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Магистратура 2019/2020

Слияния, поглощения и реструктуризация фирмы

Направление: 38.04.08. Финансы и кредит
Кто читает: Школа финансов
Когда читается: 2-й курс, 1, 2 модуль
Формат изучения: Full time
Прогр. обучения: Стратегическое управление финансами фирмы
Язык: английский
Кредиты: 5

Программа дисциплины

Аннотация

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.
Цель освоения дисциплины

Цель освоения дисциплины

  • To study the basic theoretical and applied aspects of mergers and acquisitions (M&As) and corporate restructuring
Результаты освоения дисциплины

Результаты освоения дисциплины

  • 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
Содержание учебной дисциплины

Содержание учебной дисциплины

  • Growth through strategic deals
    theoretical 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
Элементы контроля

Элементы контроля

  • 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

Промежуточная аттестация

  • Промежуточная аттестация (2 модуль)
    0.25 * 4th HA + 0.5 * One-two home assignments in teams + 0.25 * Third HA
Список литературы

Список литературы

Рекомендуемая основная литература

  • 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

Рекомендуемая дополнительная литература

  • 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