Mergers, Acquisitions and Restructuring of a Firm

The purpose of the course "Mergers, Acquisitions, and Restructuring" is to study the applied aspects of mergers and acquisitions (M&A) and corporate restructuring, with an emphasis on financial restructuring. The course examines the role of M&A in corporate growth, key motives and drivers of M&A, M&A performance, transaction implementation mechanisms, firm strategic development in the context of M&A, methods of deal structuring, and legal, tax, and accounting aspects of M&A transactions. Special attention is paid to the specifics of corporate valuation for M&A purposes, cross-border mergers and acquisitions, alternatives to M&A, and restructuring decisions and mechanisms. The latter part of the course focuses on direct finance and financial restructuring. The curriculum is based on standard international textbooks on M&A and financial restructuring, research papers, and business cases. Applied aspects are illustrated through recent actual M&A transactions in global and Russian markets. The course consists of lectures and seminars with lecturers from the School of Finance and FBK. It is divided into three logical parts: 1) "Theoretical and Practical Aspects of M&A Deals and Performance" (Topics 1-2), 2) "M&A Deal Structuring and Corporate Valuation for M&A" (Topics 3-4), and 3) "Valuation of Business and Assets Post-M&A, and Corporate Reorganization and Restructuring" (Topics 5-7).