Магистратура
2025/2026
Слияния, поглощения и реструктуризация фирмы
Статус:
Курс по выбору (Стратегическое управление финансами фирмы)
Кто читает:
Школа финансов
Где читается:
Факультет экономических наук
Когда читается:
2-й курс, 1, 2 модуль
Охват аудитории:
для своего кампуса
Язык:
английский
Кредиты:
6
Контактные часы:
56
Course Syllabus
Abstract
The purpose of the course "Mergers, Acquisitions, and Restructuring" is to study the applied aspects of mergers and acquisitions (M&A) and corporate restructuring, with an emphasis on financial restructuring. The course examines the role of M&A in corporate growth, key motives and drivers of M&A, M&A performance, transaction implementation mechanisms, firm strategic development in the context of M&A, methods of deal structuring, and legal, tax, and accounting aspects of M&A transactions. Special attention is paid to the specifics of corporate valuation for M&A purposes, cross-border mergers and acquisitions, alternatives to M&A, and restructuring decisions and mechanisms. The latter part of the course focuses on direct finance and financial restructuring. The curriculum is based on standard international textbooks on M&A and financial restructuring, research papers, and business cases. Applied aspects are illustrated through recent actual M&A transactions in global and Russian markets. The course consists of lectures and seminars with lecturers from the School of Finance and FBK. It is divided into three logical parts: 1) "Theoretical and Practical Aspects of M&A Deals and Performance" (Topics 1-2), 2) "M&A Deal Structuring and Corporate Valuation for M&A" (Topics 3-4), and 3) "Valuation of Business and Assets Post-M&A, and Corporate Reorganization and Restructuring" (Topics 5-7).
Learning Objectives
- The objective of the course is to provide students with the abilities to: - Define the motives and implementation mechanisms for mergers and acquisitions. - Analyze various operational and financial factors influencing a company's M&A strategy. - Understand why M&A performance varies across different markets. - Assess the feasibility of specific M&A transactions based on company valuation results. - Understand the fundamentals of legal, tax, and accounting aspects of M&A transactions. - Recognize the specificities of corporate valuation for M&A purposes. - Analyze various corporate restructuring methods and assess their applicability in specific situations. - Understand the process of financial restructuring, including the peculiarities of project finance and other financing approaches, bank requirements for business plans and financial models, and approaches to financial restructuring for financially distressed companies. This discipline is a core component of the "Strategic Corporate Finance" Master's Program. Prerequisites The course requires knowledge of the following disciplines: Microeconomics 2 Corporate Finance 2 The Theory of Money and Credit Company Valuation Behavioral Finance
Expected Learning Outcomes
- Understand key differences between inorganic and organic growth strategies
- Understand key methodologies to assess M&A performance
- Understand key specificities of M&A deal stages and types of M&A buyers
- Understand specificities of financial modelling for M&A purposes Learn key types of financial models for M&A purposes Understand how to value synergies
- Understand key types of M&As and alternatives to M&As
- Understand key reasons why M&A performance differ in developed and emerging capital markets
- Understand key motives of M&As in developed and emerging capital markets
- Analyze challenges of the Russian M&A market
- Understand M&A process and its key players
- Learn essentials of communicating with investors
- Learn how to develop a proper M&A deal structure
- Understand specificities of due diligence
- Understand financing mechanisms
- Learn how to structure a deal
- Learn key motives and drivers of M&As
- Understand differences between domestic and cross-border M&As
- Understand how to value business and assets after an M&A deal is completed
- Understand how to allocate a purchase price
- Understand major participants in Project Finance
- Learn requirements to business plan and financial model
- Understand macro overview and corporate-level restructuring
- Understand debt and equity restructuring, triggers for restructuring
- Learn specificities of liquidity planning and financial covenants
- Understand specificities of restructuring scenarios, how to model them including financial / accounting aspects
- Learn how mortgages are structured, understand legal issues in restructuring
Course Contents
- Growth through M&A: strategic multidisciplinary approach. What is the role of M&A to make a firm successful?
- M&A Value Creation: The Acquirer's Perspective
- M&A Deal Structure and Transaction Stages
- Corporate Valuation for M&A Transactions
- Post-M&A Valuation and Purchase Price Allocation
- Project Finance and Corporate Financial restructuring
Bibliography
Recommended Core 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
- Gaughan, P. A. (2017). Mergers, Acquisitions, and Corporate Restructurings (Vol. Seventh edition). Hoboken: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1640634
- H. Kent Baker. (2011). The Art of Capital Restructuring : Creating Shareholder Value Through Mergers and Acquisitions. [N.p.]: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=391383
- Mergers, acquisitions, and corporate restructurings, Gaughan, P. A., 2007
- The essence of mergers and acquisitions, Sudarsanam, P. S., 1995
Recommended Additional Bibliography
- DePamphilis, D. M. (2012). Mergers, Acquisitions, and Other Restructuring Activities : An Integrated Approach to Process, Tools, Cases, and Solutions (Vol. 6th ed). San Diego, CA: Academic Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=387257