The area of mergers and acquisitions (M&As) is special in finance. Incredible amounts of money are employed in such transactions. Deals draw a lot of public attention and dispute. Oftentimes, stories look more like fairy tales rather than financial reality.
The key idea in any M&A transaction is to create value through a potentially synergetic activity. To this end, it is important to have a clear motive and implementation plan. Of special importance are the correct valuation, proper financing, and actual deal completion. But this is not the end – value mostly accrues from the post-merger integration.
The understanding of the motives of various stakeholders is instrumental in the analysis of the potential creation of value.
The learners will gain insight into the core value creating M&A strategies. They will be able to use the obtained knowledge and skills to successfully advance in their career at a financial institution, as well as in the area of financial management at non-financial businesses. Finally, the Course is very helpful in successful completion of the Specialization’s Final Project.
Dieser Kurs ist Teil der Spezialisierung Spezialisierung Understanding Modern Finance
Mergers and Acquisitions – The Relentless Pursuit of Synergy
von
Moscow Institute of Physics and Technology
American Institute of Business and Economics
2,377 Angemeldet
Lehrplan - Was Sie in diesem Kurs lernen werden
Woche
15 Stunden zum Abschließen
Why M&As? Stakeholders, Framework and Process. Legal and Regulatory Environment. Accounting and Tax Issues an Overview
In Week 1 we paint the big picture of the M&A field. We identify the value creation as the key motive behind these deals. In order to analyze the value creation process, we introduce the stakeholders’ approach and study stakeholders’ motives in some detail. Then we discuss the idea of synergy as the core objective of a successful M&A transaction and its pitfalls.
We introduce the framework and process of M&As and discuss the overall environment of these transactions – legal and regulatory issues (especially, antitrust motives), accounting treatment of M&As, and some important tax considerations. We will see how the transaction environment and treatment influence the potential of successful implementation of a transaction and the corresponding value creation.
9 Videos (Gesamt 93 min), 8 Lektüren, 2 Quiz
9 Videos
1.1. Introduction: Why study M&As?5m
1.2. The stakeholders’ paradigm14m
1.3. Buzzwords and challenges. Synergy11m
1.4. Studying M&As – framework and process11m
1.5. Legal and regulatory environment (1) – antitrust motives9m
1.6. Legal and regulatory environment (2) – other issues11m
1.7. M&As – some accounting issues11m
1.8. M&As – some tax considerations13m
8 Lektüren
Konstantin Kontor10m
AIBEc. The American Institute of Business and Economics10m
Grading10m
Handouts – an important comment10m
1.1. The takeover process10m
1.2. The stakeholders’ paradigm10m
1.3. Legal and regulatory environment10m
1.4. Some accounting and tax Issues – an overview10m
2 praktische Übungen
1 (Practice)30m
1 - Takeover process, stakeholders, and environment
Woche
24 Stunden zum Abschließen
Strategy and M&As. Theories of M&As
In Week 2 of the Course we discuss corporate strategy and its role in value creation. We revisit some well-known schools of strategic thinking and frameworks of strategy formulation and implementation. Our objective is to understand strategic motives behind M&A transactions.
Equipped with the overall understanding of strategy, we proceed with the discussion of major theories of M&As – the motives behind the planned transactions that have the value creation potential. In all theories we try to reveal the actual interests of the key stakeholders.
Finally, we study the actual deal mechanics and ways to overcome incumbent shareholder resistance (the free-rider problem).
8 Videos (Gesamt 93 min), 3 Lektüren, 2 Quiz
8 Videos
2.2. Strategic vocabulary – some approaches and frameworks7m
2.3. Challenges to strategic planning8m
2.4. Some well-known classic schools of strategy12m
2.5. Theories of M&As (1)15m
2.6. Theories of M&As (2)11m
2.7. Free-rider problem – solutions (1)12m
2.8. Free-rider problem – solutions (2)12m
3 Lektüren
2.1. Strategy and M&As10m
2.2. Theories of M&As10m
2.3. Small shareholders and tender offers10m
2 praktische Übungen
2 (Practice)30m
2 - M&A strategy and value creation potential in the uncertain world
Woche
34 Stunden zum Abschließen
Valuation of M&As
Week 3 is devoted to the central topic of the Course – M&A valuation. We start with the analysis of the importance of valuation in the potential value creation. Then we discuss and compare alternative approaches to valuation, paying special attention to free cash flow (FCF) valuation.
We analyze major value drivers – profitability, growth, cost of capital etc. and derive general valuation formulas for special cases of no growth, constant and supernormal growth. Then we apply the formulas to analyze value gains/losses in M&A transactions on examples.
9 Videos (Gesamt 94 min), 3 Lektüren, 2 Quiz
9 Videos
3.2. Alternative approaches to valuation16m
3.3. Free cash flow (FCF) valuation10m
3.4. The general formula8m
3.5. Some methodology, or how to extract value drivers11m
3.6. Cost of capital10m
3.7. Value creation in M&As8m
3.8. Calculating gains (losses)6m
3.9. Valuation in the “new economy” – some comments8m
3 Lektüren
3.1. M&A valuation (1) – value drivers, approaches, and formulas10m
3.2. M&A valuation (2) – cost of capital10m
3.3. M&A valuation (3) – value creation example10m
2 praktische Übungen
3 (Practice)30m
3 - Getting used to value drivers and formulas
Woche
43 Stunden zum Abschließen
M&A Financing. LBOs and MBOs
In Week 4 we study M&A financing. Motives, theories, and deal mechanics are fine – but where’s the money? If a transaction is friendly, a stock payment is likely to help. But what if there’s a conflict? Then a lot of cash is needed, and a lot of debt must be issued. One way is issuing junk bonds. We discuss both facts and myths about junk bonds.
