Valuation of Mergers and Acquisitions

This course surveys the financial methods used in mergers and acquisitions, buyouts and corporate restructurings. We will examine the process of evaluating opportunities in the corporate-control market; analyse how deal structure affects both value creation and value division; investigate M&A motivations and tactics; consider M&A valuation of stand-alone firms, merged firm synergies, transaction contingent clauses and the expected impact on share value and earnings accretion/dilution; and assess the valuation and structuring of leveraged buyouts and the recapitalization and restructuring of troubled firms. Major M&A constituents, such as private equity and hedge fund groups are also considered.

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