At the end of this course you will be able to…
1. Explain what corporate restructuring is and why it occurs;
2. Explain and discuss different theories of why corporate restructuring occurs in waves.
3. Explain how value is created (or destroyed) as a result of corporate mergers and acquisitions, and through in-depth analysis of how to “do a deal”
4. Explain how risks associated with the various approaches to creating value can be identified and managed;
5. Explain when and why and how commonly used takeover tactics and defenses are used;
6. Explain and argue how and when to apply specific valuation techniques;
7. Explain and take into account the practical limitations of the various valuation techniques;
8. Argue the assumptions underlying business valuations;
9. Explain and plan for the challenges associated with each phase of the M&A process from developing acquisition plans through post-closing integration;
10. Apply financial modelling tools to evaluating mergers and acquisitions;
In addition after completing this course, you should be able to:
1. Come up with an well thought through acquisition strategy for a firm.
2. Perform a comprehensive target search and target selection.
3. Acquire all relevant data for merger analysis.
4. Value both target and acquirer using DCF analysis, comparable ratio’s or comparable transaction.
5. Argue valuation assumptions in detail.
6. Write a comprehensive merger strategy document.
7. Present your M&A plan in a clear and convincing way. |
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This course brings our knowledge of corporate finance from the theoretical to the applied. How are actual Mergers and Acquisitions planned and executed? We will cover the reasons (both good and bad) behind M&A transactions, the mechanics of the transactions, the valuation of the firms, various aspects of deal structure, and the roles of the parties involved. The focus is on applying this knowledge to real-world cases, for which students devise their own takeover proposals and valuation. A large part of the course will involve learning how to deal with the messiness of real-world data and the complexity of real-world situations. In addition, we will discuss the latest academic contributions to the field of M&A. |
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| A thorough understanding of Corporate Finance and related concepts such as annuities and perpetuities and the valuation of those. As well intermediate knowledge of accounting concepts in order to read and work with income statements, balance sheets and cash flow statements. |
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Written exam, assignments. Partial grades do NOT remain valid.
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