FIN41480 Mergers & Acquisitions

Academic Year 2020/2021

Mergers and Acquisition is the seen as the sexy side of corporate finance. One of the best business narratives ever written is Barbarians at the Gate the story of how KKR took over RJRNabisco. As a topic, Mergers & Acquisitions integrates all of the business disciplines. Often thought of solely as a finance topic (witness the module code) this is the ultimate integrative topic. To successfully execute an M&A transaction requires an understanding of Finance (valuation & financing), Strategy (rationale), Project Management (execution), Leadership & Change Management (People) and Legal (Regulatory). You also have to be able to chunk information form the lowest level of detail to a C-suite presentation.

In our time together we can only scratch the surface of many of these topics. As you all have strong finance backgrounds we will cover the financial aspects of M&A and “hang” the other material on the financial hooks. As a finance expert you will be expected to value the target and the synergies that will be realised in the transaction. To do this effectively – you need to understand the rationale (strategy) for the transaction.

In addition to learning about M&A, you will be reacquainted with business strategy (which you probably did in your undergraduate days) and a little bit of project management.

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Curricular information is subject to change

Learning Outcomes:

Understand the key principles driving corporations, of all sizes, seeking growth though mergers & acquisitions.
Understand, the strategic imperatives behind M&A activity.
Compare the differences between a "trade buyer" and a PE buyer.
Identify the unique financial dynamics of early stage ventures compared with established companies.
Articulate the rationale of mergers and acquisitions, and explore the specific valuation and strategic fit challenges by which an early-stage venture will be acquired by a larger corporation.

Indicative Module Content:

The topics we will cover:
• Finding Candidates
• Preliminary Negotiations
• Advisors
• Integration Planning
• The Target
• Valuation (we will expand on the book material)
• Negotiation
• Sale & Purchase Agreements
• Strategy

Student Effort Type Hours
Lectures

20

Specified Learning Activities

50

Autonomous Student Learning

65

Online Learning

10

Total

145

Requirements, Exclusions and Recommendations

Not applicable to this module.


Module Requisites and Incompatibles
Not applicable to this module.
 
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade

Not yet recorded.


Carry forward of passed components
Yes
 
Remediation Type Remediation Timing
In-Module Resit Prior to relevant Programme Exam Board
Feedback Strategy/Strategies

• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment

How will my Feedback be Delivered?

Feedback will be given on a group basis for group assignments. For individual assignments, individual feedback will be given. In line with academic regulations, no feedback will be given for the final assignment of the module. Grade feedback will not be given.

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