The Mechanics of Mergers & Acquisitions (Online)

IFF Training

IFF Training

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About the course

M&A activity is set for significant growth with big money to be made. This course gives a structured guide to all components of an M&A transaction, taught by a market veteran in the industry with an exemplary track record and reflects the professional knowledge and skills needed to succeed in today’s evolving M&A environment.

Course Structure

The course takes place over 16 weeks and comprises eight core units. The units will be released every two weeks from the start of the course. Download the units or study completely online.

Assessment and Post Graduate Certification

At the end of each unit there is an assessment that will allow you to benchmark your growth in knowledge and understanding. For those wishing to receive a Postgraduate Certificate from Middlesex University (subject to validation), an additional marked assignment of 5000 words will also need to be submitted. The assignment will be based on an on-going case study that runs throughout the duration of the course.

Syllabus modules

Unit 1 – Fundamentals of mergers and acquisitions (M&A)

By the end of unit one, you will be able to:

  • Explain the rationale for mergers and acquisitions and the importance of the market for corporate control in understanding the form they may take
  • Describe M&A activities and the M&A toolkit
  • Explain the importance of M&A in the potential creation of value and why deals may fail so to do
  • Explain the importance of an M&A strategy in terms of selecting an M&A route to pursue
  • Explain the role and importance of sound screening criteria to aid the selection of M&A targets

Unit 2 – Valuation

By the end of unit two, you will be able to:

  • Explain the different methods that can be used to value mergers and acquisitions – including Discounted Cash Flow (DCF), multiples, and asset valuation
  • Review a financial model to evaluate prospective targets and synergies
  • Explain how to identify and measure the ‘value drivers’ that are driving value
  • Describe value driver analysis and its application in a free cash flow model
  • Describe the challenges of and the principles to be applied in the valuation of a potential acquisition opportunity with different business units
  • Explain how to triangulate value

Unit 3 - Synergies and control benefits

By the end of unit three, you will be able to:

  • Explain synergies and control benefits and the differences between them
  • Describe important considerations in assessing synergies and control benefits, like the importance of understanding different perspectives, e.g. buyer’s versus seller’s, and management versus credit committee
  • Explain the principles that can be applied in valuing an acquisition target with synergies
  • Describe the Incremental Value Effect (IVE) approach for valuing synergy and control benefit effects
  • Describe the challenges and the principles to be applied in the estimation of synergies and control benefits arising from a potential acquisition opportunity with different business units

Unit 4 - Due diligence

By the end of unit four, you will be able to:

  • Explain the rationale for and the importance of due diligence
  • Describe the different types of due diligence – legal, accounting, financial etc.
  • Describe the practical issues and challenges in conducting due diligence
  • Explain the critical importance of commercial due diligence for understanding potential success
  • Describe specific due diligence issues, including hostile versus friendly deals and vendor due diligence

Unit 5 – Financing

By the end of unit five, you will be able to:

  • Explain the principles of acquisition finance
  • Describe the difference between the publicly financed perspective and the privately financed (private equity) perspective
  • Explain the linking between the financing of M&A with theoretical perspectives - the optimal capital structure
  • Describe the different public equity financing instruments - debt, equity and other alternatives, e.g. mezzanine
  • Describe types of finance used in practice to finance acquisitions

Unit 6 – Private equity M&A

  • Explain the private equity approach to M&A
  • Describe the increasing importance of private equity in M&A
  • Introduce and review of the key issues in the private equity M&A process
  • Explain the importance of buyouts within private equity M&A
  • Describe the different of types of buyouts
  • Explain in detail the use leveraged buyouts (LBOs) in private equity acquisitions

Unit 7 - Integration and building value

By the end of unit seven, you will be able to:

  • Describe integration and its importance as a major contributor to M&A success
  • Review the challenges in understanding what and how much to integrate, and the identification of essential disposals
  • Explain the importance of pre M&A integration planning, scheduling and setting milestones
  • Explain the importance of identifying and the estimation of potential integration problem areas
  • Explain how to deal with underperforming parts of the business and the use of restructuring
  • Explain the principles of managing for value, integration and building value in the new business, including available tools

Unit 8 – Negotiation

By the end of unit eight, you will be able to:

  • Explain the role and importance of negotiation as a major contributor to M&A success
  • Describe the negotiation process
  • Explain negotiation tactics for closing the gap between the buyer and seller
  • Explain the importance of managing the negotiation environment
  • Describe important team selection issues
  • Describe the role of investment bankers and other advisors
  • Explain the importance of developing a negotiating stance
  • Explain how to develop a negotiation strategy based upon understanding value options

Experts

Roger Mills

Roger Mills is an Emeritus Professor at the University of Reading. For more than 20 years, he was Professor of Finance and Accounting at Henley Management College, now Henley Business School and, subsequently, a Professor Dr in the VU University, Amsterdam. Roger has a unique blend of academic ...

Videos and materials

The Mechanics of Mergers & Acquisitions (Online) at IFF Training

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Disclaimer

Coursalytics is an independent platform to find, compare, and book executive courses. Coursalytics is not endorsed by, sponsored by, or otherwise affiliated with any business school or university.

Full disclaimer.

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