Dates                                                                   

 
6 October 2008
10 February 2009
7 July 2009
30 November 2009

 Course Overview

The destruction of shareholder value through ill-thought-out acquisitions is a well known feature of the M&A market.

This course covers all aspects of an acquisition process from initial strategies for expansion through to planning, negotiation, execution and integration.

The major risks and problems likely to be encountered by professional advisers, principals and entrepreneurs are highlighted with guidance for their avoidance or mitigation. Process and commercial failures are examined and the necessity for a sound acquisition plan is emphasised.

A ‘top down’ approach to reviewing the activities and financials of a target is described leading into an overview of the due diligence process and the preparatory steps required for a successful integration.

Course Content

Strategy
Acquisition objectives
Process and commercial errors
Why acquisitions fail
Keys to success
Reasons for acquisitions
Alternative strategies for growth

Pre-acquisition planning
Acquisition criteria
The acquisition plan
Preparing the management
Measuring the risk
Assembling the professionals
Identifying the targets
Screening the targets
Approach tactics

Commercial assessment
Review the financials
Estimate the value
Evaluate the synergies
Key areas for due diligence
Commercial due diligence
Indicators of potential fraud
Guidelines on negotiation
Representations, warranties & indemnities
Earn-outs

Integration
A merger of equals?
Handling staff and political problems
Effective internal & external communication
Implement decisions
Avoid disintegration