About

Mergers and Acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling (acquisitions and divestment) and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business entity.

“New Zealand's emergence from recession has seen a sharp rise in numbers of firms seeking to grow by acquisition, eyeing weaker rivals that are struggling or have succession issues.” 
- The Press, 24 February 2010

“More than a third of New Zealand's privately held businesses expect to grow by acquisition over the next three years, well ahead of the global average, a global survey of over 7000 private companies by accounting firm Grant Thornton says.”
- The Press, 24 February 2010

With the expected increase in M&A activity in 2010/11 - Mergers & Acquisitions in a Nutshell is an ideal crash course for managers who are looking at either acquiring or disposing of a business, allowing you to understand the process and get the most out of your financial advisors in the current climate and has been tailored to fit New Zealand conditions.

Key Learning Objectives:
The core focus of this course will be on Mid Market SME M&A, that are common in the New Zealand and Australian environment
•   Understand the characteristics of successful M&As
•   M&A in the Current Economy
•   Learn M&A valuation and due diligence tools and techniques
•   Understand the risks in M&A transactions
•   Learn how to reap greatest value from transactions
•   Understand the dynamics of a privately held M&A
•   Gain an understanding of the legal issues affecting M&A’s in the NZ environment

Who Should Attend?
Those who are involved or likely to be involved in Mid Market M&A transactions in SMEs including:
•   Lawyers & In House Counsel
•   Corporate Finance Managers
•   CFOs & CEOs
•   Investment Advisors
•   Bankers
•   Company  Secretaries
•   Business development managers charged with growth opportunities
•   SME owners looking to expand and diversify

Training methodology
This two day master class will utilise adult learning methods, small group work and case studies with interactive learning exercises. All attendees will be provided with a workbook and a certificate of completion.

The stress is on a practical hands on approach for SMEs where low cost high efficiency output is required.

The course is especially designed for those who are not involved in M&A as a full time role but who are charged with responsibility for or wish to take advantage of this corporate activity.

Outline

M&A for SMAs and Mid-Market Enterprise – what is the opportunity
•   Routes to growth
•   Organic versus M&A
•   The New Zealand setting
•   Capital for M&A

Understanding M&A
•   Why do M&A Happen?
•   Motives behind M&A
•   Distinctions between Mergers and Acquisitions
•   M&A Failure
•   Critical Success Factors for M&A

Financial Instruments/Financing M&A
•   Cash Instruments
•   Organic funding
•   Sell down and partners
•   Derivative Instruments  

Business Valuations
•   Asset valuation,
•   Historical earnings valuation,
•   Future maintainable earnings valuation,
•   Discounted cash flow (DCF) valuation
For more detailed training, please refer to our “Company Valuations” course.

Due Diligence
•   Vendor Due Diligence
•   Purchaser Due Diligence
For more detailed training please refer to our “Mastering Due Diligence” course.

Planning for M&A
•   Identifying an M&A opportunity
•   How to initiate an M&A approach
•   How to advertise
•   Impacts on Management and corporate culture/company morale
•   Investor communications

Managing the M&A Process in house
•   Roles and responsibilities
•   Picking advisors and contracting advisors
•   What areas need specialisms
•   Reporting to Boards
•   Implementation routines

Negotiating Tactics for Successful M&A Outcomes

Privately Held Company M&A
•   Succession planning
•   Acquisition Searches
•   Acquisition Strategy
•   Pricing
•   Structuring
•   Funding
•   Negotiations
•   Regulatory Issues
•   Implementation

Divestment Strategy and Management of Sale Process
•   Sale Structure
•   Identification of Buyers
•   Preparation of information memoranda
•   Buyer Due Diligence
•   Sale Documentation
•   Negotiation with buyers

Restructurings
•   Subsidiary spinoffs and demergers
•   Recapitalisations, refinancing and demutualisation

Legal Issues
•   Companies and Securities Law
•   Competition Law  Implications

Post Merger Integration
•   HR Issues
•   Change management
•   Milestones & Performance Indicators

Course Review and Q&A session

Facilitator

Brent Wheeler, Director, Brent Wheeler Ltd

Brent Wheeler has a PhD from the University of Otago and has been a University lecturer, Deputy Regional and City Planner in the Manawatu, Senior Analyst at the N.Z. Treasury, NZ delegate to the OECD on regulatory reform and Senior Analyst in the Office of the Minister of State Owned Enterprises.

With a superb repertoire of financial skills and investment acumen, Brent’s areas of interest include the development and application of financial economics in the areas of corporate finance, investment analysis and business planning. A recipient of the Commonwealth Medal (for State Owned Enterprises and privatisation contributions) in 1990, he has been involved with projects concerned with valuation of companies, projects and investment, asset allocation, evaluation and assessment of capital markets, assessment of investment and business strategy.

Brent is the principal of Brent Wheeler Ltd where he offers advice on financial economics, corporate finance and investment for the past 25 years. He currently advises a number of clients in these areas and has just finished designing and launching a large scale institutional medium term note programme for Provincial Finance Ltd.

A practical and well-respected facilitator, Brent is committed to guide and help you sharpen your analytical skills and investment acumen.

Brent Wheeler is also facilitating:

• Due Diligence
• Financial Analysis of Investment
• Investment Management & Decisions for NGOs, Trusts and Maori Trusts

In-house Training