This course examines various aspects of mergers and acquisitions (M&A) and corporate restructurings. It surveys the drivers of success and failure in the transactions. Issues regarding motive and strategy will be discussed, with economic implications the main focus of discussions. Students will also apply necessary skills and tools to evaluate and form an opinion about a proposed transaction, from both the acquirer’s and the target’s points of view. The course will be demanding and assume ability to understand financial statements, as well as familiarity with valuation analysis.

CILO-1: Describe and identify factors that affect an industry attractiveness and a firm's competitiveness in an industry. CILO-2: Describe and explain motivations behind a merger transaction, and identify costs and benefits of a merger transaction from the perspectives of different stakeholders. CILO-3: Identify sources of synergies from a merger transaction, and appraise the value of synergies. CILO-4: Estimate the value of the target in a merger transaction with various valuation techniques. CILO-5: Discuss costs and benefits of alternative payment methods and risk-management strategies of a merger transaction.