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248.7 sec. 1 - Fundamentals of Leveraged Buyouts (Fall 2011)
Instructor: Stephen Oetgen (view instructor's profile)
Instructor: David Patrick Eich (view instructor's profile)
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Meeting Time: M 6:25-8:15
Meeting Location: 132
Course Start: August 29, 2011
Course Control Number (Non-1Ls): 49697
The purpose of this two-unit course is to survey and explore the fundamental legal issues involved in leveraged buyouts -- the predominant and most complicated form of private equity investment and often among the most transformational of corporate events. Since the beginning of modern private equity in the United States in the late 1970s, the industry has grown exponentially in scale and scope. The largest private equity firms each now manage more than $50 billion in assets and invest funds around the globe in multiple alternative asset classes. LBOs, the principal transactional medium of large private equity firms, constitute a substantial portion of all mergers and acquisitions in developed economies and a rapidly growing portion in emerging markets.
This course will examine in detail, from both commercial and legal perspectives, each of the three primary components of an LBO: equity financing, types of debt financing, and the actual acquisition transaction (together with a review of the material terms of typical documentation associated with each).
Past or concurrent enrollment in both the Business Associations class and an Income Tax class is highly recommended.
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