Jean-Louis Duverney Guichard

Partner, M&A, Ernst & Young

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

 

Pré-requis

Les étudiants doivent avoir suivi le cours de Finance d'entreprise et évaluations des actions ou équivalent.
 

Plan du cours

Class #1: Introduction to Mergers & Acquisitions

The ecosystem of M&A (landscape of parties involved)
types of transactions

Class #2 : Basic valuation and structure

  • basic accounting, how to read financial statements
  • valuation methods  (transaction multiples, trading multiples, DCF, DDM, LBO models, NAV)
  • Case study #1

Class #3: Takeover bids

  • Key principles
  • Case study #2

Class #4: LBO transactions

  • Key principles
  • Case study #3

Class #5: Negociations

  • Key principles
  • Case study #4

Class #6: TBA

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

- 1 case study