Mergers and Acquisitions
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This interdisciplinary program gives executives the analytical framework and tools necessary to successfully execute mergers, acquisitions, and corporate restructuring.
The forces of globalization and technological change have created a highly competitive and dynamic business world where mergers and acquisitions are increasingly used to seek competitive advantage and maximize value for shareholders.
M&A activity reached a new high in 2015, both globally and in the United States. According to McKinsey, more than 7,500 deals with a combined value of over $4.5 trillion had been announced by the end of 2015. Engaging in M&A activity is not a low-risk endeavor, so it is imperative that executives know how to navigate this landscape. At Chicago Booth, you will learn not only from M&A successes but also from M&A failures to better evaluate risk and put frameworks and tools to practice in a risk-free environment.
During this program, you will:
- Develop a strategic plan for M&A activity.
- Analyze strategic alternatives to M&A.
- Understand the M&A due diligence process and develop your due diligence skills.
- Understand business valuation techniques.
- Implement a strategy for integration and restructuring.
- Structure the deal to minimize tax consequences.
- Learn how to best protect shareholder value during M&A.
- Understand the use of M&A by large public corporations, privately held middle-market firms, and private equity firms.
- Learn a playbook of M&A best practices.
Optional Accounting / Finance Refresher Online
Prior to the program, participants gain access to a web-based, learner-driven program to help them refresh important accounting and finance concepts. Each module features self-tests, allowing participants to tailor their learning and focus their time on the concepts least familiar to them. This multi-media tool is used as a way to establish a baseline of knowledge to make the time in the classroom as productive as possible.
- Create competitive advantage through acquisition, merger, divestiture, or alliance
- Determine attractiveness and fit of a candidate
- Analyze the alternatives to M&A such as strategic alliances or joint ventures
Investment Decisions and Financing
- Understand valuation methods in evaluating M&A prospects
- Consider capital structure and financing choices and understand/compute pro forma metrics
- Review an LBO transaction and financing structure
- Understand market reaction to transactions
- Understand tax implications of various tax structures for both the buyer and seller
- Structure transactions to maximize the seller's after-tax wealth and to minimize the buyer’s after-tax cost
- Become familiar with various valuation implications of tax planning for mergers, acquisitions and divestitures
M&A Strategy and Target Identification, Deal Phase, and Due Diligence
- Develop an end-to-end process view of corporate development and M&A
- Obtain tools to identify and prioritize acquisition targets
- Test and validate a potential deal thesis
- Learn due diligence activities necessary to test an investment thesis
- Develop synergy estimates
- Identify key risk issues to be investigated in due diligence
- Develop a due diligence plan
- Develop a strategy for successful integration
- Manage post-merger integration with focus on shareholder value
- Understand the decisions and processes that impact the new organization's strategy, structure, and culture
Who should attend
This program is designed for senior and upper-middle level executives who are now or will be involved in M&A activity. CFOs, CEOs, and general counsel considering or currently involved in M&A activity will find this program immensely valuable.
Titles include: C-suite, general manager, vice president, director of business development, director of finance, strategic planner, business unit manager, general counsel, and analyst.