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M o ti v a ti o n s B u s in e s s & P u b l ic & D iv e s t i t u r e s ,
fo r M & A A c q u i s itio n P l a n s P r iv a t e C o m p a n y S p i n - O ff s , &
V a l u a ti o n C a rv e - O u t s
A l t e r n a t iv e
S t r u c tu r e s
T a x & A c c o u n ti n g
Is s u e s
Learning Objectives
• Primary learning objective: Provide students with a basic
understanding of how to use financial models to value and
structure M&As
• Secondary learning objectives: Provide students with a
knowledge of
– How to estimate the value of synergy;
– Commonly used relationships in building M&A valuation
models; and
– How to use models to estimate the purchase price
range, initial offer price for a target firm, and to evaluate
the feasibility of financing the proposed offer price.
M&A Model Building Process
Assumptions Section