The A to Z of Mergers & Acquisitions

Welcome coffee and registration

The acquisition process

The teaser, letter of confidentiality & process letter : tools to guide the process

Letter of intention/expression of interest: buyer and seller get a feel for the price:

• Competition for the asset up for sale

• Price vs execution risk

• How the Buyer can stand out against his rivals

• Timing: the Seller’s tool to exert pressure on the buyers
  

Interactive exercise to submit an expression of interest in a competitive sale process

Participants will be divided into groups. Each group will present an offer verbally to a buyer in response to a process letter, highlighting the advantages of that group’s offer

Coffee break

Management presentation & due diligence

• Objectives of the seller

• Buyer considerations

• Preparation of management by the seller

• Loyalties of the management 

• Linking identified risks to the offer price

• Different forms of due diligence

Lunch break

Bidding rounds

• Typical content of a bid as requested by the Seller

• Execution risk for the Seller of Conditions Precedent

• The risk for the Buyer of asking for guarantees

• Seller’s response to the first bid

• 2nd bid strategies for the Buyer

• Exclusivity: risks & advantages

• A discarded bidder tries to re-enter the process
  

Coffee break

Bidding exercise

Participants will present their bid to a Seller, who will give feedback. Each participant will then need to make a final bid with the objective of getting a deal with the Seller ahead of their competitor buyers

Signature & closing – Corporate governance issues

Debrief & questions