Магистратура
2019/2020
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:
без онлайн-курса
Преподаватели:
Григорьева Светлана Александровна,
Партин Илья Маркович,
Тихомиров Дмитрий Викторович
Прогр. обучения:
Стратегическое управление финансами фирмы
Язык:
английский
Кредиты:
5
Контактные часы:
56
Course Syllabus
Abstract
The course examines main motives for M&As, performance of mergers and acquisitions, M&A transactions realization mechanisms, strategic growth and development of the company in the context of M&As, methods of M&A deals structuring, legal, tax and accounting aspects of M&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&As, restructuring decisions and mechanisms. The course is based on the standard international textbooks on M&A deals, research papers and business cases. Applied aspects of the course are based on recent actual M&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.
Learning Objectives
- To study the basic theoretical and applied aspects of mergers and acquisitions (M&As) and corporate restructuring
Expected Learning Outcomes
- 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
Course Contents
- Topic 1. Growth through strategic deals, theoretical aspectsMain trends and tendencies on the market for corporate control in developed and emerging capital markets. Motives for M&A deals in new economic conditions. Performance of M&As for targets and acquirers.
- Topic 2. M&A Deal structureTransaction structure. Transaction materials. Due diligence. Negotiation process. Financing mechanisms. Deal structuring.
- Topic 3. Deal valuationDCF method: specifics of FCFs and cost of capital estimation. Valuation of companies, using multiples. Accounting aspects. Value drivers. Information sources. Valuation of business and assets after M&A deal. Purchase price allocation.
- Topic 4. Financing TransactionsHow to choose LBO candidate? The performance of LBO deals. Common forms of LBO deal structures. LBO Valuation and Structuring Model.
- Topic 5. Cross-Border M&AsThe recent statistics and trends of the deals with international investors in Russia and current trends. Specifics of deals with international investors: what to pay attention at, while preparing and executing. What makes companies attractive for global players.
- Topic 6. Peculiarities of deals with private equity fundsThe recent statistics of the deals with PE funds in the Russian mid-market. Most active sectors. The deal process: sell-side and buy-side.
- Topic 7. Financial restructuringMacro 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.
Assessment Elements
- One-two home assignments in teamsOne-two HA will be within the part “Theoretical and practical aspects of M&A and LBO deals”,
- Third HA“Challenges of crossborder M&As and M&As in Russia”
- 4th HA“Reorganization and restructuring of companies”.
Interim Assessment
- Interim assessment (2 module)0.25 * 4th HA + 0.5 * One-two home assignments in teams + 0.25 * Third HA
Bibliography
Recommended Core Bibliography
- DePamphilis, D. (2015). Mergers, Acquisitions, and Other Restructuring Activities. Elsevier. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.eee.monogr.9780128013908
Recommended Additional Bibliography
- H. Kent Baker. (2011). The Art of Capital Restructuring : Creating Shareholder Value Through Mergers and Acquisitions. [N.p.]: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=391383