Mergers, Acquisitions and Restructuring of a Firm
- 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
- 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
- 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 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 (2 module)0.25 * 4th HA + 0.5 * One-two home assignments in teams + 0.25 * Third HA
- 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
- Паштова, Л.Г. Реорганизация бизнеса: слияние и поглощение. : монография / Паштова Л.Г. — Москва : КноРус, 2018. — 205 с. — ISBN 978-5-4365-2403-0. — URL: https://book.ru/book/930270 (дата обращения: 10.10.2019). — Текст : электронный.
- 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