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OEBU 2245A - Corporate Finance Workshop

Type d'enseignement : Workshop

Semester : Autumn 2017-2018

Number of hours : 13

Language of tuition : English

Pre-requisite

To benefit from the workshops, it is recommended that students have a background in accounting, corporate finance and economics, as demonstrated by course transcripts.

Course Description

The two Corporate Finance workshops will combine fundamental leanings and real recent case studies. Students will have the opportunity to analyse how an M&A transaction works and benefits for the key stakeholders. The main techniques studied will include: financing, earn-out, Equity or cash financing, potential hostile bids, takeover defences, and mergers restructurings. Learning will be based on very recent and popular situations, in which the Professor has been directly involved through his career in Investment Banking. After these workshops, students will understand the key variables involved in M&A decisions: target selection and analysis, deal financing, offering implementation, negotiation, value creation analysis, deal modelling and simulation. Participants will have the opportunity to build up ready-to-use Mergers and Acquisitions spread sheet Excel model on their own computers. The model will allow modelling the impact of Acquisitions financing on a deal structure, on the new group's governance, and the sensitivity of the indicators to a change in share price of the bidder or the target company. The workshop will be based on a recent M&A transaction.

Teachers

LEGLAND, Patrick (Global Head of Research and Member of Global Capital Market Executive Committee in a leading Investment Bank, Affiliate Professor HEC Paris – Finance Department)

Pedagogical format

The class will be mainly based on real and recent case studies. For all the case studies, the professor, Patrick LEGLAND has been involved directly or indirectly in the transactions. He will share his experience. Students will be required to take the most appropriate decision in the context of an M&A transaction. A detailed corrected version of the case study will be handed out at the end of each Corporate Finance workshop.

Course validation

Pass/fail based on attendance.

Workload

Two workshops of 6 hours (12 hours). Credits: 2 Estimated time required preparing for each workshop is of around 2 hours to read the case study and the article provided.

Required reading

Vernimmen, P., Quiry, P., Le Fur, Y., “Corporate Finance: Theory and Practice”, Wiley, 2014.