MA2020

INTERNATIONAL
MERGERS & ACQUISITIONS

Classes will continue as scheduled but online

WHERE TO GET THE LATEST CLASS INFO

I will communicate here – http://boilingice.com/startup/ma2020/ – and K2

ONLINE PLATFORM WE WILL USE

I will be using a platform called www.Zoom.us to deliver the classes. It is similar to Skype but much better and stable.

1. Go to Zoom.us to see what it’s all about
2. Click on Sign up or click here https://zoom.us/signup and create an account.
+ When you register please use your SKEMA email address and enter your First Name and Last Name so I can easily communicate with all of you during class. Your last name should be in ALL CAPS.
3. Upload a picture of yourself to your Zoom profile so I can tell who you are.
4. Download the desktop app for your laptop.
5. Go to the Apple Store or Google Store and download the phone app.
6. Make sure your microphone and video cameras are working.

UPDATED TUESDAY MARCH 17th AT 1:00PM

For the Class on Wednesday, March 18th at 9:15 AM

Here is how to join the Zoom meeting:

Patrick Kedziora is inviting you to a scheduled Zoom meeting.

Join Zoom Meeting
https://zoom.us/j/628780394?pwd=U0lGU1dEUHlta0lidXF6ZFY2d2hnZz09

Meeting ID: 628 780 394
Password: 417552

One tap mobile
+33170379729,,628780394# France
+33756784048,,628780394# France

Dial by your location
+33 1 7037 9729 France
+33 7 5678 4048 France
+33 1 7037 2246 France
+1 346 248 7799 US (Houston)
+1 669 900 6833 US (San Jose)
+1 312 626 6799 US (Chicago)
+1 929 205 6099 US (New York)
+1 253 215 8782 US
+1 301 715 8592 US
Meeting ID: 628 780 394
Find your local number: https://zoom.us/u/acPyCDJ4B4

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DOWNLOAD THE M&A GAME AND PLAY IT

 

For iPhone and Android

 

HOMEWORK AND READING REQUIRED BEFORE CLASS

 

CLASS 1

 

CLASS 1 – READING

 

CLASS 2

 

CLASS 2 – READING

 

POWERPOINT PRESENTATION FROM CLASS 1

VALUATION METHODS

WACC

CAPM

DCF
https://en.wikipedia.org/wiki/Discounted_cash_flow

RISK-FREE RATE

TERMINAL VALUE

 

CLASS 2 – CASE STUDY – READ AND PREPARE – USE THE BELOW EXCEL SPREADSHEETS

  • F-1546 USEC VALUATION
  • Write a one page summary of the deal. Who are the major players, who are the major stakeholders, what price was paid, what price should be paid, what would you do? Please hand in the one-page summary at the beginning of class. Be prepared to discuss this.

 

CLASS 2 HAVE THIS COMPLETED

Movie:

  • See the movie Barbarians at the Gate. It is on YouTube.com.
  • Write a one page summary of the movie. Who are the major players, who are the major stakeholders, what price was paid, what happened, what would you do differently? Please hand in the one-page summary at the beginning of class. Be prepared to discuss this.

Research – This is the topic you will do your final paper and presentation on. The final report and presentation are due at the beginning of Class 4.

  • Get together with your team.
  • Find an M&A deal that interests you that is currently happening in the world or that recently closed. Be sure that both the acquiring company and the target are both public otherwise your access to information will be limited.
  • Depending on the size of the class we may break into small groups.
  • Each group will pick an M&A deal it likes.
  • Each group will make a five-minute presentation at the end of the course on the deal and hand in a 10 to 15-page report on the deal. If there are five people on the team each person will speak for 1 minute. Given time constraints be prepared to make your presentation in 3 minutes instead of 5.
  • Make sure you comment on the valuation and whether you agree with it or not and why, and make sure you comment on whether the deal itself makes sense and why. How would you do things differently?
  • See Class 4 below on a special bonus point system.

 

CLASS 3

 

CLASS 3 – READING

CLASS 3 – CASE STUDY – READ AND PREPARE – USE THE BELOW EXCEL SPREADSHEETS

  • F-1508 AMC BUYOUT
  • Write a one page summary of the deal. Who are the major players, who are the major stakeholders, what price was paid, what price should be paid, what would you do? Please hand in the one-page summary at the beginning of class. Be prepared to discuss this.

CLASS 3 – CASE STUDY – READ AND PREPARE – USE THE BELOW EXCEL SPREADSHEETS

  • F-1560 HERTZ BUYOUT
  • Write a one page summary of the deal. Who are the major players, who are the major stakeholders, what price was paid, what price should be paid, what would you do? Please hand in the one-page summary at the beginning of class. Be prepared to discuss this.

CLASS 3 HAVE THIS COMPLETED

Movie:

  • See the movie American Factory on Netflix.
  • Write a one page summary of the movie. Who are the major players, who are the major stakeholders, what price was paid, what happened, what would you do differently? Please hand in the one-page summary at the beginning of class. Be prepared to discuss this.

Research:

Each person (even if you are in a team) must find a company they think should be acquired and by whom. Another way to look at this is to find a company that needs to acquire another. You must identify both sides of the deal.

Be prepared to give a two-minute pitch on this in class. Write, print out and hand in a two-page executive summary.

This will count towards your class participation. No late summaries will be accepted!

 

CLASS 4

 

CLASS 4 – READING

CLASS 4 – HAVE THIS COMPLETED

  • FINAL REPORT: Have your 15-page report completed. It MUST start with a 2-page (maximum) executive summary. Print your complete report and hand it in, be sure all team member names are on the report. Save this as a PDF and you will upload it to the following location no later than 9 AM on the final day of the course. Upload to here: https://tinyurl.com/ma2020paris
  • PITCH DECK PRESENTATION: Your pitch deck recommending (or not) the deal to me and the class. Print this out and hand it in. Save your pitch deck as a PDF and save it to a USB stick and bring this to class with you.
  • BONUS POINTS: Every team will be given $100 million to invest or to reward you for having saved them money in case your recommendation is not to do the deal. The more money you get the higher your team grade will be. I will evaluate the pitch and give you a grade on it and depending on how much money you get your grade will get boosted. Theoretically, it is possible for you to get a grade of greater than 20 on the pitch, assuming you did a perfect job and you received a lot of money. That higher grade will be used in your final grade calculation.

 

GRADING

  • 40% on your final presentation
  • 40% on your 10-15 page report (if you earned bonus dollars from your fellow classmates you will benefit greatly).
  • 20% on class participation (includes the two-page summary)

 

EXCEL VALUATION AND DEAL MODELS

 

USER GUIDES TO EXCEL VALUATION AND DEAL MODELS

 

CASE STUDIES NOT USED FOR NOW

F-1472 TIMKEN CO

F-1447 ROCKWOOD HIGH YIELD DEBT

F-1542 ELEPHANT BAR MEZZ FINANCING

F-1595 LONESTAR VALUATION

 

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