François Hunaut

Managing Director Rabobank International, Paris

Fusions & acquisitions

Les objectifs du cours

  • Introduction to Mergers & Acquisitions' issues and practice
  • introduction to valuations and process
  • Presentation of usual transaction structures with a special focus on takeover bids and LBO transactions

Plan du cours

Class #1: Introduction to Mergers & Acquisitions

  • Transaction parameters
  • Transaction organisation

Class #2: valuation and structure

  • valuation methods
  • transaction structure: share or asset sale
  • Case study #1

Class#3: financing and post acquisition integration

  • financing parameters
  • key success factors for a successful integration

Class #4: Takeover bids

  • Key principles
  • Hostile bids and defence
  • Case study #2

Class #5: LBO transactions

  • Key principles
  • Financing structure
  • Case study #3

Bibliographie

  • Ceddaha F., Fusions - Acquisitions, 2010, Economica. 301 pages.
  • Vernimmen P., P. Quiry et Y. Le Fur, 2016, Finance d'entreprise, 14th Edition, Dalloz, 1124 pages.
  • Higgins R., Analysis for Financial Management, 2015, 11th Edition, McGraw-Hill Education, 466 pages.
  • Rosenbaum J., Investment banking, 2013, 2nd Edition, Wiley, 456 pages. 

Examen

- 45min multiple-choice questionnaire
- No documents allowed

- 2 case studies