Магистратура
2025/2026
Слияния, поглощения и реструктуризация корпораций
ID 965381
Лучший по критерию «Полезность курса для Вашей будущей карьеры»
Лучший по критерию «Полезность курса для расширения кругозора и разностороннего развития»
Лучший по критерию «Новизна полученных знаний»
Статус:
Курс по выбору (Финансы)
Кто читает:
Департамент финансов
Где читается:
Санкт-Петербургская школа экономики и менеджмента
Когда читается:
2-й курс, 2 модуль
Охват аудитории:
для всех кампусов НИУ ВШЭ
Преподаватели:
Афанасьев Владислав Викторович
Язык:
английский
Кредиты:
3
Контактные часы:
28
Course Syllabus
Abstract
The course examines the main motives of M&A, the effectiveness of transactions for the transfer of corporate control, mechanisms for implementing M&A transactions, issues of company growth and development strategy in the context of M&A, methods of structuring M&A transactions, legal, tax and accounting aspects of M&A transactions, features of international mergers and acquisitions, alternatives to M&A transactions.
Learning Objectives
- The aim of this course is to equip students with the knowledge and skills necessary to understand, evaluate, and execute M&A deals, with a focus on financial domain of M&A
Expected Learning Outcomes
- Knows basic terms and classification
- Knows current trends
- Able to analyze transaction information at a basic level
- Able to calculate key financial indicators and analyze them
- Can apply the main approaches to business valuation, understands their strengths and weaknesses
- Can justify the application of this or that approach to business valuation
- Able to model various forms of financing transactions
- Able to present a potential target to decision-makers on buy-side
- Able to value business and estimate the synergy effect
- Able to analyse firms' activity and find potential synergies
Course Contents
- General characteristics of M&A
- Preparing for the deal and the art of due-dilligence
- Valuation in M&A deals. Valuing a merger
- Financing the deal
- Structuring the deal
- Hostile takovers and how to defend the business
- Pitching a deal
Assessment Elements
- Test5 problems to solve
- HomeworkStudents prepare presentation of a hostile takeover deal in groups of 2 people
- ProjectThe students take a company from the Russian market and do an analysis of a potential target for it (a smaller company from the Russian market) Calculate the potential synergy effect Make a short financial summary (simplified due-diligence) Make the valuation of the target using different methods for different scenarios (equity, LBO). Make a judgement whether it is a good target or not. Format: excel + presentation
Bibliography
Recommended Core Bibliography
- Advances in Mergers and Acquisitions Cooper, Cary L.; Finkelstein, Sydney Emerald Publishing Limited 2015 ISBN: ISBN number:9781785600913, ISBN number:9781785600906 SERIES: Advances in Mergers and Acquisitions Ser.
- The art of M&A structuring : techniques for mitigating financial, tax, and legal risk, Lajoux, A. R., 2004
Recommended Additional Bibliography
- Gaughan P., Mergers, Acquisitions and Corporate Restructuring, 6th edition, John Wiley&Sons, 2015
- Sherman, A. J. Mergers and Acquisitions from A to Z, Fourth Edition. AMACOM, 2018, 372 p. ISBN:9780814439029 Режим доступа: https://library.books24x7.com/toc.aspx?bookid=137970