Mergers, Acquisitions and Restructuring

Code:

2MiF10

Acronym:

MAR

Keywords
Classification	Keyword
OFICIAL	Management Studies

Instance: 2024/2025 - 2S

Active?	Yes
Responsible unit:	Management
Course/CS Responsible:	Master in Finance

Cycles of Study/Courses

Acronym	No. of Students	Study Plan	Curricular Years	Credits UCN	Credits ECTS	Contact hours	Total Time
MIF	44	Official Syllabus after 2020-2021	1	-	3	21	81

Teaching language

English

Objectives

The main objective of this curricular unit is to introduce the students to the analysis of mergers, acquisitions and corporate restructuring topics in oder to enable students both to analyses such operations in their professional practice as well as to identify possible academic research questions.

Learning outcomes and competences

Understanding of the main challenges on mergers, acquisitions and corporate restructuring (research) topics

Working method

Presencial

Program

Part I - Mergers and Acquisitions (M&A)

1. Introduction and M&A Mechanisms
2. Accounting Aspects of M&A
3. Financial and Deal Structuring Aspects of M&A
4. Sources of Value Creation and Theories of M&A
5. Empirical evidence on M&A


Part II - Other Corporate Restructuring operations

1. Corporate restructuring strategies overview
2. Divestitures
3. Spin-offs, split-ups and split-offs
4. Equity carve-outs
5. Voluntary liquidations
6. Tracking stocks

Mandatory literature

DePamphilis, Donald; Mergers, acquisitions, and other restructuring activities : an integrated approach to process, tools, cases, and solutions, 2012. ISBN: 978-0-12-385485-8

Complementary Bibliography

Gaughan, Patrick A.; Mergers, acquisitions and corporate restructurings. ISBN: 0-471-31670-9
Sudi Sudarsanam; Creating Value From Mergers and Acquisitions, Financial Times/ Prentice Hall, 2010

Teaching methods and learning activities

This curricular unit will use a theoretical and practical methodology. In the first part of the class, the theoretical exposition of the main concepts of diagnosis and valuation of M&A transactions will be followed by the practical application of these concepts in companies involved in real-life mergers, acquisitions or other corporate restructuring transactions.

Evaluation Type

Distributed evaluation with final exam

Assessment Components

Designation	Weight (%)
Teste	15,00
Trabalho escrito	25,00
Participação presencial	10,00
Exame	50,00
Total:	100,00

Amount of time allocated to each course unit

Designation	Time (hours)
Estudo autónomo	40,00
Frequência das aulas	21,00
Trabalho escrito	20,00
Total:	81,00

Eligibility for exams

Final grade of 10 or higher.

Four components of assessment:
- Attendance in class
- Quizzes held at the end of each class
- Group project
- Final exam.

Completion of the group project is mandatory for all students.

The quiz grade results from the weighted average of the best four scores obtained out of a total of six quizzes conducted.

Class attendance is assessed through participation in quizzes, determining the proportion of quizzes taken.

It is not possible to improve the final grade.

Calculation formula of final grade

FORMULA:
+ Attendance in class (10%)
+ Average quiz score* (15%)
+ Group project (25%)
+ Final exam (50%)

* Best 4 scores out of 6

CONDITIONS AND RESTRICTIONS:
Regardless of the grades obtained in the group project and quizzes, and even if the calculated weighted average results in a grade equal to or greater than 9.5 out of 20:
- a minimum score of 8 must be achieved in the final exam to pass the course,
- the final overall grade cannot exceed the final exam score plus 3 points."