Master
2021/2022
Mergers and Acquisitions
Category 'Best Course for Career Development'
Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Type:
Elective course (Finance)
Area of studies:
Finance and Credit
Delivered by:
Department of Finance
When:
2 year, 1, 2 module
Mode of studies:
offline
Open to:
students of all HSE University campuses
Instructors:
Elena Rogova
Master’s programme:
Finance
Language:
English
ECTS credits:
4
Contact hours:
40
Course Syllabus
Abstract
The course is aimed at the better understanding of companies’ motives to merge and acquire the other businesses; it also provides the students with the methodology of deals analysus and valuation, the principles of companies’ integration at the post-merger stage, and the preparation of recommendations for business leaders in mergers and acquisitions decisions
Learning Objectives
- To clarify the importance of mergers and acquisitions in the terms of the company’s strategy;
- To show the ways of capturing the value drivers through mergers and acquisitions;
- To achieve skills in analysis of target companies and the deals’ valuation
- To gain knowledge and understanding of principles of deals structuring
- To demonstrate innovative financial decisions in mergers and acquisition and to motivate students to find and implement such decisions
- To demonstrate how ethical principles are implemented in corporate acquisition programmes
- To find the ways of value growth through integration of merging companies
- To give some ideas about the defense strategies in the cases of the hostile takeovers attempts
Expected Learning Outcomes
- To show the ways of capturing the value drivers through mergers and acquisitions
- To achieve skills in evaluation of target companies and the deals’ value
- To analyze mergers and acquisitions of various types,
- To assess the effect of hostile takeovers and defense precautions on companies' value and shareholders' wealth
- To be acquainted with managers, investors and owners' motivation for performing mergers and acquisitions
- To be prepared for taking ethical and reasonable, data-driven decisions on mergers and acquisitions, timely and in a persuasive manner
- To be prepared to take ethical decisions in strategic investments
- To compose consolidated balance of the merged company
- To demonstrate innovative financial decisions in mergers and acquisition; To structure the deal
- To find the ways of value growth through integration of merging companies
- To give some ideas about the defense strategies in the cases of the hostile takeovers attempts;
- To make decisions on taking strategic investments
- To structure the deals; to know the main sources for LBO deals funding
- To understand sources of funding for mergers and acquisitions
Course Contents
- Valuation of M&A deals
- Mergers and acquisitions as a part of strategic development of a company: motives, benefits, risks
- Organisation of mergers and acquisitions. Post-merger integration
- Hostile takeovers and defense strategies
- Structuring the deal
- Leveraged buyouts
Assessment Elements
- Individual assignment. Real life deal analysis with in-class presentation and discussion
- Group home assignment - case analysis
- Classwork. Individual and group assignments, problem solving, discussions and case studies (weekly)
- Case solution
- Group home assignment - comparing successful and unsuccessful deals
- Individual assignment - the case on hostile takeovers and defense strategy
Interim Assessment
- 2021/2022 2nd module0.15 * Classwork. Individual and group assignments, problem solving, discussions and case studies (weekly) + 0.15 * Group home assignment - case analysis + 0.1 * Group home assignment - comparing successful and unsuccessful deals + 0.15 * Individual assignment. Real life deal analysis with in-class presentation and discussion + 0.3 * Case solution + 0.15 * Individual assignment - the case on hostile takeovers and defense strategy
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.
Recommended Additional Bibliography
- Alam, M. D., & Gühl, U. F. Project-Management in Practice: A Guideline and Toolbox for Successful Projects.: Springer, 2016 - 170 - 978-3-662-52944-7: Текст электронный // https://link.springer.com/book/10.1007/978-3-662-52944-7