Training The Street’s continuing development series is designed to explore advanced topics in accounting practices, modeling techniques, and valuation methodologies. TTS’s Public Advanced Topics curriculum allows more seasoned professionals to gain that competitive edge.
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.
- Early Registration: $1000 per day (register at least 14 days in advance)
- Standard Registration: $1200 per day
- Group rates are available
- Corporate discounts available to existing clients
Please contact firstname.lastname@example.org for more information.
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