Mergers & Acquisitions
July 6 - 17, 2020.
WHY THIS SUMMER PROGRAM?
- Created and taught by leading HEC Paris Professors
- Courses based on recent, real-life case studies
- Leading guest speakers during case-study discussions
- The course is geared toward students who have had exposure to accounting, corporate finance and economics, or current and former HEC Paris Summer School students who have taken the Summer Program on Corporate Finance or Investment Banking and International Finance.
- HEC expertise in Finance: award-winning programs, number one pre-experience Global Master in Finance worldwide in 2018 by the Financial Times.
This intensive summer program will allow participants to master the key Mergers and Acquisitions practices. Learnings will range from how to originate a deal, structure it, and complete its final execution. Following this intensive program, students will understand how an M&A deal can create value for shareholders and for firms.
Through case studies as well as business games, students will learn how to negotiate a valuation from the position of “expert”, “buyer” or “seller”. The following primary techniques will be studied: share exchanges, acquisitions financing and take-over defences. Mergers and Acquisitions case studies provide students with expertise based on recent, real life international transactions, as all scenarios involve situations that professors have handled during their respective careers in Investment Banking.
Upon completion of this intensive program, students will be able to do the following:
- Understand the key variables involved in M&A decisions
- Analyze target selection and analysis
- Optimize deal financing and capital structure
- Decide between cash and share payment
- Negotiate the most relevant premium to optimize Synergies’ value creation
- Build-up a comprehensive and ready-to-use M&A model
- Master due diligence processes, Mergers and Acquisitions techniques
- Understand the concept of signalling theories, valuation of minorities, illiquidity impact, holding structure
- Structure a deal properly in terms of tax impact, including acquisitions versus asset buying
- Become familiar with takeover defenses, leveraged buyouts, mezzanine debts, earn out, special M&A techniques: carve-out, contingency value rights
Participant evaluation is based on project-work prepared in groups. Several groups will be invited to present their work to the whole class. Individual student participation throughout the program can lead to a grading bonus. Participants will also be graded on a final exam.
Students who successfully complete the program will earn 7 ECTS credits.*
(*) All students are encouraged to consult their home institution to validate credit transfer.