Executive Education

MERGERS & ACQUISITIONS

The course focuses on Mergers & Acquisitions (M&A) in modern financial markets. Combining relevant theories and real-life cases, the students will learn the fundamentals of M&A transactions, including their economic background, strategies, planning and conduction, value implications and related further issues. The course starts with a general overview of corporate governance structures and markets for corporate control. Based on this knowledge, students will learn the approach to and the structuring of a full-fledged M&A deal. The strategy of the deal, as well as the deal process, payments and selected aspects post-merger integrations will be explained. A vital part of this process is the pricing of the deal. Company valuation will therefore be an important part of the course.

Special cases of M&A deals, such as Hostile Takeovers will be explained subsequently. At the end of the course, the students should be able to understand the economics of modern-day corporate M&A transactions.

Contact

Ludmila Ketterer

 +49 69 798 33512

 E-Mail

Course
Format

This course is offered in the part-time Master in Finance program and may be attended on a “no credit” basis by individuals not enrolled in the program. Course participants are visitors who are not responsible for assignments and do not take an exam or earn academic credits. As the number of seats in the course is limited, we recommend to register online early.

Learning
Objectives

Upon completion of this course, you will understand:

Why companies engage in M&A transactions

The characteristics of different kinds of M&A deals: mergers, acquisitions, spin-offs, divestitures, carve-outs etc.

How M&A processes are structured

The fundamentals of company valuation

How hostile takeovers work and how companies can defend against them

Key
Concepts

    The Market for Corporate Control
    Due Diligence
    Company Valuation (DCF, Comps, LBO
    Hostile Takeovers and Defense Mechanisms
    Deal Financing, especially LBO structures
    Spin-Offs, Carve-Outs, Joint Ventures and Divestitures

Faculty

Dr. Vincenzo Pezone

Dr. Vincenzo Pezone is an Assistant Professor of Finance at the Leibniz Institute for Financial Research SAFE, Goethe University Frankfurt

Vincenzo Pezone studied Economics at the University of Naples, Italy, where he obtained his Bachelor’s and Master’s Degrees. He received a PhD in Economics from the University of California, Berkeley, in 2017, with a dissertation in Corporate Finance. Since 2017, Dr. Pezone has been working at SAFE.

His research interests are in Labor and Finance and Behavioral Finance. In his most recent work, Dr. Pezone has analyzed the importance of wage rigidity in the transmission of monetary policy and the role of managerial biases in corporate decision-making. His research has been presented at several international conferences, such as the SFS Cavalcade, the EFA and the AFA Annual Meeting.

Key Facts

Course materials

Course materials will be provided in electronic form.

Language

English

Venue

Partially online via Zoom and Campus Westend of Goethe University Frankfurt.

Certificate of participation

A GBS certificate of participation is awarded upon completion of the course.

Course Fee*

€ 950 (fee is exempt from VAT). The fee for GBS students or alumni amounts to € 400.

*Withdrawal and fee refund
In case the course withdrawal request is received two weeks prior to the start of classes, GBS will retain a withdrawal fee of €50. In case the course withdrawal request is received less than two weeks prior to the start of classes, GBS will retain 50% of the payment made.

Course Schedule
Date Session
Sat., Apr 10, 2021 11:30-13:30 & 14:30-16:30
Sat., Apr 24, 2021 14:30-16:30
Sat., May 8, 2021 14:30-16:30
Fri., May 21, 2021 18:00 - 20:00
Sat., May 22, 2021 14:30-16:30
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There are two main things which make returning for Open Programs such a valuable and worthwhile experience. The first is being back on campus – meeting the current students, returning to campus again, the whole experience was just so pleasant. The second is the level of quality in the courses – the faculty teaching are absolute experts.

Stephan KieneDuke-Goethe Executive MBA Class of 2009

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