|
1
|
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
|
|
2
|
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 |
|
3
|
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
|
|
4
|
|
|
|
5
|
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 |
|
6
|
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
|
