M&A and Valuation Portfolio Part I

Faculteit Economie en Bedrijfskunde
Jaar 2020/21
Vakcode EBE049A02
Vaknaam M&A and Valuation Portfolio Part I
Niveau(s) post-initieel
Voertaal Engels
Periode semester I a
ECTS 2

Uitgebreide vaknaam M&A and Valuation Portfolio Part I
Leerdoelen Upon completion of this course the student is able to:
- assess the strategic soundness of an M&A transaction;
- evaluate whether a deal has created value for the shareholders of the bidder and target;
- analyse the financial performance and financial forecasts in an M&A context, including the forecasts of synergies;
- evaluate the possibilities and limitations of the various tools to measure the success of M&A, including analysis of share price reactions, the comparison of bid premium and synergies and the impact on post deal operational performance;
- apply academic literature and the results of empirical research to the evaluation of a concrete M&A case;
- present the analysis and findings in a logical, convincing and clear way, both in written format and orally.
Omschrijving Assessing the success of an M&A transaction requires one to cut through the rhetoric corporate executives often use when they announce and defend a deal. It requires an analysis of the industry and strategic logic of the deal. It also requires an evaluation of the price paid (in relation to synergies) and how the company eventually delivers on its promises. Analysis of value creation requires the use of a variety of financial analyses, which, if considered in isolation, may not yield sufficient insight. It is the synthesis of multiple analyses and angles that does.
In this course the student works on a case study, the first part of the portfolio, which part of the final project.
Themes that are dealt with are in particular:
- Industry and M&A trends in a selected industry and strategic drivers for M&A in that industry;
- Analysis of the (relevance of) the stock market response to an M&A transaction at various stages in a deal: from announcement date till after the completion of integration;
- Analysis of price, acquisition premium and synergies, including an analysis of the companies’ announcements and presentations, (e.g. analysts presentations and AGM presentations), financial statement analysis and research reports of financial analysts;
- a critical assessment of what bidder and targets communicate about strategic rationale, financial impact and post deal performance;
- The analysis and evaluation of the financial statements (pre deal and post deal) of the bidder, target, and competitors, to assess whether projected benefits of a deal have been realised.
Uren per week variabel
Onderwijsvorm -gastcollege ,  -interactief hoorcollege
(en gastcolleges)
Toetsvorm -groepsopdracht
(Group assignment (including presentation))
Vaksoort executive master
Coördinator prof. dr. W.G.M. Holterman
Docent(en) prof. dr. W.G.M. Holterman
Verplichte literatuur
Titel Auteur ISBN Prijs
Creating value from Mergers and Acquisitions: The Challenges, 2010 Sudersanam 9780273715399 ca. €  75,45
Valuation: Measuring and Managing the Value of Companies, 2015 Koller, Goedhart, Wessels 9781118873700 ca. €  72,99
3-5 articles (academic and management) Various
Entreevoorwaarden
Opmerkingen
Opgenomen in
Opleiding Jaar Periode Type
Executive Master Mergers & Acquisitions and Valuation 1 semester I a verplicht