New York Institute of Finance – Mergers & Acquisitions

Here’s What You Get:

Taught by instructors with decades of experience on Wall Street, this mergers and acquisitions course will equip analysts and associates with the skills they need to rise in the M&A field. Directors and managers who have transitioned, or hope to transition, to M&A from other areas, such as equities or fixed income, can use this M&A training to eliminate skill gaps.

What you’ll learn:

By the end of this professional certificate, you will be able to:

• How to identify a successful merger or acquisition opportunity
• How to structure a variety of M&A deals resulting from different circumstances
• Regulations concerning mergers & acquisitions
• How to model and utilize free cash flow for capital budgeting and evaluation and integration of acquisitions
• Accounting for mergers & acquisitions

Module 1: Overview and Buyer Strategies

Duration : 1-2 hours

• Lesson 1: Global M&A
• Lesson 2: Emerging Market M&A Issues
• Lesson 3: Buyer’s Viewpoint
• Lesson 4: Three Ways M&A Increases Value
• Lesson 5: Buy vs. Build, Synergy

Module 2: Finding a Deal

Duration : 1-2 hours

• Lesson 1: Starting the Acquisition Process
• Lesson 2: Characteristics of Successful Deals
• Lesson 3: Discussion of Key Risks and Failed Deals

Module 3: Pricing the Deal

Duration : 1-2 hours

• Lesson 1: How much should the buyer pay?
• Lesson 2: Discuss the DCF and Public Companies
• Lesson 3: Harley Davidson: public companies
• Lesson 4: Comparable M&A and LBO’s

Module 4: Special Valuation Cases

Duration : 1-2 hours

• Lesson 1: Emerging markets companies
• Lesson 2: Money-losing companies, erratic track records; Distressed/bankrupt companies
• Lesson 3: Industry Specific Multiples
• Lesson 4: Natural Resources
• Lesson 5: Speculative Hi-tech
• Lesson 6: Sum-of-parts
• Lesson 7: Free cash flow as an indicator
• Lesson 8: Valuing liquidity and control

Module 5: M&A Financial Accounting and Projections

Duration : 1-2 hours

• Lesson 1: M&A Financial Accounting: Overview
• Case Study – Apple – RIMM Model Discussion
• Lesson 2: Coming Up with Realistic Assumptions

Module 6: Financing the Deal

Duration : 1-2 hours

• Lesson 1: M&A Finance Sources
• Lesson 2: Debt
• Lesson 3: New Equity
• Lesson 4: Contingent Payment

Module 7: Seller’s Viewpoint

Duration : 1-2 hours

• Lesson 1: The Seller’s Viewpoint
• Lesson 2: Using an Investment Bank
• Lesson 3: The Sale Process

Module 8: Other Areas of Interest

Duration : 1-2 hours

• Lesson 1: First Offer
• Lesson 2: Disclosure of Acquisitions
• Lesson 3: Hostile Takeover Defenses
• Lesson 4: Private Equity

Module 9: Review and Documents

Duration : 1-2 hours

• Lesson 1: Review M&A Sale Process
• Lesson 2: Where Do Legal Agreements Fit In
• Lesson 3: Corporate Documents
• Lesson 4: IB Engagement Letter

Module 10: Documents

Duration : 1-2 hours

• Lesson 1: Confidentiality Agreement (CA): Non-Disclosure Agreement (NDA)
• Lesson 2: Term Sheet
• Lesson 3: Letter of Intent
• Lesson 4: Definitive Agreements

Module 11: Legal Structures

Duration : 1-2 hours

• Lesson 1: Merger
• Lesson 2: Stock purchase
• Lesson 3: Asset purchase
• Lesson 4: Legal Structures: Advantages & Disadvantages

Module 12: Triangular Mergers

Duration : 1-2 hours
Triangular Mergers

Module 13: Tax Considerations

Duration : 1-2 hours

• Lesson 1: Introduction
• Lesson 2: Stock Purchase Deal
• Lesson 3: Asset Purchase Deal
• Lesson 4: Stock vs. Assets Purchase

Module 14: Tax Free Deal

Duration : 1-2 hours

• Lesson 1: Introduction
• Lesson 2: Tax Free Reorganizations
• Lesson 3: Tax-Free Acquisition Structure Alternatives

Module 15: Accounting Notes

Duration : 1-2 hours

• Lesson 1: Accounting Rules
• Lesson 2: Letter of Intent – Refresher

Module 16: Consideration

Duration : 1-2 hours

• Lesson 1: Introduction
• Lesson 2: Earnouts and Hope Certificates
• Lesson 3: Contingent Considerations

