|The course involves analysis of corporate restructuring strategies including mergers, acquisitions, and takeovers, financial re-capitalization, leveraged buyouts, management buyouts, going private, and reorganization under bankruptcy (Chapter 7, Chapter and Out-of-Court Restructuring). The course integrates the corporate governance and agency dimensions, financial and strategic management aspects, and legal and accounting considerations into a unified framework for investigating issues such as, pre-merger planning, fact-finding, accounting and tax implications, anti-trust problems, post-merger integration, and short-term and long- term shareholder wealth consequences of financial and organizational restructuring transactions. The course combines applied theoretical approach with the case study method through detailed analysis of domestic and global restructuring cases. The focus will be on fundamental concepts of valuation and analytical tools of corporate finance related to mergers, acquisitions, LBOs and restructuring. The course is divided in roughly six parts: |
1. Valuation Methods Review: Where is Enterprise Value Coming From?
2. Traditional M&A Topics and Transactions: Hostile Takeovers and Friendly Acquisitions
3. The Role of Corporate Raiders in Disciplinary Takeovers
4. Creating Value through Corporate Restructuring
5. Private Equity and Leveraged Buyouts
6. Private Business Valuation
|Through cases and discussion of topical issues, the course will give you the opportunity to analyze practical financial situations and problems, on the assumption that you are already familiar with fundamental ideas from previous finance courses such as valuation methods (Weighted Average Cost of Capital, Free Cash Flow and Capital Cash Flow, Adjusted Present Value, Trading and Transaction Multiples), portfolio selection, CAPM and in-depth capital structure analysis.
Description and/or course criteria last updated: 07/2012