Understand the practicalities of mergers and acquisitions
This course looks in detail at the different ways in which mergers and acquisitions transactions are structured.
You’ll learn about legal structures, stock purchases, asset purchases, tax loss mergers and reverse mergers.
As you explore these different transaction structures, you’ll consider the legal and corporate documents involved and the tax implications for both buyer and seller.
What topics will you cover?
Week 1 - Review, Documents & Legal Structures
Understand the documents like engagement letters, confidentiality agreements, term sheets, letters of intent and the structures that underpin M&A
Week 2 - Triangular Mergers, Tax, and Accounting Notes
Review tax considerations, tax-free deals, and further accounting rules
Week 3 - Considerations and Structuring
Learn about advanced structuring, tax loss mergers, break up/sum of parts/split off, LBOs merger structure, roll-ups, consolidation plays, distressed/bankruptcy structures, Special Purpose Acquisition Corps (SPAC), reverse merger and a private equity industry review
What will you achieve?
By the end of the course, you'll be able to...
- Identify the 7 categories of advanced structuring
- Describe the accounting rules
- Explore how tax-free deals are accomplished
- Assess the meaning of tax-free deals
- Compare the difference between stock and asset purchase
- Investigate the tax considerations for buyers and sellers
- Identify the triangular and reverse triangular structures
- Classify the 3 legal structures of M&A along with their advantages and disadvantages
- Explain the purpose of the engagement letter
- Explore the various corporate documents involved in the M&A process
- Identify where legal documents fit in
Who is the course for?
This course is ideal for financial analysts and associates. It is also suitable for directors and managers who have transitioned or hope to transition, to mergers and acquisitions from other areas, such as equities or fixed income.
To get the most from this course, you will need a good knowledge of financial analysis, a basing understanding of corporate finance (TVM, cash flows and discounting) and be well-practiced with MS Excel.
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