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Course Calendar Course Calendar

M&A Corporate Finance

Day One

The four cornerstones of Corporate Finance

  • Introduction to the 4 cornerstones of corporate finance
  • Recap of various valuation methods and introduction to value creation
  • The role of the financial manager

Raising Primary Capital - IPO Valuation

  • Debt, equity and hybrid securities
  • Raising equity: Angel, Venture capital financing, Initial Public Offering (IPO)

Case study 1: Cash Technology IPO Valuation – Ivey Business Publishing

The Conservation of Value Principle

  • Understand how to raise equity and debt financing post the IPO listing
  • Deepen the understanding of rights issues through recent case studies
  • Recognise how to derive the optimal capital structure
  • Learn the impacts and the signalling effects of dividend policies vs. share buybacks
  • Enhance learning of LBOs and leveraged recapitalisation through recent case studies

Day Two

Raising Secondary Capital – Equity & Debt Capital Financing

  • Overview of equity and equity linked alternatives
  • Why and how do companies raise equity?
  • Rights issues vs. open offers
  • The pricing of SEOs
  • Raising Debt Capital
  • The nature of debt
  • The priority and maturity structures of debt
  • Issues in raising capital

Case study 2: Chartered Semiconductor Manufacturing Ltd.: When Rights Go Wrong – INSEAD

Optimum Capital Structure and Dividend Signalling

  • Cross-sectional differences in capital structure
  • The determinants of leverage
  • Agency costs and capital structure
  • Other factors: market risk, taxable capacity, issue costs and signalling motives
  • How do companies decide on dividend payments?
  • Alternatives to cash dividends: scrip dividends and share repurchases
  • Impact of taxation on dividend policy

Case study 3: Blaine Kitchenware Inc.: Capital Structure – Harvard Business School

The Best Owner Principle

  • Understand that you may not be the best owner of your business, and how being the right owner of a business drives value for the firm
  • Explore the key drivers of value creation in M&A
  • Evaluate M&A valuations and merger synergies
  • Learn common tactics in takeover attacks and defences
  • Enhance learning of M&A through recent case studies

Day Three

M&A Strategy & Valuation (I)

  • Overview of M&A
    • Strategies of corporate restructuring
    • Drivers of value creation
    • Successful versus unsuccessful deals
    • Sources of acquisition values
  • Valuation for mergers and acquisitions
    • Different approaches: asset based and balance sheet, market value & enterprise value
    • Role of EBITDA and required return
    • Free cash flow, dividend and discounted cash flow approaches
    • Analysis of synergy and sensitivity
    • Merger strategy, negotiation and different terms of merger
    • Evaluating Merger from various perspectives viz. Equity, NPV and EPS

Case study 4: Stanley Black and Decker – Harvard Business School

M&A Strategy & Valuation (II)

  • Takeover: introduction and defensive tactics
  • Bidding Strategy

Case study 5: Roche Acquisition of Genetech – Harvard Business School

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