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Mergers, Acquisitions, and Corporate Restructurings

  • Teacher(s):
  • Course given in: English
  • ECTS Credits:
  • Schedule: Autumn Semester 2018-2019, 4.0h. course (weekly average)
  •  séances
  • Related programmes:
    Master of Science (MSc) in Finance, Orientation Asset and Risk Management

    Master of Science (MSc) in Finance : Financial Entrepreneurship and Data Science

    Master of Science (MSc) in Finance, Orientation Corporate Finance

 

Objectives

The aim of the course is to provide an understanding of the drivers of value creation and destruction in mergers, acquisitions, and corporate restructurings and to develop skills in the design and evaluation of these transactions. The course covers a broad range of topics including mergers, acquisitions, tender offers, bankruptcy, levered buyouts, spin-offs, equity carve-outs, and share repurchases. This course is relevant for any student interested in a career in investment banking, consulting, private equity, or the corporate sector. This is an applied course that will heavily rely on analysis of case studies.

Contents

[1] Introduction

[2] Agency Conflicts

[3] Corporate Governance

[4] Mergers and Acquisitions

Introduction to M&A

Synergies and Valuation

Deal Financing and Payment Methods

Financial vs. Strategic Buyers

Dear Structuring and Contractual Features

Regulation and Merger-Arbitrage

Post-Merger Integration

[5] Corporate Restructuring

Bankruptcy

Junk Bonds and LBOs

Divestitures, Spinoffs and Equity Carve-Outs

[6] Insider Trading

[7] Project Finance

References

[1] The reference textbook is Takeovers, Restructuring, and Corporate Governance by Weston, Mitchell, and Mulherin, 4th edition, Prentice-Hall, 2004.

[2] A packet of case studies. The packet of cases can be found on the HBS website.

[3] Published articles on electronic reserve.

Pre-requisites

Course Valuation (semester 4.2).

Evaluation

First attempt

Exam:
Without exam (cf. terms)  
Evaluation:

The final grade for the course is defined as follows: g = 0.25N1 + 0.25N2 + 0.25N3 + 0.25N4, where N1 is the grade for class participation, N2 is the average grade of case study reports, N3 is the grade for the case presentation, and N4 is the grade for the deal project.

Class attendance is mandatory.

Retake

Exam:
Written 2h00 hours
Documentation:
Not allowed
Calculator:
Allowed with restrictions
Evaluation:

The final grade for the course is defined as follows: g = 0.50N1 + 0.25N2 + 0.25N3, where N1 is the grade of the retake exam, N2 is the average grade of case study reports, and N3 is the grade for the deal project.

Class attendance is mandatory. Students that take the retake exam must have obtained case reports, case presentation, and deal project grades.



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