MG 761 Mergers and Acquisitions
This course will analyze corporate mergers and acquisitions (M&A). Students will develop skills necessary to structure a deal or form an opinion about a proposed transaction. Topics include value creation in mergers; choice of payment method; valuation of contingent payments; deal protection; merger arbitrage; defensive tactics; and leveraged buyouts. Bidding strategies and takeover tactics will be addressed. Students get to practice merger negotiations in a team exercise. The course evaluates the legal and regulatory framework for takeovers, such as filing requirements, fiduciary duties of the target board of directors, and antitrust regulation. The course uses a mix of cases analysis, providing ample opportunity to practice the application of standard corporate valuation methods, lectures and assignments. The impact of Operational Excellence on M&A decisions is evaluated.