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MIM Mergers & Acquisitions (19CI35868)

General information






S semester

ECTS Credits:


Teaching Staff:

Group Teacher Department Language
Santiago Simón del Burgo Economía, Finanzas y Contabilidad ENG
Ramon Palacín Antor Economía, Finanzas y Contabilidad ENG


The contents of this subject can be partially redundants for students coming from the Esade BBA program that already attended the Mergers and Acquisition elective course.
This course is restricted to MSc in Management students.

Previous Knowledge

A basic level in Corporate Finance.


This course is designed to give participants an introduction to the complex world of strategic alliances seen as an integrated process rather than watertight compartments of finance, business policy and human resources. By the end of the course, participants should have grasped the complexity of such operations and be well aware of the risks they entail: more than 50% of operations generate no profit for shareholders. They should also have learnt how to increase the success factor of the operations they take part in.

Course Learning Objectives

At the end of the course, students should:

1 be familiar with the mergers and acquisitions and should be able to analyze, plan and implement M&A strategies and tactics
2 understand and apply some major M&A concepts, such as company valuation, synergy calculations, negotiation and deal closing, post-acquisition , integration, etc.
3 be able to analyze an M&A operation, perceive the potential dangers and be able to reduce the rate of failure in such operations.


1. Introduction to Mergers and Acquisitions


Introduction to the course
Lecture: Introduction to M&As and different types. The reasons for M&As.
Synergies exercise


Power point presentation: Introduction to Mergers and Acquisitions
Whither the great wave - The Economist January 5 th 2008
Waiting for a wave ¿ Mergers and Acquisitions August 26th 2010

2. Acquisition Process


Lecture: Different steps in an acquisition process - Choice of candidate, Negotiations, Appraisal

3. Acquisition process (Cont)

Lecture: Acquisition Process (cont) - Due Diligence, M&A Funding

Exercise: Financing Acquisitions

Readings: Confidentiality Agreement ¿ Due Diligence Check list ¿ Valuation slides

4. Post-Acquisition

Lecture: Managers turnover and post-acquisition

Reading: Human Resource Management as a Key Factor in Acquisitions- Lecture notes from Ramón Palacin

5. MBOs

Lecture: MBOs

Readings: MBI Check list, MBO Managers who become business people.

Exercise: MBO exercise.

6. Private Equity

Lecture: Private Equity.

Readings: Qualitative Study of Venture Capital in Spain. Santiago Simón ¿ Glossary of Private Equity and Venture capital.

Exercise: Value creation in private equity

7. Takeovers

Lecture. Takeovers

Exercise: Case study to be determined

8. IPOs

Lecture: IPOs

Exercise: Case study to be determined

9. Analysis of Real M&A Operations

Analysis of real M&A operations

Relation between Activities and Contents

1 2 3 4 5 6 7 8 9
Case study presentation and assignments                  
Final exam                  
Class participation.                  


The course will consist of theoretical classes with a comprehensive reading list tailored to the needs of each class. It will also feature the preparation and class discussion of real-life case studies to provide an insight into the difficulties and issues involved in these sorts of operations. Students are responsible for preparing the case studies and doing the reading before the respective class.



Description %
Case study presentation and assignments 40
Final exam 50
Class participation. 10

Assessment criteria

Important clarifications:

1.To pass the course, a minimum grade of 50% is required on both the final exam and the weighted average of the three components listed above. Specifically, if both the final exam mark and the weighted average are above 50%, then the weighted average becomes the final grade for the course. Otherwise, the final grade for the course will be the lower mark of the two.

2.In case a retake exam is needed, the final course grade will be 100% determined by the retake exam mark.


BUONO, Anthony; BOWDITCH, James (1989): The Human Side of Mergers and Acquisitions. Jossey-Bass.

CARTWRIGHT, Sue; COOPER, Gary (1996): Managing Mergers Acquisitions & Strategic Alliances. Utterworth Einemann.

RAPPAPORT, Alfred (1998): Creating Shareholder Value. The Free Press.

ROCK, Milton; ROCK, Robert H.; SICORA, Martin (1994): The Mergers & Acquisitions Handbook. McGraw-Hill.

WESTON, J. Fred; CHUNG, Kwang; SIU, Juan (1998): Takeovers, Restructuring and Corporate Governance. Prentice Hall.

Timetable and sections

Group Teacher Department
Santiago Simón del Burgo Economía, Finanzas y Contabilidad
Ramon Palacín Antor Economía, Finanzas y Contabilidad