Mergers, Acquisitions, & Restructuring

Catalog description

This course presents the theories and empirical evidence on mergers, acquisitions, and restructuring, and analyzes the effects of various policy options on the stock values of acquirer and target companies. Findings about the reaction of stock prices to information on control transactions are used to analyze the effects of various policy options in such transactions. Topics related to M&A include evaluating acquisition targets, methods of payment in acquisitions, acquisition strategies, the use of leverage in acquisitions and the effects of acquisitions on bond values, major legal issues, case law, and defensive measures against hostile acquisitions. The course combines lecture material, case analysis, quantitative and qualitative analysis, and discussions of relevant news of such transactions. There is an emphasis on fundamental concepts of valuation and other areas of corporate finance related to M&As.