Sumários
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4 Março 2021, 18:30 • Rita Sousa
- Case Study 1 - Discussion
- Bid evaluation (cash offers, stock offers, mix offers)
- Who benefits from M&A (conflicting empirical evidence)
- Characteristics of M&A transactions that proved to create value for Acquirer and/or Target
- Corporate Restructurings (asset sale, carve-out, spin off, split off, liquidation)
- Common reasons for corporate restructurings
- M&A Structured process - Phase II (VDR, management meetings, Q&A, BO)
- Binding Offer structure and objectives
- Case Study 2 - Discussion
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2 Março 2021, 18:30 • Rita Sousa
- Brief revision of previous class
- Cash offers vs stock offers
- Pre and Post-Offer Takeover Defence Mechanisms
- Regulation - Antitrust laws
- HHI Index
- Basics of valuation
- Valuation methodologies
- Discounted Cash Flow (brief revision, step-by-step, advantages & disadvantages)
- Trading Multiples (step-by-step, advantages & disadvantages)
- Transaction Multiples (step-by-step, advantages & disadvantages)
- Families of multiples (EV vs Equity multiples)
- Industry specific multiples
- Case Study 1
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25 Fevereiro 2021, 18:30 • Rita Sousa
- Presentation of the course, structure, objectives, evaluation, deadlines;
- Global M&A overview - key figures;
- Motives for mergers and acquisitions;
- Forms of acquisition (assets/companies/subsidiaries);
- Types of mergers (statutory, subsidiary, consolidation);
- Public vs private transactions;
- Horizontal vs vertical mergers;
- Friendly vs hostile transactions;
- Cash vs stock vs mix offers;
- The role of investment banks as financial advisors in M&A;
- Phases of a structured M&A process;
- Key documents and content of a structured M&A process (Teaser, Process Letter, NDA, IM, NBO, BO);
- Brief overview of the group work objectives, steps, and deadlines;
- Valuation analysis - Trading multiples;