Mergers & Acquisitions

This course focuses on the theory and practice of mergers and acquisitions (M&A). It seeks to equip managers or future managers with what they need to know and the skills they need to have to be effective and successful in the M&A or investment banking world.

The objective of the course is to help potential M&A professionals and managers identify the best ways to analyze, design and implement mergers and acquisitions. The course is divided into three discrete aspects.

The first involves developing an in-depth understanding of how and when to apply the appropriate tools and skills to successfully complete mergers and acquisitions transactions. In this regard, we will discuss, among others, the M&A process, deal structuring and financing and M&A strategies.

Your individual knowledge about the material learned in the course will also be tested in the final exam. To stimulate critical thinking and to test your understanding of the material covered in the course, the second part will involve analysis of cases that integrate the concepts discussed in the course. Lastly, you will apply the knowledge learned in this course to an actual merger and provide a written analysis that can show that you have understood and applied the learning from this course.

Course Objectives:
To provide students with knowledge of

• The takeover/mergers environment
• How value is created (or destroyed) through corporate mergers and acquisitions
• Including from the “financing” component;
•  How various components of the deal structuring process interact to determine the
• Acquisition success;
• Commonly used takeover tactics and defenses
•  How the concepts learned in this and other courses (FINA 5512) can be applied in an
• Integrated manner in understanding a merger/acquisition

Learning Outcomes
On successful completion of this course you would be able to:

• Discuss the motives for mergers and acquisitions;
• Conduct due diligence review of potential acquisition targets;
• Analyse the strategic issues involved in mergers and acquisitions;
• Describe takeover strategies that are employed by bidders and targets;
• Analyze the implications of board of directors recommendation in takeover;
• Evaluate the merits of hostile takeovers and the role of M&A arbitrageurs;
• Identify M&A best practices used by practitioners.