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Mergers, Acquisitions and Restructuring of a Firm

2019/2020
Учебный год
ENG
Обучение ведется на английском языке
5
Кредиты
Кто читает:
Школа финансов
Статус:
Курс по выбору
Когда читается:
2-й курс, 1, 2 модуль

Преподаватели

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

Learning Objectives

  • To study the basic theoretical and applied aspects of mergers and acquisitions (M&As) and corporate restructuring
Expected Learning Outcomes

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

Course Contents

  • 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
Assessment Elements

Assessment Elements

  • non-blocking One-two home assignments in teams
    One-two HA will be within the part “Theoretical and practical aspects of M&A and LBO deals”,
  • non-blocking Third HA
    “Challenges of crossborder M&As and M&As in Russia”
  • non-blocking 4th HA
    “Reorganization and restructuring of companies”.
Interim Assessment

Interim Assessment

  • Interim assessment (2 module)
    0.25 * 4th HA + 0.5 * One-two home assignments in teams + 0.25 * Third HA
Bibliography

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
  • 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.

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