Corporate Finance, Mergers & Acquisitions

Capital structure for corporations is a key element in how a company’s management attempts to maximize shareholder value. Many considerations must be weighed as firms settle on the mix of debt, equity and other sources of capital on their balance sheets. In addition, companies may opt to grow and create shareholder value through mergers and acquisitions. Finance IQ brings deep industry experience within the M&A and corporate finance fields to bring to life a variety of training programs. Classes can be supplemented with hands-on financial modeling classes.

Corporate Finance Essentials
Mergers and Acquisitions: Understanding the deal
IPO Roadmap: Guide to going public

Corporate Finance Essentials

This three day comprehensive program provides a thorough review of the major topic areas that comprise the field of corporate finance.  Participants will learn the key principles and concepts related to discounted cash flows, project analysis and budgeting, optimizing capital structure and capital raising issues.  The course moves quickly through finance basics such as time value of money and discounting, and into more advanced topics including capital budgeting, cost of capital, dividend policy, and optimal capital structure.  Citing numerous real-world cases, participants will learn how corporate finance decisions are made and how they impact company results.

Learning Objectives

Outline/Topics:

  • Explain the concepts of discounting and time value of money
  • Critique methods to analyze returns from projects
  • Discuss issues that influence capital budgeting decisions
  • Describe methods to calculate terminal value
  • Explain methods to calculate a firm’s cost of debt
  • Describe the Capital Asset Pricing Model and other methods to calculate a firm’s cost of equity
  • Calculate the weighted average cost of debt for a firm
  • Discuss factors that influence a firm’s optimal capital structure
  • Describe approaches to determine dividend payout policies
  • Describe the alternative financing methods for corporations

Duration:  Three days

Program Level:  Basic

Prerequisites:  There are no prerequisites

Day 1
  • Introduction and Overview
    • Key terminology
    • Time value of money
    • Present and future value calculations
    • Compounding (annual, periodic, continuous)
  • Project Analysis
    • Payback and discounted payback
    • Internal rate of return (IRR) and modified IRR
    • Net present value (NPV)
    • Capital rationing
    • Capital budgeting issues
  • Discounted Cash Flow
    • Financial statement review
    • Discount factors
    • Cash flow analysis
Day 2
  • Cost of capital
    • Debt
    • Equity
    • WACC
  • Capital Structure
    • Leverage
    • Agency costs
    • Bankruptcy risk
    • Optimization of capital structure
    • Tax and other considerations
Day 3
  • Dividend Policy
    • Dividend policies
    • Tax preference
    • Share repurchases versus dividends
  • Financing the Corporation
    • Bank lending
    • Term loans and lines of credit
    • Bilateral and syndicated loans
    • Debt
    • Investment grade
    • High yield
    • Convertibles
    • Preferred stock
    • Equity
    • Venture capital
    • IPOs
    • Secondary (US)/ Rights offerings (Europe)
    • Mergers & acquisitions
    • Rationale
    • Payment
    • Leveraged buyouts / Management buyouts

For a detailed outline and additional information on this course or to find out about our other courses, contact us at (646) 244-5190 or [email protected]!

Mergers and Acquisitions: Understanding the deal

Merger and acquisition announcements are currently at all-time highs as favorable conditions have boosted corporate deal making.  Cross-border interests, low financing costs and strong valuations have all contributed to heightened activity.  While deal announcements appear commonplace, the process for structuring and completing a merger or acquisition can be one of the most complex undertakings for both the seller and buyer.  This one day program, delivered by a successful M&A hedge fund manager, describes all aspects related to mergers and acquisitions.  Participants will learn how merger candidates are valued, the motivations from both the buyers’ and sellers’ perspectives, the background behind the negotiating process, the various deal structures and forms of consideration, and also the requirements from both sides to complete a deal.  By reviewing real-world examples, participants will learn what conditions contribute to successful deals and also understand reasons why deals fail to be completed.

Learning Objectives

Outline/Topics:

  • Describe the forms of integration and types of consideration
  • Discuss motivations from both the sellers’ and buyers’ perspectives
  • Explain the process behind completing deals involving public companies
  • Describe the accretion of a hypothetical merger transaction
  • Discuss alternative financing arrangements for financing-dependent deals
  • Describe accounting considerations in combining companies

Duration: One day

Program Level: Basic

Prerequisites: There are no prerequisites

CPE: 7.0 CPE Credits

1 Day Program
  • Forms of Integration
    • Acquisition
    • Statutory merger
    • Subsidiary merger
    • Consolidation
  • Types of Consideration
    • Cash
    • Stock
    • Asset swaps
    • Contingent value rights
  • Valuing the target
  • Motivations
    • Synergies
    • Growth
    • Market power
    • Unique assets
    • Diversification
    • Tax
  • Definitive Merger Agreement
  • Defense mechanisms
  • Shareholder approval
  • Legal challenges
  • Regulatory process
    • Herfindahl-Hirschman index
  • Accounting considerations

For a detailed outline and additional information on this course or to find out about our other courses, contact us at (646) 244-5190 or [email protected]!

IPO Roadmap: Guide to going public

Going public is a pivotal moment in the life of any company and permanently changes how a company conducts its affairs.   Today, private companies and start-ups are taking advantage of current access to deep sources of new capital.  Yet the actual process of going public can be time-consuming, potentially risky and present numerous challenges to insiders seeking expansion.  This one day program walks participants through the entire process of an initial public offering.  From the preparation stage, through the offering phase and then life as a public company, the course will identify the key steps and requirements that a firm faces as they migrate into the public markets.  The course will also feature case studies including Google and Facebook where participants will learn about the unique nature and characteristics of these high profile IPOs.

Learning Objectives

Outline/Topics:

  • Describe the timeline in the IPO process
  • Discuss considerations that factor into the going-pubic decision
  • Review the regulatory requirements in the IPO process
  • Describe the roles of the various participants
  • Explain the factors that influence IPO pricing
  • Discuss public company issues following an IPO

Duration:  One day

Program Level:  Basic

Prerequisites:  There are no prerequisites

1 Day Program
  • Role of participants
    • Insiders and founders
    • Board of Directors
    • Legal Counsel
    • Regulators
    • Investment banks
    • Outside service providers
  • Applicable Securities Laws
    • Securities Act of 1933
    • Securities Exchange Act of 1934
    • Other relevant regulations and disclosure requirements
  • Going Public Process
    • Timeline
    • Pre-organization
    • Due diligence and the role of investment banks
    • Offering and distribution
    • Pricing
  • Post-IPO issues
  • Case Studies:
    • Google
    • Facebook
    • Snap

For a detailed outline and additional information on this course or to find out about our other courses, contact us at (646) 244-5190 or [email protected]!