Dear Member and Friends,
Research on M&A operations suggests that more than 50% of M&A operations do not create value. Some failures are due to post-M&A problems but many do arise due to valuation issues: the price was “not right”. The aim of this presentation is to look at the practice of Private Equity funds and financial investors and the factors that influence valuations: how to make the price “right”.
Investors do look at more than just at projections (income approach). Other important aspects to bear in mind when doing a M&A operation include information from listed companies/similar deals do matter but other aspects can modify value greatly such as noncore assets, off-balance sheets items, contract terms in the Sales and Purchase Agreement.
We shall look at these issues from a practical point of view by analysing several cases of PE funds investments in target companies in China: what were the issues and analysis of the practical solutions to these.
Mr. Francois Magni, Associate Director with Deloitte Beijing will take us on a tour through some of the issues companies meet when doing an M&A operation and some r practical solutions to have the price “right”.
Hui Cao:
Hui (Hannah) Cao is a senior associate in the China corporate practice at Steptoe & Johnson LLP Beijing Office and advises clients on various strategies for China market entry, including mergers and acquisitions, foreign direct investment and greenfield investments. She works proactively with clients to develop investment structures and execution plans. She also assists clients with merger and acquisition and joint venture negotiations, and advises clients on PRC regulatory matters relating to merger reviews, foreign exchange controls, etc.
Ms. Cao has significant experience in the PE/VC sector. She advises clients on structuring and formation of private investment funds both in China and offshore. She has also represented a number of prominent venture capital and private equity firms on early stage and mid to late stage equity investments, exits and restructuring of portfolio companies.
Prior to her legal career, Ms. Cao worked for four years in the international department of the headquarters of the Industrial and Commercial Bank of China, where her responsibilities focused on expansion of the bank’s international network.
Ms. Cao received her BA in economics from Peking University, her MA in International Relations from Yale University and her JD magna cum laude from Brooklyn Law School.
Francois Magni：
Francois Magni is an Associate Director for Deloitte Beijing office and has been working for Deloitte China since 2004. Francois is primarily engaged in merger and acquisitions, corporate valuation and project finance. He works mainly on infrastructure, power, real estate, IT and environment sector.
Specialized in the corporate finance field with a focus on financial modeling and valuation, Francois did work as a Project Manager in Ondeo (water/sewage business, part of the GDF Suez Group) and in the a Project Division in Enel.
Francois obtained a bachelor degree in International Relations and a Master degree in Economics and Finance at Sciences Po Paris and a Master in Politics of the World Economy at London School of Economics. He speaks English, French, Italian and Chinese, and worked in France, UK, Italy, France and the Greater China Region.
Date 日期: Friday 15 April
Time 时间: 8:00 a.m - 10:00 a.m
Venue 地点: Renaissance Beijing Capital Hotel No. 61 Dongsanhuan Middle Road, Chaoyang District
北京富力万丽酒店 (朝阳区东三环中路61号） Tel: 010 5863 8888
Price 收费: Member 会员: 200 RMB | Non-members 非会员: 400 RMB (inclusive of breakfast 包含早餐)
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