Public to Private Deals Course

 Location: London (Central)

For a quoted company whose shares trade in an illiquid market at a price that consistently fails to recognise its prospects, the rationale for ‘going private’ is compelling.

Private equity houses have a strong appetite and ample funds to invest in established companies with sufficiently predictable cash flows to service the debt raised to finance a management buy-out.

This course will enable participants to gain a detailed understanding of the financial, legal and regulatory processes of taking a public company private.

Course categories:Private Equity / Venture Capital, Private Equity / Venture Capital Inhouse

COVERED TOPICS

Background

• Rationale for going private
• Availability of funds
• Negotiations with TarCo
• Irrevocable undertakings
• Overview of an offer

P2Ps and the Takeover Code

• General Principles and the Blue Book
• Particular rules for P2Ps
• Resolution of conflicts of interest
• Rule 3 advisers
• Role of independent directors
• Disclosure of information (rules 20.2 & 20.3)
• Incentivisation of P2P team (rule 16)
• Concert party problems

The P2P decision

• The P2P team’s perspective
• Estimating the offer price
• How much should the P2P team invest?
• What percentage equity should they get?
• Particular risks to be considered
• The business plan & financial model
• Appointment of advisers
• The private equity house
• Is the business suitable for an MBO?
• Solicitors for the P2P team & NewCo

Structuring the deal

• Pure equity, quasi equity & ratchets
• PIK, mezzanine & zeros
• Vendor loan notes & stub equity
• Bridging finance & securitisation
• Senior debt and alphabet notes
• Financial assistance
• The ‘Certain Funds’ rule
• The three debenture approach
• Conduct during the offer (Code timetable)
• When to declare the offer unconditional

Alternatives to a Takeover Code offer

• Schemes of arrangement
• P2P Lite

Clearing up

• Dealing with minorities
• Squeeze out provisions
• Share exchange agreements
• Retaining a minority
• Delisting

REGISTRATION & PRICING INFORMATION

Contact us if you are looking to book multiple participants as we offer discounts as follows:

• 1-2 participants - full price
• 3-4 participants - 15% discount
• 5-6 participants - 20% discount
• 7-8 participants - 25% discount
• Over 9 participants - 30% discount

For more information or to be contacted by the event provider please fill this form:

The registration is closed

Price: 675.00 GBP
Location: London (Central)
Event date: 17.04.2012 - 17.04.2012
Event duration: 7h30
Event time: 09.30 h - 17.00 h

ADDITIONAL DATES

CONTACT US

Email: info@financialveritas.com

Phone: +44 208 133 5917