtsyndicationscorporatetreasuryequityvaluation
investmentanalysissecurityandderivativevaluationprivateequitymodellingcorporategovernanceand
compliance.HisconsultingandtrainingclientshaveincludedawiderangeoforganisationssuchasBowring,
IndustrialDevelopmentCompanyandAssociationofCorporateTreasurersandhehasalsobeeninvolvedin
expertwitnesswork.

Currently,heisCFOatAffinityRealEstatePrivateEquityandhealsoundertakestrainingassignmentsfor
Euromoney.HeisanonexecutivedirectorofEnergyInvestGroup,aresourcefinancingcompany.

Hewonthe2004WincottFoundationPrizeforhisarticle"Lessonsinshareholdervalue"ontheboomandbust
inneweconomystocks,publishedinProfessionalInvestor(thejournaloftheUKSocietyofInvestment
ProfessionalstheUKmembersocietyoftheCFAInstitute).

HehasbeenamemberoftheFTSEIndicesCommittee,amemberoftheAccountingStandardsBoardworking
partyonOperatingandFinancialReviewandhas12yearsexperienceasanonexecutivedirectorofalisted
UKcompany.

HeisagraduateofCambridgeUniversityandLondonBusinessSchool.HeisalsoaCFAcharterholder,an
AssociateoftheCharteredInstituteofBankers,aMemberoftheAssociationofCorporateTreasurersanda
FellowofUKSIP.

Venue

45StarHotelinSingapore,Singapore,Singapore
Allofourcoursesareheldin45starhotels,chosenfortheirlocation,facilitiesandlevelofservice.You
canbeassuredofacomfortable,convenientlearningenvironmentthroughoutthedurationofthecourse.
Duetothevariationindelegatenumbers,wewillsendconfirmationofthevenuetoyouapproximately2
weeksbeforethestartofthecourse.Coursefeesincludetrainingfacilities,documentation,lunchesand
refreshmentsforthedurationoftheprogramme.Delegatesareresponsibleforarrangingtheirown
accommodation,however,alistofconvenienthotels(manyatspeciallynegotiatedrates)isavailableupon
registration.

WhoShouldAttend
M&ASpecialists
CorporateFinanciers
CommercialandInvestmentBankers
Analysts
Investors
FinanceDirectors
Lawyers
AllthoseinvolvedinBuyoutsandAcquisitions

WhyUs
Whyus

Wehaveacombinedexperienceofover60yearsprovidinglearningsolutionstotheworldsmajor
organisationsandareprivilegedtohavecontributedtotheirsuccess.Weviewourclientsaspartnersand
focusonunderstandingtheneedsofeachorganisationweworkwithtotailorlearningsolutionstospecific
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Weareproudofourrecordofcustomersatisfaction.Hereiswhyyoushouldchooseustohelpyouachieve
yourgoalsandaccelerateyourcareer:
Qualityourclientsconsistentlyrateourperformanceexcellentoroutstanding.Ouraverageoverallscore
awardedtousbyourclientsisnineoutoften.
Trackrecordwehavedeliveredtrainingsolutionsfor95%ofworldstop100banksandhavetrainedover
250,000professionals.
Knowledgeour150strongteamofindustryspecialisttrainersareworldleadingfinancialleadersand
commentators,ensuringourknowledgebaseissecondtonone.
Reliabilityifwepromiseit,wedeliverit.Wehavedeliveredover20,000eventsbothinpersonandonline,
usingsimultaneoustranslationtodelegatesfromover180countries.
RecognitionweareaccreditedbytheBritishAccreditationCouncilandtheCPDCertificationService.Inan
independentreviewbyFeefowescored96%onserviceand95%onproduct

Allfeesarenetofwithholding,businessandlocaltaxes.
DelegatesregisteringfromAustraliaandSingaporetoattendcourseslocatedintheircountryofresidence,willbeartheprevailingGSTat
thedateofinvoice.Seatisconfirmedonlyuponreceiptofpayment.
Discountsarenottobecombined.
DuetorecentchangesinVISAprocessing,delegatesarestronglyadvisedtoobtainrelevantVISAsuptoonemonthpriortothecourse.
EuromoneyLearningSolutionsCertificate
DelegateswhosuccessfullycompletethiscoursewillreceivetheprestigiousEuromoneyLearningSolutionsCertificateastatementof
excellencerecognisedworldwide.
Disclaimer
EuromoneyLearningSolutionsreservestherighttoalteranypartofthepublishedprogrammeorfaculty.Intheeventofcourse
cancellationbyEuromoneyLearningSolutionsduetounforeseencircumstances,EuromoneyLearningSolutionslimitsitsliabilitiesto
refundingthetuitionfeeofthecourse.
Cancellationpolicy
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writing(emailorfax)withEuromoneyLearningSolutionssacknowledgement.Writtencancellationsmustreachthisoffice30daysbefore
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