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Mergers & Acquisitions

Oggetto:

Mergers & Acquisitions

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Academic year 2020/2021

Course ID
MAN0531
Teachers
Enrico Battisti (Lecturer)
Helene Loe Colman (Lecturer)
Degree course
BUSINESS ADMINISTRATION - Curriculum: Finance and Accounting
Year
2nd year
Teaching period
To be defined
Type
Elective
Credits/Recognition
5
Course disciplinary sector (SSD)
SECS-P/09 - finanza aziendale
Delivery
Formal authority
Language
English
Attendance
Obligatory
Type of examination
Written
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Sommario del corso

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Course objectives

In general term, the course provides a general understanding of Mergers & Acquisitions (“M&A”) and valuation, also making reference to empirical experience and case studies. Students will learn about strategic and financial rationale for M&A, and consequences for corporations and the various players involved. They will learn how to value companies and how to assess the strategic implications of M&As.

The course is divided in two main parts. The first part about Merger & Acquisition strategy and implementation (21 hours - 3 Credits) and the second part (14 hours - 2 Credits) about financial valuation.

A) The main objective of the first part is to familiarize students with the research-based literature on Mergers and Acquisitions. The course gives (i) a broad overview of the opportunities and challenges facing firms involved in M&As in an increasingly open and dynamic world, and (ii) an introduction to the research-based literature on M&As. M&As provide provide firms with access to complementary resources, increased flexibility and learning, and the objective of the course is to understand how firms create value from M&As.

B) The main objective of the second part is to develop, from a theoretical and practical point of view, the knowledge of the principles of valuation and the connected main methods.

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Results of learning outcomes

A) The first part of the course provides an overview of core parts of the research-based literature on M&A strategy and implementation. The course will develop students’ understanding of the challenges involved in identifying the rationale for, planning and managing the M&A process.
 
B) In the second part, the student should acquire a good knowledge of principles and methods of company valuation and a good capacity to apply the main methods.
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Program

I part (Helene Loe Colman):

  • M&A strategies and integration;
  • Post-acquisition integration and the human side of M&As;
  • International M&As and knowledge transfer;
  • Serial acquisitions.

II part (Enrico Battisti):

  • Overview of valuation: objectives and application;
  • Principles of valuation and information base;
  • Discounted Cash Flow valuation;
  • Relative valuation.
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Course delivery

Lectures, class discussion, cases and exercises

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Learning assessment methods

The exam is structured in two distinct parts. For the first part, assessment will be in the form of a 48 hour exam to be solved groups of two (2) to three (3) students. Specific information regarding the exam will be provided in class. For the second part, the valuation is based in a written exam with an exercise and two open questions. The final grade will be given by the weighted average of the two modules.

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Suggested readings and bibliography

For the first part, papers and cases. For the second part, materials provided by the teacher. See on moodle for more information.

Suggest textbook: Damodaran A. (2006), Damodaran on Valuation: Security Analysis for Investment and Corporate Finance, 2ed., Wiley Finance. 

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Notes

The teaching activities modalities may vary according to the limitations imposed by the current health crisis (COVID-19). In any case, lectures will be online throughout the academic year.

 

 

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