Evaluation, Acquisition and Corporate Control

Code:

2FI06

Acronym:

EACC

Keywords
Classification	Keyword
OFICIAL	Management Studies

Instance: 2016/2017 - 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	58	Bologna Official Syllabus	1	-	7,5	56	202,5

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 - Main topics on M&A

1. Introduction to M&A
2. Corporate strategies and M&A
3. M&A Deal organization
4. M&A Deal structuring and post-deal integration
5. M&A Theories
6. Empirical evidence on M&A
7. Valuation issues in a M&A context
8. M&A Case studies


Part II - LBOs and Private Equity

1. Introduction to PE/LBO activity
2. Major characteristics and impact of LBOs
3. Financial structure of LBOs
4. LBO case studies


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 
7. Stock repurchases
8. Case studies

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	65,00
Trabalho escrito	35,00
Total:	100,00

Eligibility for exams

Group assignments, and a final test

Goup assignment is compulsory for all students, regardless of whether they undertake the normal or recourse final exam

Calculation formula of final grade

Group assignments (35%) and a final test (65%)
Class participation: a bonus of up to 1 mark will be added to the final grade for students with an outstanding class participation

A minimum grade in the final exam of 8 marks out of 20 will be required for a passing grade in this course, regardless of the grade obtained in the group assignment and even if the weighted average grade computed as above equals or exceeds 9.5 marks(in a  scale of 0 to 20 marks).