Магистратура
2024/2025
Слияния, поглощения и реструктуризация корпораций
Статус:
Курс по выбору (Финансы)
Направление:
38.04.08. Финансы и кредит
Кто читает:
Департамент финансов
Где читается:
Санкт-Петербургская школа экономики и менеджмента
Когда читается:
2-й курс, 2 модуль
Формат изучения:
без онлайн-курса
Охват аудитории:
для всех кампусов НИУ ВШЭ
Преподаватели:
Афанасьев Владислав Викторович
Прогр. обучения:
Финансы
Язык:
английский
Кредиты:
3
Course Syllabus
Learning Objectives
- The aim of this course is to equip students with the knowledge and skills necessary to understand, evaluate, and execute M&A deals, with a focus on financial domain of M&A
Expected Learning Outcomes
- Knows basic terms and classification
- Knows current trends
- Able to analyze transaction information at a basic level
- Able to calculate key financial indicators and analyze them
- Can apply the main approaches to business valuation, understands their strengths and weaknesses
- Can justify the application of this or that approach to business valuation
- Able to model various forms of financing transactions
- Able to present a potential target to decision-makers on buy-side
- Able to value business and estimate the synergy effect
- Able to analyse firms' activity and find potential synergies
Course Contents
- General characteristics of M&A
- Preparing for the deal and the art of due-dilligence
- Valuation in M&A deals. Valuing a merger
- Financing the deal
- Structuring the deal
- Hostile takovers and how to defend the business
- Pitching a deal
Assessment Elements
- Control workControl work covering M&A valuation and key concepts (Topics 1-3)
- HomeworkPrepare and present information about recent hostile takeover (in groups)
- ProjectThe students take a company from the Russian market and do an analysis of a potential target for it (a smaller company from the Russian market) Calculate the potential synergy effect Make a short financial summary (simplified due-diligence) Make the valuation of the target using different methods for different scenarios (equity, LBO). Make a judgement whether it is a good target or not. Form: excel + presentation
Bibliography
Recommended Core Bibliography
- The art of M&A structuring : techniques for mitigating financial, tax, and legal risk, Lajoux, A. R., 2004
Recommended Additional Bibliography
- DePamphilis, D. (2015). Mergers, Acquisitions, and Other Restructuring Activities. Elsevier. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.eee.monogr.9780128013908