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 post-merger integrations will all 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.
Different approaches to valuing a company will be understood, with special emphasis on M&A topics, such as the valuation of synergies or control rights. Special cases of M&A deals, such as Hostile Takeovers will be explained subsequently. The course will end with a lecture on M&A-related corporate restructurings, such as divestitures, spin-offs and carve-outs. At the end of the course, the students should be able to understand the economics of modern-day corporate M&A transactions. The observation of M&A cases will help the students to deepen their knowledge about M&A and about the application of the learned techniques in real life.
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 pricing: how to value different kinds of companies (startups, SMEs, large conglomerates, companies bought out in Leveraged Buyout deals)
- How hostile takeovers work and how companies can defend against them
- Corporate Governance
- The Market for Corporate Control
- Due Diligence
- Post-Merger Integration
- Company Valuation (DCF, Comps, APV, LBO, Venture Valuation)
- Hostile Takeovers and Defense Mechanisms
- Deal Financing, especially Junk Bond Markets
- Leveraged Buyouts
- Spin-Offs, Carve-Outs, Joint Ventures and Divestitures
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.
Prof. Dr. Volker Brühl
Prof. Dr. Volker Brühl is Managing Director of the Center for Financial Studies since October 2013. Furthermore, he is Professor for Banking and Finance at the University of Applied Sciences for Economics and Management.
Volker Brühl has many years of experience as a top manager in banking. He was Partner at McKinsey & Company in Frankfurt between 2011 and 2013 and, before, Divisional Board Member and Global Head of Corporate & Structured Finance of WestLB in Düsseldorf and Managing Director and Head of M&A&Corporate Finance at Dresdner Kleinwort in Frankfurt. From 1997 to 2000, Volker Brühl was Associate Partner at Roland Berger in Munich, and between 1993 and 1996 he worked for Deutsche Bank in Frankfurt and London. He earned his doctoral degree from the University of Gießen.