In the real world, Mergers and Acquisitions (M&A) and restructurings are the most challenging applications for financial managers and investment bankers. This course provides a comprehensive examination of selected corporate finance issues and aims at bringing together financial theory and practice in order to develop the analytical skills needed in the field.
The course first provides the background necessary for the valuation of companies and their business units. The methods are then applied to the valuation of mergers, acquisitions and leveraged buyouts. The main issues arising in the takeover process, the analysis of the theoretical foundation as well as of the empirical evidence about the performance of M&A deals will also be discussed. The course will then focus on how deals are made and how contract design can allow parties to find an agreement.
J.F. Weston, M.L. Mitchell, J.H. Mulherin, Takeovers, Restructuring and Corporate Governance, Pearson-Prentice Hall, International edition, 2004. 4th edition
E.R. Arzac, Valuation for mergers, buyouts and restructuring, John Wiley & Sons, 2008. 2nd edition