Mergers and Acquisitions

 

Teaching Hours and Credit Allocation: 18 hours, 4 credits
Course Assessment: Coursework

 

Aims

The principal aim is to become comfortable, if not fluent, in the topic of Mergers & Acquisitions. Students should complete the course with not only an understanding of the financial concepts applied to M&A, but more importantly a full recognition of the impact of corporate restructurings on organisations and people.

 

Learning Outcomes

On completing the course the participants will have a systematic understanding of the merger and acquisition process and have the ability to evaluate issues related to:

  • Corporate motives for M&A; strategic rationales behind a merger or acquisition
  • Strategic alternatives to a merger or acquisition
  • Acquisitions value creation and value destruction
  • Different negotiating techniques and bidding strategies
  • Commonly used takeover defences and tactics
  • Deal valuation and financing
  • Challenges created by lack of information, contradictory or suspect information, time constraints and cross-border deals
  • Role of outside advisors and company management
  • Regulators and regulatory and tax environment
  • Post-merger integration and other impacts of the M&A process

Content

  • Introduction, including overview of the M&A process and the history of M&A
  • Structuring the deal
  • Strategic identification of acquisition candidates. Value creation and value destruction through M&A
  • Defensive strategies and the Role of Arbitrageurs
  • Valuation, pricing and financing
  • Negotiation and bidding / Post-Merger Issues