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Mergers and Acquisitions

Course Name Mergers and Acquisitions
Advanced Module: Diploma Program in Corporate Finance
Schedule October 13, 2018 - October 27, 2018

Saturday

9:00am - 5:00pm

Price: Php 19,500
Description

Few financial events attract headlines quite the way a protracted battle for control of a large firm does. Events in the recent past, for example, heralding the possible change in the ownership control of the largest electricity retailer in the country spawned varied reactions as well as speculations — both favorable and unfavorable — from investors and stock market players and analysts on the potential outcome of the transaction, sending the firm's stock price to a rollercoaster ride for weeks.  

What motivated the previous owners to give up control of the firm in favor of a particular investor vs. another was an issue that created a big stir in the market. How the transaction would impact the acquiring firm's balance sheet elicited a similar market reaction.

These and other crucial issues/questions underlying business mergers and acquisitions will be discussed in this module. Participants gain a sound appreciation and better understanding of, among other things, the motivations behind these activities, the procedures that make mergers and acquisitions work, and the importance of making a thorough analysis before finalizing merger and acquisition arrangements. The mechanics of leveraged buyouts as a structured form of financing acquisitions will also be discussed.

Objectives

Successful completion of this module enables the participants to:

1.    Understand why a business acquisition can be analyzed as a
       complex form of capital investment;
2.    Discuss the motives for acquiring/merging businesses;
3.    Explain why diversification, enhanced earnings per share,
       and financial synergy are questionable motives for merging;
4.    Describe how a merger (or stock-for-stock acquisition),
       a purchase of stock and a purchase of assets differ;
5.    Estimate the value of a potential acquisition using the
       comparative analysis, weighted average cost of capital,
       and adjusted present value approaches;
6.    Appreciate the significance of paying for an acquisition with
       common stock;
7.    Explain and illustrate the defensive tactics target firms employ
       to forestall unwanted suitors from acquiring their firms; and
8.    Discuss leveraged buyouts and how these differ from other
       forms of business acquisitions.

Who should attend

This module is highly recommended for investment bankers, business professionals, consultants and entrepreneurs, and other finance practitioners involved, one way or another, in using business acquisitions as a way to create value. Those familiar with or have adequate working knowledge of company valuations, investment banking, and basic business mathematics and statistics will find this module most meaningful and beneficial.

Outline

The course, which employs lectures, interactive discussions, case studies, and practical application exercises, covers the following areas:

  •     Mergers and Acquisitions and Corporate Strategy
  •     History of Mergers and Acquisitions and Motivations
  •     The Mergers and Acquisition Process and Associated Documents

              -    The Search
              -    Pitch or Approach
              -    The Courtship / Mating Season
              -    Formalizing the Transaction

  •     Introduction to Valuation
  •     Specific Issues Relating to Valuation Approaches

              -    Asset Valuation
              -    Discounted Cash Flow
              -    Relative Valuation
              -    Contingent Claims or Options Theory

Resource Speakers
Ms. Imelda Tiongson

is presently President of a multi billion – ING-formed investment company, Opal Portfolio Investments (SPV-AMC) Inc. She is also a Teaching Fellow and Trustee of Institute of Corporate Directors as well as Trustee of Center for School Governance. Further, she also lectures at Ateneo Graduate School of Business handling Corporate Rehabilitation, Corporate Finance and Bank Marketing as well as with IFC Worldbank on Audit and Risk Management. She is also a Director of Fintech Global Resources Inc.

Her past experiences include directorship in publicly listed VITARICH Corporation and Board Advisor of Publicly Listed East Asia Power Resources Inc. She has extensive banking experience with National Australia Bank (Australia) and Philippine National Bank.

She has also lectured in various institutions including Philippine National Bank Institute of Banking, Landbank, DBP, Maybank, Chinabank as well as Lecturer on Risk Management at the Bangko Sentral ng Pilipinas and PDIC. She has been part of the working group of the Philippine Congress which drafted the combined Law on Business Rehabilitation and Insolvency called The Financial Rehabilitation and Insolvency Act of 2010.  Past Board Directorships include publicly listed Vitarich from 2005-2006 (creditor’s nominee), Excom/Board Advisor of a publicly listed East Asia Power Corporation.

Ms. Tiongson completed her Bachelor of Business in Accountancy at Royal Melbourne Institute of Technology in Australia with Credit and completed Accounting for Bankers with a perfect score and took post graduate class on Remedial Management at Asian Institute of Management. She also completed Masterclasses in both Kaplan Norton Balance Scorecard in Australia and Terrapin’s Cryptocurrency in Singapore.