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2019/2020  MA-MMBFV2079U  Mergers and Acquisitions

English Title
Mergers and Acquisitions

Course information
Language English
Course ECTS 3 ECTS
Type Elective
Level Part Time Master
Duration One Quarter
Start time of the course Fourth Quarter
Timetable Course schedule will be posted at calendar.cbs.dk
Study board
Study Board for Full-Time MBA
Course coordinator
  • Ken L. Bechmann - Department of Finance (FI)
Main academic disciplines
  • Finance
Teaching methods
  • Face-to-face teaching
Last updated on 28-06-2019

Relevant links
Learning objectives
  • Solve real-world problems related to mergers and acquisitions using the theory and tools from corporate finance
  • Explain alternative approaches that can be used to solve these problems and cases
  • Discuss advantages and disadvantages of such approaches
  • Relate the choice between various approaches to theoretical and empirical findings in corporate finance
Examination
Mergers and Acquisitions:
Exam ECTS 3
Examination form Home assignment - written product
Individual or group exam Individual exam
Size of written product Max. 10 pages
Assignment type Case based assignment
Duration Written product to be submitted on specified date and time.
Grading scale 7-point grading scale
Examiner(s) One internal examiner
Exam period Summer
Make-up exam/re-exam
Same examination form as the ordinary exam
Course content, structure and pedagogical approach

The typical sessions will consist of:

‐ Short recap of main points from previous case work.

‐ Lecture on theoretical and empirical background

‐ Case work and presentations/discussions

 

In order to optimize learning from the cases, it is assumed that all students have studied the cases in advance and solved the related questions.

 

• Initial Public Offering (IPO)

• Mergers and acquisitions (M&A)

• Leverage buyouts (LBO)

• Restructurings in financial distress

• Corporate spin-offs

 

We will cover the main characteristics and drivers of these events and discuss the challenges and risks related to the events. The discussions will bring in aspects of, for example, financial markets, valuation, financing, payout policy, risk management, and corporate governance including incentives and strategy.   

The course will be based on the discussion of several interesting cases and the participants are expected to prepare these cases at home and to participate in case presentations and discussions in class. You will be assumed to be familiar with the tools from core finance courses (capital structure, WACC, valuation, etc.). 
Description of the teaching methods
This course relies heavily on the case discussion approach. We will spend a substantial part of each class discussing the assigned case. This is a very interactive process that seeks to get multiple viewpoints and perspectives on the table and to debate the pros and cons of various alternatives and ideas.
Feedback during the teaching period
The interactive case discussion format allows for continuous feedback. The students are expected to attend class, be prepared and participate in the case discussions.
Student workload
Teaching 20 hours
Preparation 20 hours
Examination 10 hours
Last updated on 28-06-2019