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

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

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

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

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