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Training Course Summary:

Although no-one sets out to do a bad deal, most mergers and acquisitions fail to add immediate value to their shareholders. One of the generally accepted explanations is that too many organisations lack the internal skills to take the key decisions in M&As and consequently allow external practitioners to make many of these critical decisions, too often in conflict with agreed internal business strategies. This course aims to provide a solid overview for those non-practitioner professionals who are likely to get involved with M&As and in doing so need to retain decision making capability.

By the end of this course you will be able to:

Gain a practical understanding of the rules and regulations that are applicable in the UK and European Union for M&As.
Understand the difference between successful and unsuccessful M&As.
Appreciate what companies can do to avoid hostile takeovers or to accelerate agreed takeovers.
Appraise different valuation techniques and refresh key ratios.
Weigh up dissimilar financial strategies for M&As.

Who Should Attend:

Suitable for administrators, managers, non-financial members of any internal auditing committee and all those other professionals in banking, insurance, industry and commerce who need to get involved with M&As and have a desire to be active participants.

Training Course Overview/Content:

Principles and Key Definitions

Acquisition, takeovers and mergers: the difference
Identify when a takeover is agreed, contested or resisted
Main Actors: Roles and Power

Public Authorities: Office of Fair Trading, FSA, Monopolies & Mergers Commission
Public practitioners: valuers, accountants and solicitors
Investment Banks and stockbrokers
The M&A Panel: the City Code
Legislation

FSA and the relevant sections
Fair Trading and M&A rules
Insider dealing
Company Act and M&A
European Union regulations
Commercial Reasons for M&A

Increasing market share
Expansion and Growth
Financial Reasons for M&A

Increasing earning per share
Acquiring undervalued assets
Tax consideration
Planning for M&A

Target identification
Review of audited accounts
Valuation techniques (Discounted Cash Flow, Asset Valuation, etc)
Due diligence
Thinking ahead: HR issues
Financing a M&A, Different Approaches

Cash v Shares
Underwriting cash alternatives
Bonds, warrants and loan notes
Vendor placing