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Mergers & Acquisitions and Leveraged Buyouts Analysis

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The Mergers & Acquisitions and Leveraged Buyouts Analysis content is covered on days 4 & 5 of the Core Comprehensive Program.

To register or to view training locations and date options, please see our course calendar.

Course Pricing:

  • Early Registration: $1,000 per day (register at least 14 days in advance)
  • Standard Registration: $1,300 per day
  • Group rates are available
  • Discounts offered to existing clients

Please contact info@trainingthestreet.com for more information, including international courses and pricing.

Course Outlines:

Mergers & Acquisitions

  • Concept of affordability analysis
  • Overview of SFAS 141/142 and IFRS 3
  • Purchase accounting overview
  • Creation of goodwill and write-ups, including possible incremental D&A
  • Sources and uses of funds
  • Opening balance sheet and purchase accounting adjustments
  • Pro forma income statement
  • Accretion/dilution analysis
  • Credit rating considerations
  • M&A transaction considerations (stock vs. cash, social issues, etc.)
  • Asset vs. stock purchase
  • Tax deductibility of goodwill
  • Section 338 election
  • Exercise: Building an M&A model for a potential acquisition of the case company

Leveraged Buyout Analysis

  • What makes a good LBO candidate?
  • Concept of value creation via de-leveraging, operational improvements and “multiple expansion”
  • Sources of funding for an LBO
  • Differing viewpoints for LBO constituents
  • Purchase price determination
  • Debt capacity and financing options (Pro rata facilities, institutional facilities, mezzanine capital)
  • Sponsors equity and internal rate of return (IRR)
  • Fundamentals of “recapitalization accounting”
  • Mechanics of constructing an LBO model
  • Exercise: Constructing an LBO model for the case company

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