Слияния, поглощения и реструктуризация фирмы
Статус: Курс по выбору (Стратегическое управление финансами фирмы)
Направление: 38.04.08. Финансы и кредит
Кто читает: Школа финансов
Где читается: Факультет экономических наук
Когда читается: 2-й курс, 1, 2 модуль
Формат изучения: Full time
Преподаватели: Григорьева Светлана Александровна, Партин Илья Маркович, Тихомиров Дмитрий Викторович
Прогр. обучения: Стратегическое управление финансами фирмы
The course examines main motives for M&amp;As, performance of mergers and acquisitions, M&amp;A transactions realization mechanisms, strategic growth and development of the company in the context of M&amp;As, methods of M&amp;A deals structuring, legal, tax and accounting aspects of M&amp;A transactions, and financing transactions (private equity, hedge funds, and LBO structures and valuation). A special attention is paid to particularities of cross-border mergers and acquisitions, alternatives to M&amp;As, restructuring decisions and mechanisms. The course is based on the standard international textbooks on M&amp;A deals, research papers and business cases. Applied aspects of the course are based on recent actual M&amp;A transactions on international and Russian markets. The course consists of lectures along with seminars with lecturers from School of Finance and Lincoln International CIS Holding B.V.
- To study the basic theoretical and applied aspects of mergers and acquisitions (M&As) and corporate restructuring
- Be able to define the motives and mechanisms for the implementation of mergers and acquisitions
- Be able to analyze various operating and financial factors and indicators affecting M&A strategy of a company
- Be able to determine the feasibility of specific M&A transaction based on the results of the company valuation
- Be able to understand the fundamentals of legal, tax and accounting aspects of M&A transactions
- Be able to understand financing transactions (private equity, hedge funds, and LBO structures and valuation)
- Be able to analyze various ways of restructuring of a company to assess their applicability in a specific situation
- Growth through strategic dealstheoretical aspects: - Tendencies - Motives - Forms of financing Performance of M&As for targets and acquirers.
- Deal structure- Transaction structure - Transaction materials - Due diligence - Negotiation process - Financing mechanisms - Deal structuring
- Deal valuation- DCF method - Cost of capital - Comparable multiples - Accounting aspects - Value drivers - Information sources
- Financing Transactions- How to choose LBO candidate? - The efficiency of LBOs - Common forms of LBO deal structures - LBO Valuation and Structuring Model
- Cross-Border M&As- Motives in developed and emerging markets, - Structuring and Financing C-B M&As, - Performance, - Valuation Challenges of M&A deals in Russia
- Valuation of business and assets after M&A deal. Purchase price allocation.
- Financial restructuring- Macro overview and corporate-level restructuring - Debt and equity restructuring. Triggers for restructuring - Liquidity planning - Financial covenants - Decision on restructuring scenarios. Modelling and financial / accounting aspects - Structuring of mortgages and legal issues in restructuring
- One-two home assignments in teams (неблокирующий)One-two HA will be within the part “Theoretical and practical aspects of M&A and LBO deals”,
- Third HA (неблокирующий)“Challenges of crossborder M&As and M&As in Russia”
- 4th HA (неблокирующий)“Reorganization and restructuring of companies”.
- Промежуточная аттестация (2 модуль)0.25 * 4th HA + 0.5 * One-two home assignments in teams + 0.25 * Third HA
- Mergers, acquisitions, and other restructuring activities : an integrated approach to process, tools, cases, and solutions, DePamphilis D. M., 2010
- Mergers, acquisitions, and other restructuring activities : an integrated approach to process,tools, cases, and solutions, DePamphilis D. M., 2005
- Corporate financial distress and bankruptcy : predict and avoid bankruptcy, analyze and invest in distressed debt, Altman E. I., Hotchkiss E., 2006
- Creating value through corporate restructuring : case studies in bankruptcies, buyouts, and breakups, Gilson S. C., 2001