Syllabus

Titel
0809 International Mergers & Acquisitions
LV-Leiter/innen
Dr. Christian Herbst, LL.M.(Harvard), Dr. Sascha Hödl, LL.M.
Kontakt
  • LV-Typ
    PI
  • Semesterstunden
    2
  • Unterrichtssprache
    Englisch
Anmeldung
19.09.2019 bis 27.09.2019
Anmeldung über LPIS
Hinweise zur LV
Planpunkt(e) Bachelor
Termine
Wochentag Datum Uhrzeit Raum
Freitag 18.10.2019 15:00 - 19:30 Extern
Freitag 25.10.2019 15:00 - 19:30 Extern
Freitag 08.11.2019 15:00 - 19:30 Extern
Freitag 15.11.2019 15:00 - 19:30 Extern
Freitag 22.11.2019 15:00 - 19:30 Extern

Inhalte der LV

Mergers & Acquisitions (M&A) are an essential part in the growth of companies. The transactions enable companies to enter new markets quickly and to exploit economies of scale without the need first to capture a high market share.

This course gives students an overview of the basic economic, public policy and legal issues in M&A. Students will learn the principal mechanics of such transactions, from the early stages of preliminary screening, due diligence, contract negotiation, regulatory clearances to closing of the deal. Types of transactions covered will include private M&A transactions, public takeovers and private equity transactions.

The course format combines introductory lectures with an effort to encourage student presentations as well as classroom discussions and to simulate M&A negotiations. Groups which consist of up to five students will – for each session - prepare assignments for in-class presentation. Students are expected to prepare the recommenced reading section and subsequently to participate in discussions in class and to follow reporting on significant M&A transactions in the financial press to be prepared to contribute to transaction analysis by discussions in class.


Lernergebnisse (Learning Outcomes)

This course gives students an overview of the basic economic, public policy and legal issues in M&A. Students will learn the principal mechanics of such transactions, from the early stages of preliminary screening, due diligence, contract negotiation, regulatory clearances to closing of the deal. Types of transactions covered will include private M&A transactions, public takeovers and private equity transactions.

Regelung zur Anwesenheit

A maximum of one of the five classes may be missed in order to successfully complete the course and receive a grade.

Lehr-/Lerndesign

The course format combines introductory lectures with an effort to encourage student presentations as well as classroom discussions and to simulate M&A negotiations. Groups which consist of up to five students will – for each session - prepare assignments for in-class presentation. Students are expected to prepare the recommenced reading section and subsequently to participate in discussions in class and to follow reporting on significant M&A transactions in the financial press to be prepared to contribute to transaction analysis by discussions in class.

Leistung(en) für eine Beurteilung

Class participation - 30 % of the grade. Participation in discussions throughout the semester. Further, you are expected to play an active role in the simulated real life negotiations in classroom.

Group Assignment and Presentation - 30 % of the grade. Allocation to groups will be e-mailed to participants in advance. Each group will have to prepare a presentation on a mock transaction and will have to present it to the class.

Final paper - 40 % of the grade. In the final paper (8- 10 pages) you will evaluate a sample transaction under commercial, legal and policy perspectives.
Final paper has to be submitted and has to get a positive mark in order to pass the course.

 

Teilnahmevoraussetzung(en) und Vergabe von Wartelistenplätzen

Completed IB Foundations (Class 1 – Basics) and Applications (Class 2)

Erreichbarkeit des/der Vortragenden

All classes are held at Schönherr Rechtsanwälte, Schottenring 19, 1010 Vienna

Dr. Christian Herbst, LL.M.(Harvard)
ch.herbst@schoenherr.eu
Office Hours: by ar-rangement

Dr. Sascha Hödl, LL.M. (Harvard)
s.hoedl@schoenherr.eu
Office Hours: by ar-rangement

 

 

Sonstiges

Readings:

All relevant readings are available online for students. Students must read the relevant readings before each class.

Students are thus also expected to have read part I of the reading package for the first class.

Detailinformationen zu einzelnen Lehrveranstaltungseinheiten

Einheit Datum Inhalte
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

Zuletzt bearbeitet: 10.10.2019



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