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Faculteit Economie en Bedrijfskunde
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Curriculum

Location: Zuidas, Amsterdam

The Executive Master of M&A and Valuation runs part-time in a series of 22 classes (on Fridays and Saturday mornings) from September 2018 to November 2019. There are no classes during the summer holidays and the busy months of December and January. At the beginning of 2020, students complete a valuation report, which concludes the programme.

The Executive Master of M&A and Valuation programme is structured into 6 courses, which largely follow the sequence of the M&A process. The programme is problem-based, making use of cases from practice. Participants are challenged to contribute and learn through focused classroom discussions with fellow programme participants and faculty. At the same time, students work on four portfolio assignments.



Course 1: Strategy, M&A and value creation

  • The role of M&A in corporate strategy
  • Determinants of success and failure in M&A
  • Measuring the success of M&A
  • Archetypes of deals, acquisition criteria and synergies
  • The corporate versus the private equity perspective
  • Business analysis and forecasting

Course 2: Accounting and modelling

  • Accounting for M&A and valuation purposes
  • Analysing and interpreting financial statements
  • Key accounting principles and standards
  • Accounting for M&A: purchase accounting and impairment tests
  • Modelling for valuation purposes
  • Modelling for M&A and buy-outs

Course 3: Valuation methods and techniques

  • Theoretical foundation and practical application of key valuation methods
  • DCF/APV method and multiples approach
  • Corporate versus private equity valuation
  • The value of control and liquidity, country risk
  • Professional standards and valuation standards
  • The impact of the low-interest rate environment
  • Valuation in different phases of the life cycle of companies: start-up, growth, maturity, and decline
  • The valuation of intangible assets
  • Special topics: e.g., pensions and real estate

Course 4: The deal phase

  • Typology of M&A players
  • Design and structuring of M&A processes
  • Determinants of success and failure in deal execution
  • Due diligence: types of due diligence, link with valuation and post-deal integration
  • From value to price, interaction with due diligence and closing mechanisms
  • Legal aspects of M&A: public and private deal
  • Tax aspects of M&A: tax structuring and valuation issues
  • Acquisition finance
  • Deal structuring and negotiations
  • Governance of transactions; roles and conflicts of interests of stakeholders: boards, shareholders, bankers and advisors
  • Fairness opinions

Course 5: Post-merger integration and carve-outs

  • Frameworks for post-merger integration
  • Organising merger integration
  • Determinants of success and failure in merger integration and practical aspects
  • Measuring the success of integration
  • Carve out complexity
  • Practical approach to separations
  • Communicating post-deal performance to analysts and investors

Course 6: Special issues: Financial restructuring and IPOs

  • M&A and valuation of distressed companies
  • Implications of the legal setting (financial restructuring and bankruptcy law), including recent developments
  • IPO as alternative to a trade sale or PE sale
  • Valuation and pricing of IPOs and secondary offerings
  • The role of the investors, the market, legal requirements


Portfolio of assignments

  • Case: the strategic and financial evaluation of the value creation of a closed M&A transaction
  • Case: analysing, modelling and valuation of a merger
  • Essay on a technical valuation subject
  • Writing and defence of a valuation report
Laatst gewijzigd:15 februari 2018 10:59