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Description |
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With increased pressures for globalisation, technological developments and compression of time to market, companies have been searching outside their internal boundaries more and more in order to build or reinforce their competitive capabilities. The past two decades has witnessed a dramatic increase in international mergers, acquisitions and strategic alliances. However, both international and China experiences of corporate development indicate that at least 50 per cent of the mergers and acquisitions fail to achieve the original objectives of the mergers and acquisitions. What are the reasons that have caused such a high failure rate? What are the lessons that can be learnt? What are the key strategic issues that have to be properly addressed in order to avoid the pitfalls of mergers and acquisitions and to make them work? |
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Objective |
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The objectives of this programme are to give participants exposure to cutting edge thinking on mergers and acquisitions (M&A), provide them with conceptual and practical understanding of the problems and challenges involved in the planning, negotiation and management of mergers and acquisitions, and provide them with practical guidance on managing M&A. |
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Participants |
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The programme is designed for top managers in charge of strategic development for the company or involved in decision-making of the fundamental issues in M&A, including CEOs, CFOs, Division Managers, Business Development Managers, Strategic Planning Directors, Managing Directors, etc. |
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Benefits |
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Participants in the programme will:
- Better understand the role of M&A in corporate development
- Be able to more effectively organise the M&A decision making process
- Develop the concept and framework for M&A financing
- Learn to screen for suitable and strategically fit acquisition targets
- Decide on a better financing structure
- Learn how to successfully integrate the acquired company/assets
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Coverage |
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- Defining the strategic value of an acquisition or a merger
- Planning, evaluating and negotiating M&A
- Implementing M&A
- Making the M&A work: leadership and integration
- Looking through the accounting numbers
- From accounting value to economic value
- Valuation for M&A
- Financing Methods for M&A
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Schedule |
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Day 1
- morning The Strategic Value of Mergers and Acquisitions
- Different approaches to build competitive capabilities
- Alliances versus M&A
- Different types of M&A
- Specific characteristics of international M&A
- What do we know about the performances of M&A
- Case study
- afternoon Planning, Evaluating, Negotiating Mergers and Acquisitions
- Find the potential target
- Understand the target's potential and assess the possible synergies
- Decide a negotiation platform
- Case study
Day 2
- morning Implementing Mergers and Acquisitions
- Three major integration modes: absorption, preservation and symbiosis
- Case study
- afternoon Making the Mergers and Acquisitions Work: Leadership and Integration
- The critical role of the leadership team
- Case study
Day 3
- morning Looking through the Accounting Numbers
- Assets valuation
- Liability checking
- Liquidity and solvency
- Quality of earnings
- Cash flow checking
- afternoon From Accounting Value to Economic Value
- The trap of intangibles
- Goodwill or "Badwill"?
Day 4
- morning Valuation of M&A
- Different methods in company valuation
- The intuitive method of valuation: Application of P/E, P/BV and other multiples
- The fundamental method of valuation: Discount cash flow method
- How to estimate the value of synergy
- Case study
- afternoon Financing of M&A
- How much an acquirer should pay
- Cash or shares: how to finance an acquisition
- Case study
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Faculty |
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Professor Ding Yuan, Programme Director
Professor Mark Sirower
Professor Zhu Yu
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Venue |
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This course will be conducted on CEIBS campus at 699 Hongfeng Road, Pudong, Shanghai, PRC.
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Admissions |
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Applications are reviewed as they arrive. Completed applications must be received 20 working days before the start of the programme. Any applications received after that date will be considered on a space-available basis. Please address all applications and enquiries to our customer service team in Shanghai, Beijing or Shenzhen.
If a confirmed booking is cancelled within 15 working days of the start of the programme, or if the applicant fails to attend the programme, a cancellation fee equaling to 20 percent of the total programme fee will be charged. If an applicant is unable to attend the programme, the applicant may transfer to another CEIBS Executive Education programme within the same calendar year. When a request to substitute participant(s) for the same programme is made less than 15 working days prior to the start of the programme, we are unable to guarantee the seat(s). |
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* CEIBS reserves the right to amend information on this programme including price, date, location, faculty, daily schedule and other details. |
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