|This course provides an overview of mergers and acquisitions with a focus on the role M&A plays in the development and implementation of a firm’s strategy. Students will develop an analytical and theoretical framework to understand the M&A process and will also use cases and real-world applications to develop skills necessary to prepare and evaluate the strategic rationale for a proposed transaction. This course uses a strategic corporate development perspective rather than an investment banking/transaction perspective. Topics include strategic rationale for M&A transactions, value creation and destruction in M&A, the M&A process, interplay between strategy and valuation, and implementation/integration issues. The student will apply course learnings in a cumulative project typically by preparing a preliminary “pitch book” for a proposed transaction.
Winter 2011 was the first offering of this course; the course has been significantly revised based on feedback from the initial offering.
Students should note that this is a strategy course, not a finance course.