Mergers and Acquisitions

  • This course is designed to provide participants with a solid understanding of M&A theory and principles. After attending this course, Participants will be able to understand the factors that drive M&A activity and the critical success factors for a successful merger or acquisition.
  • Day 1
  •                     
  • ·  Overview of the Merger & Acquisitions landscape
    ·  Types of Mergers
        
       Horizontal
       Vertical
       Conglomerate
       Defensive

    ·  Why do most M&A transactions fail to deliver Shareholder Value?       
       Case Studies of failed azquisitions (Daimler/Chrysler, AOL/Time Warner)
       Characteristics of failed mergers.

    ·  Characteristics of sccessful M&A transactions    
       Case Studies

       An examination of critical success factors for acquisitions

      

    ·  Process for acquiring a listed company
        
    ·  Funding alternatives for an M&A transaction 
       Bonds
       Syndicated Loans
       Rights Issues   
     
         

    ·  How funding is structured pre and post-acquistion for a listed company 
       Principles of Bridge Funding
       Structuring a bridge
       Take out mechanisms  


    ·  Initial Public Offering (IPO) Principles
       Reasons for IPO
       Timing
       Jurisdiction 

    Day 2  
        

  •    
    • ·  Company Valuation on What is the value of a company?
         BreakUp Value vs Going Concern
         Market Valuation: p/e, market capitalisation
         Valuation using other comparables
         NAV
         Valutations using Discounted Cash Flow method
           Free Cash Flow
           Calculating Weighted Average Cost
           Calculating Primary period and Terminal Value cash flows
           Enterprise Value vs Equity Value
        
      ·  Leverage Buy Out (LBO) - What is an LBO
          Typical capital structure of an LBO
          Debt vs Equity financing
          Modelling and LBO (Debt and Interest schedules)  
          Use of IRRs in decision making

      ·  Principles of Private Equity/Hedge Funds

      ·  Hostile Take Overs - What is a hostile take over
         What makes a company vulnerable to a hostile take-over
         Evolution of hostile take overs from the 80's to current times
         Take Over Defences and strategies that can be employed by companies against a hostile take over
        Shareholder considerations in respect of defence measures to be employed

      ·  Shareholder Activism - What is Shareholder Activism (New form of hostile action?) 
         Typical demands and strategy of Shareholder Activists
         How companies could avoid becoming a target for Shareholder Activists
         How companies should respond when confronted by Shareholder Activists 
    •                                                                  

    • Date: 15 & 16  February 2018
    • Time: 09:00 - 17:00
    • Cost: R11 500.00 per delegate ex VAT.​

    • All sessions will be held at the JSE Johannesburg, Sandton offices.
                           
      The course fee includes refreshments and lunch, parking and all course materials.
      CPD points and training certificates will be issued for the attendance at the training.
                          
      Please contact
       companyservices@jse.co.za​  to book. Please note that space is limited so please book as soon as possible in order to avoid disappointment.                 

      If you would prefer a tailored training session to take place at your company premises please do not hesitate to let us know and we can tailor a training package to suit your requirements.

     Contact Us

    +27 11 520 7131

    companyservices@jse.co.za

     

     

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