Content, progress and pedagogy of the module

The module aims at providing theoretical and applied insights into the field of corporate mergers, acquisitions and restructuring from an international perspective. Across the globe, mergers and acquisitions are reshaping the corporate and competitive landscape. Despite decades of practice and research, many mergers and acquisitions (M&A) findings remain questioned and inconclusive.

During the module the student will explore the strategic and financial logic of these transactions as well as the main financial engineering techniques employed especially for firm valuation using comparables/valuation multiples, business plan and financial model, estimating free cash-flow, adjusting the WACC for leverage change, among others.

Learning objectives

Knowledge

The objective is that the student after the module possesses the necessary knowledge on:

• the economic importance of the process of mergers and acquisitions.
• integrating synergies in the evaluation process.
• the importance of synergies and of post-merger integration.

Skills

The objective is that the student after the module possesses the necessary skills in:

• evaluating a company (target) using different techniques.
• calculating exchange ratios in case of mergers.
• testing valuation assumptions.

Competences

The objective is that the student after the module possesses the necessary competences in:

• tactics and defence techniques in case of hostile takeovers.
• corporate restructuring strategy based on building competitive advantage and shareholder value.
• developing an analytical framework for integrating the various stages of an acquisition.

Type of instruction

For information see §17.

Exam

Exams