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Breaking into M&A – Merger [EN]

Learn how to analyse mergers and acquisitions: the strategic rationale underlying transactions, deal financing, synergies, accretion/dilution analysis and the impact of an acquisition on Enterprise Value

This course is intended for candidates preparing for interviews in the following domains:

M&A

Course objectives

  • Distinguish between an acquisition and a merger
  • Understand the rationale for engaging in a sale or purchase of a company
  • Know the different ways of financing an acquisition
  • Master the concept of synergies arising from an acquisition
  • Learn how to perform an accretion/dilution analysis
  • Calculate the impact of an acquisition on the Equity Value and Enterprise Value of a company

Plan du cours

Contenu du cours

  • 4 sections
  • 16 vidéos
  • Durée totale : 44min
1. General
Video 1: What is the difference between a merger and an acquisition?
Video 2: Why might a company decide to acquire another company?
Video 3: Define synergies
Video 4: What are the different steps in a M&A deal?
Video 5: What is a public tender offer?
Video 6: What are some defensive tactics that a company may adopt against a tender offer?
Video 7: What are the different ways of financing an acquisition?
Video 8: What are the advantages and disadvantages of financing an acquisition with shares?
Video 9: What are the advantages and disadvantages of financing an acquisition with cash?
2. Accretion/dilution analysis
Video 10: What is an accretion/dilution analysis?
Video 11: Tips for analysing the accretion/dilution of a transaction
3. Impact of an acquisition on Equity and Enterprise Value
Video 12 : What is the impact of a majority acquisition on Enterprise Value?
Video 13: What is the impact of a minority acquisition on Enterprise Value?
4. Case studies
Video 14: Exercise #1 – Assessing accretion/dilution
Video 15: Exercise #2 – Majority acquisition and impact on Equity and Enterprise Value
Video 16: Exercise #3 – Acquisition and impact on Equity and Enterprise Value

Description du cours

Mergers and acquisitions comprise the core of investment banking. For candidates looking to enter M&A, this course is made for you.

We take you through the different factors that a M&A banker must consider when working on any deal, buy or sell-side: the purchase consideration, the deal process, the value creation that might arise through the transaction.

We guide you through the key technical questions that must be mastered ahead of your M&A interviews. What is the difference between a merger and an acquisition? What are the strategic reasons for whch a company may decide to acquire another commpany? How may a company finance an acquisition? How does a sell-side process unfold? How do we assess if a deal is accretive or dilutive for an acquirer? What is the impact of a transaction on the Enterprise Value of a company?

Answering these questions forms the focus of this course. Through it, you will learn not just what to say, but also how to say it. The aim is to enable you to achieve performance excellence in your interviews.

Preview

Cours dispensé par un ancien banquier M&A de Lazard

Yong Jie est diplômé de Sciences Po. Pendant ses études, il a réalisé deux stages chez Deloitte en audit et BNP Paribas en M&A au sein de l’équipe Business Valuation. Il a ensuite débuté sa carrière professionnelle chez Lazard où il a travaillé dans l’équipe TMT. En 2019, Yong Jie a co-fondé Training You.

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