Merger and Acquisition


Objectif

Course Objectives

  • To give the capacity to apply, in real world situations, the techniques (tools and models) that have been developed in corporate finance, with a specific focus to new markets, i.e. disruptive companies (start-ups, platforms etc.);
  • To work on a wide range of cases. Case topics will include mergers and acquisitions and capital structure issues. This course will emphasize the central importance of financial analysis, valuation and modelling to guiding optimal decision making;
  • To meet professionals active in new markets (CEOs, bankers, practioners).

The final grade will be composed of :

  • Class participation : 10%
  • Case study : 25%
  • Presentation : 25%
  • Final Exam : 30%

Plan

Lecture 1 : A brief introduction
Lecture 2 : Valuation
Lecture 3 : Financing : focus on debt and capital markets
Lecture 4 : Synergies – value creation
Lecture 5 : M&A process, price maximization and legal issues
Lecture 6 : Major decisions big firms face today and conclusion
Conclusion  : What Next ? Stairway to the future

 

 

Références

Bruner, Robert F., Applied Mergers and Acquisitions. Robert F. Bruner, APPLIED MERGERS AND ACQUISITIONS, New York: John Wiley & Sons, 2004
Chingono, Brian and Rasmussen, Daniel, Leveraged Small Value Equities (August 1, 2015).
Damodaran, Aswath, “Applied Corporate Finance, 4th edition”, John Wiley & Sons
Damodaran, Aswath, “Damodaran on Valuation : Security Analysis for Investment and Corporate Finance”, Wiley
Jerayr Haleblian, Cynthia E. Devers, Gerry McNamara, Mason A. Carpenter, Robert B. Davison, Jerayr Haleblian, Cynthia E. Devers, Gerry
McNamara, Mason A. Carpenter,Robert B. Davison, “Taking Stock of What We Know About Mergers and Acquisitions: A Review and Research Agenda”, Journal of Management, Vol. 35 No. 3, June 2009 469-502
Sherman, Andrew J., « Mergers and Acquisitions from A to Z », American Management Association
Vernimmen, Pierre Quiry Pascal & 3 more “Corporate Finance : Theory and Practice” (3 nov 2017), Wiley