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Chapter_01 - Introduction to Mergers Acquisitions& Other...

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Unformatted text preview: Introduction to Mergers, Acquisitions, & Other Restructuring Activities Course Layout: M&A & Other Restructuring Activities Part IV: Deal Structuring & Financing Part II: M&A Process Part I: M&A Environment Payment & Legal Considerations Public Company Valuation Financial Modeling Techniques M&A Integration Business & Acquisition Plans Search through Closing Activities Part V: Alternative Strategies Accounting & Tax Considerations Business Alliances Divestitures, Spin-Offs & Carve-Outs Bankruptcy & Liquidation Regulatory Considerations Motivations for M&A Part III: M&A Valuation & Modeling Takeover Tactics and Defenses Financing Strategies Private Company Valuation Cross-Border Transactions Course Learning Objectives • Define what corporate restructuring is and why it occurs • Identify commonly used valuation techniques • Describe how corporate restructuring creates/destroys value • Identify commonly used takeover tactics and defenses • Develop a highly practical “planning based” approach to managing the M&A process • Identify challenges and solutions associated with each phase of the M&A process • Describe advantages and disadvantages of alternative M&A deal structures • Describe how to plan, structure, and manage JVs, partnerships, alliances, licensing arrangements, equity partnerships, franchises, and minority investments Current Chapter Learning Objectives • Primary objective: What corporate restructuring is and why it occurs • Secondary objective: Provide students with an understanding of – M&A as a form of corporate restructuring – Alternative ways of increasing shareholder value – M&A activity in an historical context – The primary motivations for M&A activity – Key empirical findings – Primary reasons some M&As fail to meet expectations M&As as a Form of Corporate Restructuring • Restructuring Activity – Corporate Restructuring • Balance Sheet • Assets Only – Financial Restructuring (liabilities only) – Operational Restructuring • Potential Strategy – Redeploy Assets • Mergers, Break-Ups, & Spin-Offs • Acquisitions, divestitures, etc. – Increase leverage to lower cost of capital or as a takeover defense – Divestitures, widespread employee reduction, or reorganization Alternative Ways of Increasing Shareholder Value • Solo venture (AKA “going it alone” or “organic growth”) • Partnering (Marketing/distribution alliances, JVs, licensing, franchising, and equity investments) • Mergers and acquisitions • Minority investments in other firms • Asset swaps • Financial restructuring • Operational restructuring Discussion Questions...
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Chapter_01 - Introduction to Mergers Acquisitions& Other...

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