M&A and LBO Analysis
The Mergers & Acquisitions and Leveraged Buyouts Analysis content is covered on days 4 & 5 of the Core Comprehensive Course.
To register or to view training locations and date options, please see our course calendar.
Course Pricing:
- Early Registration: $1,100 per day (register at least 14 days in advance)
- Standard Registration: $1,250 per day
- Group rates 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