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18.10.2019 |
Session 1: Economic and Policy Issues of M&A Transactions An Introduction to M & A Transaction Processes Date: 18 October 2019, Time: 3:00 p.m. – 7:00 p.m.; Place: Schönherr Rechtsanwälte, Schottenring 19, 1010 Vienna Topics: • The M&A Market - History, Latest Figures and Recent Developments • Impact of the financial crisis on the M&A market • Drivers of Comeback of M&A post financial crisis • Riding the Next Wave in M&A – Opportunities and Challenges • Forms of M&A Transactions - Private M&A, LBO, MBO, Venture Capital, Private Equity, Public Takeovers • Milestones of an M&A Transaction • Kick Off Documentation: Confidentiality Agreements Required Readings:
- Global M&A Statistical Update, XBMA Annual Review for 2015 - Strategic M&A Deals, Regions/Sectors/Structures, The Deal 2011 - The Future of M&A, Merger Market/Merrill Datasite 2011 - Riding the Next Wave in M&A, BCG Report 2011 - Lipton, Mergers: Past, Present and Future, manuscript, February 2001 - Lipton, After the Millennium Bubble – Reforming Corporate America and Getting Back to Business, Commercial Lawyer 2003, p. 62-69 - Soros, The game changer, Financial Times, 28 January 2009 - Herlihy et al, Financial Institutions M&A 2009: Convergence, Con-solidation, Consternation and Complexity in an Industry in Transi-tion, January 2009 - Grofman/Nissenbaum, Just like starting over, The Deal 2009 - Bruner, How a Negotiated Deal Takes Shape, in Applied Mergers & Acquisitions, Wiley Finance, p. 685-702 You will be guided through the following two document in class (no detailed reading before class is required): - Confidentiality Agreement
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25.10.2019 |
Session 2: Legal Aspects of M & A Transactions Letter of Intent, Share Purchase Agreements Deal Terms Date: 25 October 2019, Time: 3:00 p.m. – 7:00 p.m. Place: Schönherr Rechtsanwälte, Schottenring 19, 1010 Vienna Topics: • SPA, Negotiating the SPA • Reps and Warranties • SPA Deal Terms • Regulatory Aspects • Letter of Intent Required Readings:
- Lajoux/Nesvold, Conclusion – Documenting the Deal, in The Art of M&A Structuring, McGraw Hill, p. 345-372 - Reed/Lajoux, Negotiating the Letter of Intent and the Acquisition Agreement, in The Art of M&A – A Merger Acquisition Buyout Guide, McGraw Hill, 3rd Edition, p. 445-501 - Coates, Mergers & Acquisitions Handout I: Key Provisions in the Deal Contract, p. 2-10 - David S. Lu, Letters of Intent: Beware of the Unintended, May 2001, p. 1-2 - David Washburn, Quick Tips for Negotiating a Great Letter of Intent, June 2001, p. 1-5 You will be guided through the following documents in class (no detailed reading before class is required): - Letter of Intent (LOI) - Draft Share Purchase Agreement
You will do a mock negotiation on an LOI |
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8.11.2019 |
Session 3: M & A Transactions in Light of Good Corporate Governance Setting the Stage for an M & A Process Due Diligence/Disclosure in M&A Transactions Date: 08 November 2019, Time: 3:00 p.m. – 7:00 p.m. Place: Schönherr Rechtsanwälte, Schottenring 19, 1010 Vienna Topics: • M&A as a Process • Acquisition Structures • Asset vs Share Deal • Forms of M&A Transactions • JVs • Principles of Good Conduct of Business (Duty of Care, Duty of Loyalty, Potential Liability Traps for Managers) • Business Judgement Rule • Economic Rationale for M&A - Shareholder Value vs. Corporate Social Responsibility • Due Diligence Required Readings:
- Keegan/Schlegelmilch, Production Abroad and Strategic Alliances, in Global Marketing Management - A European Perspective, p. 289-309; 313-315. - Brealey/Myers, Mergers, in Principles of Corporate Finance, McGraw Hill, 7th Edition, p. 928-937; 943-946; p. 953-955. - Steven L. Emanuel, The Duty of Care and the Business Judgement Rule, p. 171-180; 182-184. - Steven L. Emanuel, The Business Judgment Rule, in Law Outlines -Corporations, p. 179-180; 182. - Bruner, Due Diligence, in Applied Mergers & Acquisitions, Wiley Fi-nance, p. 207-245. - Lajoux/Elson, The Financial Statements Review, in The Art of M&A Due Diligence, p. 69-82. You will be guided through the following document in class (no detailed reading before class is required): - Due Diligence Request List
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15.11.2019 |
Session 4: Financial Aspects of M&A Transactions Private Equity Transactions Date: 15 November 2019, Time: 3:00 p.m. – 7:00 p.m. Place: Schönherr Rechtsanwälte, Schottenring 19, 1010 Vienna Topics: • Purchase Price Determination • Earn Out Models • Acquisition Finance; LBO / MBO Structures • Private Equity • Financial Architecture of Conglomerates Required Readings:
- Reed/Lajoux, Valuation and Pricing, in The Art of M&A – A Merger Ac-quisition Buyout Guide, McGraw Hill, 3rd Edition, p. 79-137 - Brealey/Myers, Mergers, in Principles of Corporate Finance, McGraw Hill, 7th Edition, p. 962-991 |
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22.11.2019 |
Session 5: Public M&A: Hostile and Friendly Takeovers Date: 22 November 2019, Time: 3:00 p.m. – 7:00 p.m. Place: Schönherr Rechtsanwälte, Schottenring 19, 1010 Vienna Topics: • Being Public / Capital Market as Market of Corporate Control • Case Study - A Public Takeover • Takeover Defensive Measures Required Readings:
- Bruner, Auctions in M&A, in Applied Mergers & Acquisitions, Wiley Fi-nance, p.791-803 - Bruner, Hostile Takeovers: Preparing a Bid in Light of Competition and Arbitrage, in Applied Mergers & Acquisitions, Wiley Finance, p.805-823 - Bruner, Takeover Attack and Defense, in Applied Mergers & Acquisi-tions, Wiley Finance, p. 824-855 - Brealey/Myers; Mergers, in Principles of Corporate Finance, McGraw Hill, 7th Edition, p.946-953 You will be guided through the following document in class (no detailed reading before class is required): - Herbst/Hödl, Country Q&A Austria, ICLG to: Mergers and Acquisitions 2018
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