2026/2027
Слияния и поглощения
Статус:
Маго-лего
Кто читает:
Департамент финансового менеджмента
Где читается:
Высшая школа бизнеса
Когда читается:
2 модуль
Охват аудитории:
для своего кампуса
Язык:
английский
Кредиты:
3
Контактные часы:
24
Course Syllabus
Abstract
The course provides master's students with a detailed understanding of corporate strategy aspects related to mergers and acquisitions (M&A) transactions and the formation of strategic alliances. The program covers corporate governance issues associated with diversification, vertical integration, and horizontal integration. The section devoted to mergers and acquisitions examines in detail the motives behind such transactions, as well as the factors contributing to their success and failure. Students will learn what influences M&A effectiveness and how to assess the successful implementation of a deal. The section covering 'Strategic Alliances' will teach students how to properly structure goals, objectives, key performance indicators, and the governance system of a strategic alliance. Special attention is given to the strategic choice between an M&A transaction and a strategic alliance. An important contemporary section of the course addresses the topic of 'Network Advantage' — the concept of value creation through the development of a network of strategic alliances and the growth of a corporation's weight (influence) within that network.
Learning Objectives
- To develop students’ comprehensive knowledge in the field of mergers and acquisitions, as well as practical skills in analysing, structuring, and evaluating the effectiveness of M&A transactions.
Expected Learning Outcomes
- Distinguish the forms of business reorganisation (merger, acquisition, division, spin-off, transformation)
- Analyse the motives and methods of M&A transactions
- Organise the M&A process, including Due Diligence, negotiations, and integration
- Apply company valuation methods (income, cost, comparative)
- Structure M&A deals considering legal, tax, and financial aspects
- Choose optimal financing sources for deals (equity, debt, hybrid instruments)
- Calculate synergy effects and assess deal risks
- Interpret the practice of the Russian and global M&A markets
- Compare M&A with alternative growth strategies, including organic growth and strategic alliances, and justify the choice of one approach over another based on strategic and financial criteria
Course Contents
- Topic 1. Introduction to M&A. Forms of Business Reorganisation
- Topic 2. History and Economic Essence of M&A Transactions
- Topic 3. Motives and Methods of M&A Execution. Agency Problem
- Topic 4. Organisation of the M&A Process
- Topic 5. Company Valuation in M&A Transactions
- Topic 6. Structuring M&A Transactions
- Topic 7. Financing Methods for M&A Deals
- Topic 8. Economic Efficiency Assessment of M&A. Synergy Effect and Risks
- Topic 9. Practice of the Global and Russian M&A Market
Assessment Elements
- Written Assignment 1intermediate test assessing students' understanding of the topics covered (Topics 1–3)ю Each assignment requires written analytical responses, calculations, and justification of conclusions.
- Written Assignment 2intermediate test assessing students' understanding of the topics covered (Topics 4–7). Each assignment requires written analytical responses, calculations, and justification of conclusions.
- ProjectFormat: group work (up to 5 students per group), including the development of a financial M&A model, preparation of a project report, and an oral presentation of the results. Description: students are required to select two existing companies (an acquirer and a target) and build a financial model of a potential M&A transaction. The financial model consists of three main components: EPS accretion/dilution analysis; Synergy effect assessment; Scenario analysis (base, optimistic, and pessimistic scenarios). The project must be based on factual data from reliable sources (annual reports, financial databases, regulatory filings). All data sources must be cited. The project must include: A description and justification of the chosen M&A strategy, motives, and expected effects, including a comparison with alternative growth strategies (organic growth and strategic alliances), justifying why M&A is the preferred option. A valuation of the target company using at least two methods (e.g., DCF and comparable company analysis) with a justification of the selected discount rate (WACC). An assessment of financial feasibility considering selected financing instruments. A risk analysis. Conclusions on the deal's effectiveness. Deliverables: A written report (Word document) describing the strategy, motives, and expected effects. A financial model (Excel) including input parameters, cash flow calculations, M&A effect assessment, scenario analysis, and target company valuation. A presentation summarising the project.
- AttendanceAttendance control is carried out by recording students’ presence at each lecture and seminar session. The grade is assigned based on a progressive scale of discipline requirements. The maximum score (10) is awarded only when there are no missed classes. Student presence is counted ONLY if all conditions are met: 1. Timeliness: The student enters the classroom no later than 10 minutes after the start. Lateness >10 minutes = absence. 2. Completeness: The student is present until the end of the class. 3. Engagement: The student actively participates in the seminar, does not engage in extraneous activities and does not use gadgets (unless provided for by the format). Academic Honesty: In case of falsified attendance confirmation, the grade for the “Attendance” element is set to 0.1 points. Attendance is recorded by the instructor (including through the use of technical means for reading student IDs). The student is required to have their student ID to confirm presence.
- Examfinal test assessing the depth of students’ understanding of all aspects of the discipline, includes open and closed questions, calculation tasks, problems on deal efficiency assessment, structuring, financing, and synergy calculation.
Interim Assessment
- 2026/2027 2nd module0.15 * Written Assignment 2 + 0.4 * Exam + 0.1 * Attendance + 0.2 * Project + 0.15 * Written Assignment 1
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
- Mergers, acquisitions, and other restructuring activities : an integrated approach to process, tools, cases, and solutions, DePamphilis, D. M., 2010
- Park, K. M., Meglio, O., & Schriber, S. (2019). Building a global corporate social responsibility program via mergers and acquisitions: A managerial framework. Business Horizons, (3), 395. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.bushor.v62y2019i3p395.407
Recommended Additional Bibliography
- Sherman, A. J. Mergers and Acquisitions from A to Z, Fourth Edition. AMACOM, 2018, 372 p. ISBN:9780814439029 Режим доступа: https://library.books24x7.com/toc.aspx?bookid=137970