MIM: Mergers & Acquisitions (2235.YR.006727.1)

General information

Type:	OPT	Curs:	1	Period:	S semester
ECTS Credits:	3 ECTS

Teaching Staff:

Group	Teacher	Department	Language
Year 1	Santiago Simón del Burgo	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.

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.

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

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.

ASSESSMENT BREAKDOWN

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.

Group	Teacher	Department
Year 1	Santiago Simón del Burgo	Economía, Finanzas y Contabilidad