Deal Phase

Uitgebreide vaknaam	Deal Phase
Leerdoelen	Upon completion of this course the student is able to: - distinguish and summarise the most important aspects relevant to the organisation and structure of the deal phase; - compile the critical design and process factors of the deal phase; - apply valuation in the deal phase, for instance in scoping the due diligence, negotiations and the structuring of the deal; - assess the role of the investment banker/corporate deal adviser; - evaluate the different objectives of due diligence and how due diligence is effectively carried out; - distinguish and summarize the key legal aspects of M&A, both with regards to public and private deals, and evaluate the interaction with the financial aspects of a deal; - distinguish and summarize the key tax aspects of M&A and their impact on valuation, financing an deal structuring; - distinguish key attributes of acquisition finance structures, both from a corporate and private equity perspective, and design and evaluate financing structures; - assess the potential for conflicts of interest in M&A, how to manage these and the role of fairness opinions; - communicate relevant information in a logical, convincing and clear way;
Omschrijving	The deal phase is the most visible and the most risky part of the M&A process. Competitive bidding situations, time pressure, information asymmetries, the involvement of a myriad of business functions and advisers and the potential for conflicts of interest contribute to this. Teaching in this course is highly interdisciplinary, reflecting the professional world of the students. Lecturers include, amongst others, investment bankers, due diligence advisers, M&A lawyers, tax advisers and acquisition finance specialists. Besides academic and management literature, teaching is to a large extent based on case studies. Cases studies for example include: - the optimal design of the sales process of a company; - from value to price: how to update the valuation for due diligence findings, apply the closing mechanism, and ‘translation’ in the SPA; - a structuring and negotiations case, aimed at how to apply a valuation valuations in negotiations and deal structuring; - an acquisition financing case; - a fairness opinion.
Uren per week	variabel
Onderwijsvorm	hoor- en werkcolleges (en gastcolleges)
Toetsvorm	-groepsopdracht,  -individuele opdracht, schriftelijk tentamen met open vragen (Written exam with open questions (70%) + group assignments (25 %) + individual assignment (5%))
Vaksoort	executive master
Coördinator	prof. dr. W.G.M. Holterman
Docent(en)	Guest lecturer ,prof. dr. W.G.M. Holterman
Verplichte literatuur	Titel Auteur ISBN Prijs Investment Banking: Valuation, Leveraged Buyouts and Mergers & Acquisitions, 2020 Rosenbaum, Pearl 9781119569367 ca. €  105,00 Applying International Financial Reporting Standards, 2016 Alfredson, K., R. Picker, J. Loftus, K. Clark, et al. 9781119159223 ca. €  63,95 Several articles (academic and management) various Valuation: Measuring and Managing the Value of Companies, 2020 Koller. T., M. Goedhart, D. Wessels 9781119611868 ca. €  67,96 Creating value from Mergers and Acquisitions: The Challenges, 2010 Sudarsanam, S. 9780273715399 ca. €  74,56
Entreevoorwaarden
Opmerkingen	Lecturers from practice: H. Haanappel MSc, G. van Reen MSc, Mr. A. Grimme, Mr. B. Dreimuller, Mr. M. de Haan, J. Moelker MSc, R. van den Hemel MSc, C. Roelen MSc
Opgenomen in	Opleiding Jaar Periode Type Executive Master Mergers & Acquisitions and Valuation 1 semester II b verplicht Wordt meerdere malen per jaar aangeboden - semester I a keuze Wordt meerdere malen per jaar aangeboden - semester II b keuze