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.

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

Learning objectives

Upon completion of the course, you will be able to 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

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.

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.

Contact

Ludmila Ketterer

Senior Manager -
Master in Finance & Open Programs

  +49 69 798 33512

  E-Mail

Key Facts

Course materials
Course materials will be provided in electronic form.

Course language
English

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

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

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

*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

DateSessions
Sat., Apr 10, 2021

11:30-13:30 & 14:30-16:30

Sat., Apr 24, 2021

14:30-16:30

Sat., May 8, 202114:30-16:30
Fri., May 21, 202118:00-20:00
Sat., May 22, 202114:30-16:30
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