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.
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
- 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
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.
Dr. Vincenzo Pezone
Dr. Vincenzo Pezone is an Assistant Professor of Finance at the Goethe University in Frankfurt, Germany. His research interests are in corporate finance and behavioral economics. He holds a PhD in Economics from University of California, Berkeley.
|Sat., Apr 10, 2021|
11:30-13:30 & 14:30-16:30
Sat., Apr 24, 2021
|Sat., May 8, 2021||14:30-16:30|
|Fri., May 21, 2021||18:00-20:00|
|Sat., May 22, 2021||14:30-16:30|