Then we consider LBO and MBO transactions. First, we analyze how a company may be taken private through heavy borrowing and further gradual debt repayment. We illustrate the mechanics of an LBO/MBO transaction on a detailed example. Finally, comments on a famous LBO case – RJR Nabisco – are provided.
7 Videos (Gesamt 87 min), 2 Lektüren, 2 Quiz
7 Videos
4.2. Junk bonds (1) – facts12m
4.3. Junk bonds (2) – legends11m
4.4. Joint venture as a form of a merger7m
4.5. LBOs and MBOs (1) – a way of financing11m
4.6. LBOs and MBOs (2) – an example22m
4.7. An example of an LBO – the RJR Nabisco case (1988)10m
2 Lektüren
4.1. Junk bonds and M&A financing10m
4.2. LBOs and MBOs10m
2 praktische Übungen
4 (Practice)30m
4 - Junk bonds and LBOs – how investors profit from them
Woche
54 Stunden zum Abschließen
Value-Creating Strategies. Anti-Takeover Defenses. Corporate Governance and Performance. Conclusions – the Relentless Pursuit of Value
Week 5 – the final week of the Course – focuses on the details of value creating strategies. We start with share repurchases and their effect on value. Then we analyze anti-takeover defenses as value creating strategies.
We proceed with the discussion of corporate governance. Although in M&As this concept has somewhat narrower meaning, we try to relate the advantages and costs of a well-functioning and efficient corporate governance system to the development of the M&A market. On a specific example we analyze the potentially value-destroying conflicts that may arise from the underdeveloped corporate governance system.
Finally, we identify the role of post-transaction merger integration in the creation of value. We provide some conclusions on M&A efficiency and synergy. At the very end, we summarize the Course and the Specialization and briefly discuss the Final Project.
11 Videos (Gesamt 104 min), 3 Lektüren, 2 Quiz
11 Videos
5.2. Share repurchases. Fixed-price tender offers14m
5.3. Anti-takeover defenses (1) – returns to bidders and targets10m
5.4. Anti-takeover defenses (2) – pre-offer defenses8m
5.5. Anti-takeover defenses (3) – post-offer defenses9m
5.6. Corporate governance in the US – an overview18m
5.7. Corporate governance in other countries – who will pay?9m
5.8. An example of corporate governance – Russian preferred shares9m
5.9. Implementation and integration – key to success5m
5.10. Some conclusions – the relentless pursuit of synergy7m
5.11. Summary of the Specialization. Overview of the Project5m
3 Lektüren
5.1. Share repurchases10m
5.2. M&A tactics and takeover defenses10m
5.3. Corporate governance – an overview10m
1 praktische Übung
Final Test
Top-Bewertungen
Very interesting course....there are, very well explained, both the base and advanced concepts of valuing companies....I'll strongly recommend this course....
Dozent
Konstantin Kontor
Director and Professor of Finance and StrategyAmerican Institute of Business and Economics (AIBEc)
Über Moscow Institute of Physics and Technology
Московский физико-технический институт (неофициально известный как МФТИ или Физтех) является одним из самых престижных в мире учебных и научно-исследовательских институтов. Он готовит высококвалифицированных специалистов в области теоретической и прикладной физики, прикладной математики, информатики, биотехнологии и смежных дисциплин. Физтех был основан в 1951 году Нобелевской премии лауреатами Петром Капицей, Николаем Семеновым, Львом Ландау и Сергеем Христиановичем. Основой образования в МФТИ является уникальная «система Физтеха»: кропотливое воспитание и отбор самых талантливых абитуриентов, фундаментальное образование высшего класса и раннее вовлечение студентов в реальную научно-исследовательскую работу. Среди выпускников МФТИ есть Нобелевские лауреаты, основатели всемирно известных компаний, известные космонавты, изобретатели, инженеры.
Über American Institute of Business and Economics
The American Institute of Business and Economics (AIBEc) offers a wide variety of business courses in finance, accounting, marketing, strategy, HR, business law, economics, general management, business psychology, as well as course projects and the Field study. AIBEc provides for flexibility and customization of programs and schedules.
Über die Spezialisierung Understanding Modern Finance
This Specialization is designed for a wide audience of those interested in finance either professionally or just of curiosity, including managers of different levels specializing in finance, accounting, business planning, strategy, consulting, and project management, IT specialists engaged in the area of finance, fin-tech, big data, and valuation, etc.
Through four courses and the final Project, you will cover the theory and practice of capital markets and financial institutions, corporate finance and project valuation, financial and managerial accounting as applied to finance, as well as the M&A market as the ultimate judge of financial efficiency and value creation.
The Specialization will prepare you to understand and use the applications of financial ideas, concepts, models, strategies, and tools to build a successful career in finance and in business, as well as to take advantage of opportunities offered by financial markets.
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