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Title

M&A Deal Structuring & Merger Modeling

Event Description

This course focuses on the mergers and acquisitions process, the basics of deal structures, and covers the main tools and analyses that M&A investment bankers and acquirers utilize. Learn about common structural issues, crucial merger consequence analysis and structures and methodologies. Translate fundamentals into different modeling techniques, including the most basic and widely used back-of-the-envelope method, Accretion / Dilution, as well as a more robust combination analysis combining a Target and Acquiror’s Income Statement. Learn how to sensitize basic deal structures and combination options. 

Learning Objectives:
  • Common structural issues in a transaction (stock vs. asset, 338(h)(10) elections)
  • Merger consequence analysis including accretion / dilution and financial implications of a deal
  • Build a fully functional accretion / dilution model that accounts for different transaction structures
  • Learn how to sensitize financial projections and the financial impact on a transaction

Course Sections:
M&A Deal Structuring

  • Review of various deal considerations and deal structuring options (cash vs. stock)
  • Common structural issues in a transaction (stock vs. asset, 338(h)(10) elections)
  • Buyer and seller preferences for various deal structures and rationale
  • Tax implications of transactions based on deal structure and FASB 142 goodwill amortization
  • Merger consequence analysis including accretion / dilution and financial implications of a deal
  • Analysis of breakeven PE for both 100% stock and 100% cash considerations
  • Dive deep into merger accounting for your merger model including NOL treatment and FMV step-up

Accretion Dilution Modeling
Build dynamic merger consequence analysis (accretion / dilution) incorporating the following:

  • Synergies switch, cash vs. stock sensitivity
  • Amortization of goodwill switch (depending on purchase price allocation)
  • Common structural issues: Stock vs asset deals and 338 (h)(10) elections
  • Tax implications of transactions based on deal structure and FASB 142 goodwill amortization
  • Analysis of breakeven PE for both 100% stock and 100% cash considerations
  • Calculate pre-tax and after-tax synergies/cushion required to breakeven

Simple Merger Modeling
Construct a merger model, a simple combination of Income Statement for target and acquiror:

  • Project simple stand-alone Income Statement for both target and acquiror
  • Analyze selected balance sheet figures and ratios and multiples
  • Estimate target valuation and deal structure
  • Calculate selected Pro Forma balance sheet items
  • Combine target and acquiror’s Income Statement and estimated synergies
  • Calculate cash flow for debt repayments to estimate debt repayments and cash balances
  • Compute interest expense and interest income based on paydowns
  • Calculate accretion / dilution and credit ratios

Please Note: Participants will need to bring a laptop with them to the course.

Event Type

Educational

Education Topic

 

Start Time

4/6/2017 9:00 AM

End Time

4/6/2017 5:00 PM

City

Washington DC

State/Province

 

Event Country

 

Event Region

Americas

Location Info

Location:
CFAW Office
1200 18th Street NW
Suite 700
Washington DC 20036

Metro: Farragut North or Dupont Circle (Red line)

Click here for map

Speaker

 

CE Credits

 

SER Credit

0.00

Currency

USD

Member Price

495.00

Non-Member Price

595.00

Candidate Price

495.00

Registration

Clichere to register

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All Day Event

 

Recurrence

 

Location

 

Cost

 

Description

 

Begin

4/6/2017 9:00 AM

Attachments

Content Type: MyCFA Calendar
Created at 1/7/2017 1:33 PM by info@cfawashington.org
Last modified at 4/3/2017 9:11 AM by info@cfawashington.org