Mergers and Acquisitions (IMB)

To develop an understanding of applied corporate finance strategy focusing upon company valuation, and mergers and acquisitions, leveraged buyouts, and long-term financing.

1. Merger/acquisition types: horizontal, vertical, concentric, and conglomerate.
2. Some characteristics of specific takeover types: leveraged buyouts, management buyouts, employee stock ownership plans.
3. Strategic factors, motives, and hypotheses of mergers and acquisitions: efficiency hypothesis, information and signaling, agency problem, managerial hypothesis, market power, taxes, and redistribution. Motives for mergers and acquisitions in the U.S. and EU.
4. The procedures of mergers and acquisitions. The role of various institutions in the M&A process.
5. Due diligence process.
6. Various methods for determining the value of the target company.
7. Integration process of the acquired company.
8. Factors determining the success/failure of mergers and acquisitions.