Mergers and Acquisitions

Aims of the course

- To identify strategic factors of mergers and acquisitions.
- To present and decribe different phases in the acquisition process and to explain latest theoretical as well as empirical findings.
- To highlight the key success factors regarding performance of acquisitions.
- The introduction of case studies regarding the post-integration process.

Course syllabus

1. Merger / Acquisition types: Horizontal, Vertical, Concentric and Conglomerate.
2. Some characteristics of the specific takeover types: "Leverage Buy Outs", "Management Buy Outs", "Employee Stock Ownership Plans".
3. Strategic factors, motives and hypothesis of mergers and acquisitions: Efficiency hypothesis, information and signalling, agency problem, managerial hypothesis, market power, taxes and redistribution. Motives for mergers and acquisitions in the USA and EU.
4. The procedures of mergers and acquisitions. The role of different institutions in M&A process.
5. Due diligence process.
6. Different methods to determine the value of the target company.
7. Integration process of the acquired company.
8. Factors determining the success/failure of mergers and acquisitions.

Course director(s)

  • Office Hours
  • Thursday at 15:00 in P-332
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