Special Issues on M&A and Valuation

Faculteit Economie en Bedrijfskunde
Jaar 2020/21
Vakcode EBE056A05
Vaknaam Special Issues on M&A and Valuation
Niveau(s) post-initieel
Voertaal Engels
Periode semester I b
ECTS 5
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Uitgebreide vaknaam Special Issues on M&A and Valuation
Leerdoelen Upon completion of this course the student is able to:
- distinguish the specific aspects of M&A and valuation of distressed companies;
- evaluate the implications of the legal setting (restructuring and bankruptcy law);
- value a company in distress;
- assess the critical features of an IPO as an ‘exit route’ in comparison to a sale to a financial or strategic buyer;
- understands the mechanisms of IPO pricing compared to M&A valuation;
- communicate relevant information in a logical, convincing and clear way.
Omschrijving This course covers two special issues: (i) M&A and Valuation financial distress and (ii) IPO’s.
The M&A process and valuation of companies in distress have some distinct features which add complexity compared to ‘regular’ deals. Uncertainty about going concern value, the dependence on the continued support of banks and other critical stakeholders, time pressure and information asymmetries are the most important. In addition the M&A process and valuation in distress are strongly shaped by the law in relation to restructuring and bankruptcy.
IPO’s are important in M&A. For the seller an IPO may be an alternative to a sale to a financial buyer or strategic buyer. IPO’s may also be relevant to buyers, if they buy a target with the intention to sell it on at a later date, such as private equity firms do. It is therefore important to understand the IPO - process and how its key features compare with the sale to a financial or strategic buyer. This course covers:
- key features of companies in distress;
- options to resolve distress and the role of M&A and valuation;
- how distress influences the M&A process;
- the valuation of distressed companies;
- the impact of restructuring and bankruptcy law on M&A and valuation;
- factors influencing ‘IPO-ability’;
- IPO pricing and valuation;
- The IPO process;
- The ‘dual’ track: the simultaneous running of an IPO and a sales process.
Uren per week variabel
Onderwijsvorm -gastcollege ,  -hoorcollege ,  -werkcollege
(total number of contact hours: 26 hours (2 sessions of 1,5 days))
Toetsvorm -groepsopdracht,  -schriftelijk tentamen (open vragen)
(Written exam with open questions (70%) + group assignments (30%))
Vaksoort executive master
Coördinator prof. dr. W.G.M. Holterman
Docent(en) Guest Lecturer(s) ,prof. dr. W.G.M. Holterman
Verplichte literatuur
Titel Auteur ISBN Prijs
several articles (academic and management) various
The Dark Side of Valuation, 2010 Damodaran
Valuation: Measuring and Managing the Value of Companies, 2015 Koller, Goedhart, Wessels
Entreevoorwaarden
Opmerkingen Academic lecturers:
• Prof. dr. W.G.M Holterman
• H. Haanappel, MSc
Lecturers from practice:
• P. Wijffelman, MSc
• P. Wolterman, MSc
• N. Tollenaar, PhD

This course will be available as of academic year 2019/20. For more information, please check out the website: www.rug.nl/ugbs-emmav
Opgenomen in
Opleiding Jaar Periode Type
Executive Master Mergers & Acquisitions and Valuation 2 semester I b verplicht