Mergers, Acquisitions, Restructuring
Code
2204
Academic unit
null
Department
null
Credits
3,5
Teacher in charge
DUARTE PITTA FERRAZ
Teaching language
English
Objectives
This is a course on Mergers, Acquisitions and Restructuring on a practitioner s perspective. Students will develop skills necessary to structure and present a deal or form an opinion about a proposed transaction.
Topics include value creation in mergers; choice of payment method; evaluation of contingent payments; deal protection devices; deal financing; defensive tactics; accounting and tax issues; and leveraged buyouts. We discuss bidding strategies and takeover tactics. We also cover the legal and regulatory framework for takeovers, such as filing requirements, fiduciary duties of the target board of directors, and antitrust regulation. The course uses a case analysis approach, providing ample opportunity to practice the application of standard corporate valuation methods.
Prerequisites
N/A
Subject matter
Business School, covering issues of "M & A". 3 highly experienced Executives Guest Speakers in M & A processes (from the Buyer and Seller´s sides) (see Course Content) that will deliver presentations (process from the side of the Buyer, process from the side of the Seller, and targeting and absorbing acquisitions) and will be available to answer Students questions.
The Students will develop skills to understand M & A activities, the importance of economics and psychology in a deal, the drivers and measurement of a successful deal, learn the elements of assessing the environment structure and the adequate conduct from the side you stand and anticipate the potential conduct from the other side, learn selected best practices to build a structured analysis and develop good processes to enhance the performance of your organisation, as well as understand and develop a framework to deal with the challenges posed by M & A processes.
Bibliography
Bruner, R. F. (Bruner), "Applied Mergers & Acquisitions," First Edition, John Wiley & Sons, Inc., 2004.
Slides of the Class - Duarte Pitta Ferraz
Presentations of the Guest Speakers:
3 Selected Cases-Studies from Harvard Business School
3 Selected Reading materials from Harvard Business School
Teaching method
Over the Course the Students must acquire and develop cognitive, analysis and synthesis, research, and critical views, within the aims of the Course and in line with the objectives. The course involves lectures, case-studies presentations and discussions, as well as guest speakers with extensive experience in mergers and acquisitions.
Lectures and discussions are based on pre-assigned readings and cases. Students will organize themselves in groups of 4/5 people. Each group should prepare a PowerPoint presentation for each case-study, which should be delivered to the Professor 24 hours in advance the scheduled class. Groups will be randomly selected in the class for each discussion; one (or two) group will be assigned to present the case-study and another one (or two) will discuss the oral presentation of the first group.