Chapter_01

Chapter_01 - Introduction to Mergers, Acquisitions,...

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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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This note was uploaded on 01/28/2011 for the course FIN 315 taught by Professor Welker during the Spring '09 term at IUP.

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Chapter_01 - Introduction to Mergers, Acquisitions,...

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