Mergers, Management Buyouts and Other Corporate Reorganisations
| Module title | Mergers, Management Buyouts and Other Corporate Reorganisations |
|---|---|
| Module code | BEAM053 |
| Academic year | 2023/4 |
| Credits | 15 |
| Module staff | Dr Lora Dimitrova (Convenor) |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 11 |
| Number students taking module (anticipated) | 120 |
|---|
Module description
Summary:
This course examines several forms of corporate reorganisations, including mergers and acquisitions, reorganisation through workouts and bankruptcy, divisional spin-offs and divestitures, and leveraged buyouts. Students will examine the process of managing reorganization, the role of the investment bank and other specialists, regulation, and cross-country comparisons. The course will have a strong conceptual approach, with an emphasis on why mergers and other reorganisations take place, what is their role in the economy, and how do they perform from the viewpoint of shareholders and other parties. There will be a strong institutional flavour that will be communicated through papers of a more applied nature. Real case studies will provide the applications of the course.
Additional Information:
Internationalisation
Selected topics covered in the course study the cross-country corporate reorganisations, as well as the differences in ownership structure, legal system and corporate governance around the world.
Sustainability
All of the resources for this module are in electronic form only.
Employability
Students learn to apply insights from the recent academic literature in the context of real-life cases involving corporate reorganisations. They also develop their skills in team-working, presentation, and independent thinking in this module.
Module aims - intentions of the module
The aim of the module is to familiarise the students with the notion of various types of corporate reorganizations and their role in the economy. Topics such as M&A valuation, financing and performance, ownership structure and control, as well as shareholder activism, bank debt restructuring and private equity transactions would be covered.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. comprehensively understand the notion of corporate reorganizations, their role in the economy, and how they perform from the viewpoint of shareholders and other parties
- 2. comprehensively understand major cross-country differences regarding ownership structure, control and the legal system
- 3. learn alternative ways of valuation of various types of corporate reorganizations
- 4. gain knowledge on the most common investment strategies of private equity funds: leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital
- 5. effectively demonstrate familiarity with the recent developments in the M&A research and practice
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 6. understand the financial decision making process and apply it in solving of complex company reorganization problems
- 7. propose novel solutions in financial problem solving and make decisions in unpredictable situations
- 8. independently interpret financial data and problems in the light of established
- 9. access, synthesise, and evaluate with minimum guidance a body of relevant existing research and use it as a guidance in addressing real life corporate finance problems
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 10. work in teams
- 11. seek and make use of feedback
- 12. successfully complete, within a group, a task within a defined period
- 13. give a presentation of collaborative project
- 14. critically analyse problems arising in both academic and practical contexts
Syllabus plan
- Hostile takeovers in Europe, North America and Asia
- Financing of mergers, bid premium and post-merger performance
- Landscape of ownership across the world
- Shareholder activism in US, Europe and Japan
- Private equity transactions
- Private companies and family ownership
- M&A valuation
- Bank debt restructuring and problems in debt overhang
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 33 | 117 | 0 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Scheduled Learning and Teaching Activity | 33 | 11 x 3 hour lectures |
| Guided Independent Study | 117 | Reading, research, reflection, preparation for lectures and assessments |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Case Study Presentation | Max. 20 minutes each | 1-5, 8-14 | Oral feedback in class |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 30 | 70 | 0 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Group presentations and in-class participation | 10 | 20 minutes each, maximum 5 students per group | 1-5, 8-14 | Oral feedback |
| Group Case Study | 20 | Maximum 4 pages each | 1-5, 8-14 | Specific written feedback to individual groups |
| Final written exam | 70 | 1.5 hours | 1-9, 14 | Standard model answers available on ELE after exam |
| 0 | ||||
| 0 | ||||
| 0 |
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Group presentations and in- class participation (10%) | Individual power point presentation on an academic paper (max. 15 slides, 10%) | 1-5, 8-14 | August/September Reassessment Period |
| Group Case Study (20%) | Individual written report on an academic paper (max. 1200 words, 20%) | 1-9, 14 | August/September Reassessment Period |
| Final written exam (70%) | Written exam (1.5 hours, 70%) | 1-9, 14 | August/September Reassessment Period |
Re-assessment notes
The guidelines for the referred exams are identical to those for the original exam papers. Detailed guidance regarding the individual reports (i.e. the re-assessment for the presentation element) will be issued in due course to students referred in this element.
Indicative learning resources - Basic reading
Lecture notes and selection of academic papers would be advised during the course
Indicative learning resources - Other resources
to be advised during the course
| Credit value | 15 |
|---|---|
| Module ECTS | 7.5 |
| Module pre-requisites | None |
| Module co-requisites | None |
| NQF level (module) | 7 |
| Available as distance learning? | No |
| Origin date | 14/11/2013 |
| Last revision date | 11/05/2021 |