Module 17: Advanced Structuring

Duration : 1-2 hours

• Lesson 1: Introduction
• Lesson 2: Tax Loss Mergers
• Lesson 3: Break Up/Sum of Parts/Split Off
• Lesson 4: LBOs Merger Structure
• Lesson 5: Roll ups, Consolidation Plays
• Lesson 6: Distressed/bankruptcy Structures
• Lesson 7: Special Purpose Acquisition Corps (SPAC)
• Lesson 8: Reverse Merger
• Lesson 9: Private Equity Industry Review

Module 18: Introduction to Free Cash Flow and the Objective of the Firm

Duration : 1-2 hours

• Lesson 1: Need for Free Cash Flow
• Lesson 2: Understanding Free Cash Flow
• Lesson 3: Relationship between Free Cash Flow and Market Value
• Lesson 4: Return on Investment
• Lesson 5: Adjusting Accounting Data to Get to Free Cash Flow
• Lesson 6: Components of Free Cash Flow
• Lesson 7: Show Me
• Lesson 8: Adjustments to Net Investment
• Class Exercise

Module 19: Components of Free Cash Flow

Duration : 1-2 hours

• Lesson 1: Focus on Free Cash Flow
• Lesson 2: Understanding the Components of Free Cash Flow

Module 20: Cost of Capital

Duration : 1-2 hours

• Lesson 1: Understanding Cost of Capital
• Lesson 2: CAPM & WACC
• Class Exercise

Module 21: Capital Budgeting Using Free Cash Flow

Duration : 1-2 hours

• Lesson 1: Capital Budgeting: Overview
• Lesson 2: Guidelines for Capital Budgeting
• Lesson 3: Q&A
• Lesson 4: Caveats

Module 22: Modified Free Cash Flow

Duration : 1-2 hours
Free Cash Flow and Interim Financial Results

Module 23: Using Free Cash Flow to Evaluate Acquisition Opportunities

Duration : 1-2 hours

• Lesson 1: Overview
• Lesson 2: Acquisition Analysis
• Lesson 3: Objective to add Shareholder Value
• Lesson 4: Synergies and Integration Costs
• Lesson 5: Q&A
• Lesson 6: Other Metrics
• Class Exercise
• Lesson 7: Incentive Compensation

Module 24: Integration of Acquisitions

Duration : 1-2 hours

• Lesson 1: Integration Best Practices
• Lesson 2: Integration Planning

Module 25: Implementation Issues

Duration : 1-2 hours
Implementation Issues

Module 26: Equity Methods of Consolidation

Duration : 1-2 hours

• Lesson 1: General Accounting Guidelines
• Lesson 2: Significant Control
• Lesson 3: Summary of Accounting Under the Equity Model
• Lesson 4: Dividends and Excess of Costs over Book Equity
• Lesson 5: Adjustments for Intercompany Transactions
• Lesson 6: Tax Considerations of the Equity Method
• Lesson 7: Cash Flow Accounting in Equity Methods
• Class Exercise

Module 27: Cost Method and Consolidation

Duration : 1-2 hours

• Lesson 1: The Cost Method
• Lesson 2: Four Sub-Categories of the Cost Method
• Lesson 3: Consolidation
• Lesson 4: Minority Interests

Module 28: Purchase Accounting

Duration : 1-2 hours

• Lesson 1: Purchase Accounting Basics
• Lesson 2: Steps to Record Acquired Balance Sheet
• Lesson 3: Step 1: Eliminate Existing Goodwill
• Lesson 4: Step 2: Reduce Equity Accounts
• Lesson 5: Step 3: Adjusting Assets and Liabilities to FMV
• Lesson 6: Step 4: Intangible Assets
• Lesson 7: Step 5: Record Unrecognized Restructuring Charges
• Lesson 8: Fair Value of Consideration
• Lesson 9: Fair Value of Contingent Payment
• Lesson 10: Calculating Goodwill
• Lesson 11: Non-Controlling Interests
• Lesson 12: Accretion and Dilution

Module 29: Special Topics – Internal Revenue Code Section 338(G) and 338(H)(10) Transactions

Duration : 1-2 hours

• Lesson 1: Section 338 Overview
• Lesson 2: Tax-deductible Goodwill and Intangibles
• Lesson 3: NOL Carry forwards and Others