21
May
Panel: How should private equity engage in acquisitions of listed assets?
This session will examine how should an acquirer engage with a target board. Speakers will also discuss what deals should boards get involved in and at what stage?
- What are the key execution risks right now for PE bidders pursuing listed assets? In terms of financing and valuations and otherwise?
- How does the takeover process, rationale and dynamic shift between full take-privates and acquisitions of carved-out business units? And what about integrating a target into an existing portfolio company vs buying an asset on a standalone basis?
- What are some key dynamics to consider in the negotiations between a PE bidder and its stakeholders such as consortium partners, financiers, LPs, risk committee, board/management at a portfolio company running the acquisition etc? How may this affect the takeover and what are some pitfalls?
- On the target side, what are some dynamics at play between the board and its management team plus its shareholders including potential activists? How may this affect the takeover and what are some pitfalls?
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SpeakersStuart Ord Co-Head of M&A Deutsche Numis
Tim Medak Co-Head, M&A, Investment Banking Liberum
Alasdair Steele Partner Head of Equity Capital Markets CMS
Liana Logiurato Non-Executive Director Intesa Sanpaolo Bank.
Bettina Kramer-Braun General Counsel Deutsche Börse Group
Lucinda Guthrie Executive Editor MERGERMARKET
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Stuart Ord is Co-Head of M&A at Deutsche Numis. His 25-year investment banking career has specialised in UK public and private M&A acting for corporates and private equity. He previously worked at Barclays and ABN Amro and represents UK Finance as a Member of the Takeover Panel.
Tim joined Liberum in July 2021 as Co-Head of M&A from his own boutique corporate finance firm.
Prior to joining Liberum, Tim had spent more than 30 years in a variety of roles as a Managing Director/Partner at Stifel, EY, Houlihan Lokey and HSBC and at Barings, Lazards and PWC. He is a qualified chartered accountant, and graduated from Birmingham University with a BSc in Chemical Engineering.
Tim has had extensive experience of leading significant projects with median deal values of c£200m and in a range of £30m to £5bn involving public and private M&A, equity and debt capital markets, restructuring and distressed M&A. Alongside a core UK focus he has worked internationally on projects across Europe, North and South America, Asia and the Middle East. Transactions encompass a variety of sectors: consumer and retail, financial services, telecoms, media and technology, industrials, support services, energy, utilities, pharma, healthcare and real estate. Clients include corporates, entrepreneurs and private equity.
Alasdair is a Partner in our Corporate Team at CMS London and Head of Equity Capital Markets. He specialises in UK and cross-border corporate finance, including public and private M&A, strategic investments and primary and secondary equity issues, as well as regularly advising on infrastructure consortia and corporate joint venture arrangements. He regularly advises quoted companies and financial intermediaries on the UK Listing Rules, Prospectus Regulation Rules, Disclosure and Transparency Rules, AIM Rulesthe Takeover Code and general company law. Alasdair has a particular focus on the Infrastructure and Technology sectors and regularly visits clients, investors and advisers in China and India.
Liana Logiurato is a Non-Executive Director on the Board of Intesa Sanpaolo Bank, as well as a member of the Board’s Remuneration Committee and the Board’s Committee for Transactions with Related Parties.
As a leading board adviser she worked on over $100bn of M&A, JV and licensing transactions as well as raised capital for over $20bn through IPO. She worked as a strategic consultant at Ernst & Young Ltd (Zürich), where she was Equity Partner and Head of Chemicals EMEIA, Strategy e Transactions (2018-2021); she was Global Head of M&A (2010-2017) at Syngenta AG (Basel); she was Executive Director (1999-2009) at Nomura International plc (London); she was Associate Director (1998-1999) at UBS AG (London & Zürich).
In her professional career, she developed a strong track record in Corporate Defence, ESG and sustainability driven finance and in creating Long Term Stakeholder Value by identifying and originating strategic opportunities for industry transformation and growth in Asian, European and North/South American markets and in several sectors.
A graduate in Business Administration from Bocconi University in Milan, she earned an MBA and pursued further post-graduate studies at IMD (International Institute for Management Development) in Lausanne.
Resident in Switzerland, she lectures on M&A, governance and climate finance at IMD in Lausanne, IESE in Madrid and the University of Zürich.