This course will explore the various means for corporate managers to achieve growth through mergers and acquisitions. The objectives of the course will be to leverage the skills mastered in the core curriculum: finance, marketing, accounting, and operations. We will examine both buyer and seller motivations in the context of M&A transactions and strategic alliances. The course will also examine the growing role of private equity in the M&A marketplace and we will discuss why these firms have an important role, especially in the context of a corporate transaction.
This class will help prepare students to make decisions related to mergers and acquisitions. These transactions include acquisitions, joint ventures, strategic alliances, and divestitures.
We will also discuss the current deal environment and will discuss "real time" transactions, as they are announced. As time permits, we will have guest speakers related to one of the 5 principal sections of the course join us in our discussions.
There will be five principal sections to this course that we will discuss and examine:
1. Strategy. Why are mergers and acquisitions part of a corporate strategy? How does the strategy get defined and get implemented? What are the M& A motivations and why do waves of mergers occur?
2. Mergers and Acquisition Process. What is the process in buying or selling a business? How do these firms get valued? What is the role of an agent and other advisers?
3. M&A Players - Corporate vs. Financial Buyers. What are the key differences between these types of buyers? How has the $1 trillion private equity market affected and shaped the M&A environment?
4. Structuring and Due Diligence. How do transactions get structured from a legal and accounting perspective? What are the key elements in negotiating a deal?
5. Post-Merger Integration. What are the key factors in making an acquisition successful and be accretive in value?