Type of Credit: Elective
Credit(s)
Number of Students
Business combinations are a critical part of the fabric of doing business in a free market economy both within a country and across political boundaries. Because business combinations often entail a common set of activities, the manager or analyst is able to view mergers, acquisitions, or business alliances in the context of a process or logical sequence of activities. This course is intended to help the students think of all the activities that contribute to the success or failure of mergers, acquisitions, and business alliances in an integrated way. The process outlined in this course consists of 10 interrelated phases and is sufficiently flexible to be applicable to business of various sizes and in different industries. Another part of the course presents a comprehensive approach to corporate valuation. It treats in detail the valuation of mergers, acquisitions, and leveraged buyouts, and the assessment of asset restructuring options and recapitalization plans. It contains valuation procedures and examples for the different types of transactions and contractual arrangement commonly encountered in practice. This course is designed for the graduate students with an interest in M&As, business alliances, and other forms of corporate restructuring.
能力項目說明
From this course the students will be able to
(1) keep up-to-date with the latest thinking on the strategic consideration and development of mergers and acquisitions,
(2) apply practical valuation procedures to a variety of situations,
(3) learn how to use expert analysis tools,
(4) prepare a profound mergers and acquisitions report containing ten phases.
| 教學週次Course Week | 彈性補充教學週次Flexible Supplemental Instruction Week | 彈性補充教學類別Flexible Supplemental Instruction Type |
|---|---|---|
1st week: Introduction to Mergers and Acquisitions
2nd week: Regulatory Consideration
3rd to 4th week: The Corporate Takeover Market: Takeover Tactics, Antitakeover Defense, and Corporate Governance
5th week: Planning: Developing Business and Acquisition Plans—Phases 1 and 2
6th week: Implementation: Search through Closing—Phases 3-10
7th week a case study with the consideration of 10 phases
8th week mid-term presentation
9th week: Integration: Mergers, Acquisitions, and Business Alliances
10th week: A Primer on Mergers and Acquisition Valuation
11th to 12th week: Applying Financial Modeling Techniques to Value and Structure Mergers and Acquisitions
13th week: Structuring the Deal: Payment, Legal, Tax and Accounting Consideration
14th week: Leveraged Buyouts and Recapitalization of the Troubled Companies
15th week: Alternative Exit and Restructuring Strategies: Divestitures, Spin-Offs, Carve-Outs, Split-Ups, Split-Offs, Bankruptcy, and Liquidation
16th to 17th week: Cases Presentation of team project
Class Participation: 15%
Weekly Report: 15%
Homework (chapter business case studies): 30%%
A Comprehensive Case Study and Presentation: 40%
DePamphilis, Donald M. (2019), “Mergers, Acquisitions, and Other Restructuring Activities.” Elsevier Academic Press. (DD)
Arzac, Enrique R. (2005), “Valuation for Mergers, Buyouts, and Restructuring.” John Wiley & Sons, Inc. (AE)
2. Recommended Books:
Baker, George P. and George D. Smith (1998), “The New Financial Capitalists: Kohlberg Kravis Roberts and the Creation of Corporate Value.” Cambridge University Press.
Bruner, Robert F. (2005), “Deal from Hell: M&A Lessons that Rise Above the Ashes.” John Wiley & Sons, Inc.
Gaughan, Patrick A. (2007), “Mergers, Acquisitions, and Corporate Restructurings.” (4th edition) John Wiley & Sons, Inc.
Kosman, Josh. (2010), “The Buyout of America.” Penguin Books Ltd., England.
Wasserstein, Bruce. (1998), “Big Deal: The Battle for Control of America’s Leading Corporations.” New York: Warner Books.
Weston, J. Fred. and Samuel C. Weaver (2001), “Mergers and Acquisitions.” McGraw Hill Company.