- Enseignant-e: Safwan Mchawrab
- Enseignant-e: Michal Paserman
Mergers and acquisitions (M&A) are increasingly the most important corporate restructuring activities in terms of number of deals and volume over the last 60 years. The amount of money and resources spent on M&A, the complexity of the process, the different waves occurred and consequently their impact on both local and global economy, made them subject to vast number of studies and research around of the world, upon different disciplinary perspectives (strategy, finance, organization, etc.). M&A activities are also viewed to be among the most important events in a company’s lifecycle taken in consideration their strategic, financial and operating impact.
The course aims at presenting the strategic and financial logic of these transactions as well as the main financial engineering techniques used in valuation of companies (target) and synergies. The course tackles M&A characteristics: legal forms and classification, reasons to acquire, market reaction, expected gains from mergers, exchange ratios.
On completion of this course, the students should be able to:
- understand the economic importance of the process of mergers and acquisitions,
- evaluate a company (target) using different techniques,
- estimate the value of synergies
identify tactics and defense techniques that can be used in case of hostile takeovers