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FIN41480

Academic Year 2024/2025

Mergers & Acquisitions (FIN41480)

Subject:
Finance
College:
Business
School:
Business
Level:
4 (Masters)
Credits:
8
Module Coordinator:
Mr Ankitkumar Kariya
Trimester:
Summer
Mode of Delivery:
On Campus
Internship Module:
No
How will I be graded?
Letter grades

Curricular information is subject to change.

Mergers and Acquisition is the seen as the exciting side of corporate finance. One of the best business narratives ever written is Barbarians at the Gate the story of how KKR took over RJRNabisco. As a topic, Mergers & Acquisitions integrates all of the business disciplines. Often thought of solely as a finance topic (witness the module code) this is the ultimate integrative topic. To successfully execute an M&A transaction requires an understanding of Finance (valuation & financing), Strategy (rationale), Project Management (execution), Leadership & Change Management (People) and Legal (Regulatory). You also have to be able to chunk information form the lowest level of detail to a C-suite presentation.

In our time together we can only scratch the surface of many of these topics. As you all have strong finance backgrounds we will cover the financial aspects of M&A and “hang” the other material on the financial hooks. As a finance expert you will be expected to value the target and the synergies that will be realised in the transaction. To do this effectively – you need to understand the rationale (strategy) for the transaction.

About this Module

Learning Outcomes:

Understand the key principles driving corporations, of all sizes, seeking growth through mergers & acquisitions.
Understand how to differentiate between legitimate and dubious reasons behind mergers.
Learn how to estimate the cost of capital, and cash flows of the acquisition target and combine them to value the acquisition target.
Learn the pros and cons of different methods of financing acquisitions.
Learn LBO valuation and factors behind the rise of buyout private equity funds.



Indicative Module Content:

The topics we will cover:
• Role of mergers and acquisitions in corporate governance
• Cash flow forecasting from the acquisition
• Estimating cost of capital for the acquisition
• Valuation of target
• Financing Mergers
• Hostile Takeovers
• Leveraged Buyouts

Student Effort Hours:
Student Effort Type Hours
Specified Learning Activities

75
Autonomous Student Learning

75
Lectures

22
Total

172

Approaches to Teaching and Learning:
Students will attend classes for this module and have the opportunity to engage in active learning during these sessions. There will be in-class discussion and group work to analyse module concepts. Where appropriate, the module will incorporate case based learning

Requirements, Exclusions and Recommendations
Learning Recommendations:

You are expected to be familiar with Finance as a discipline. An understanding of management accounting would be useful (for estimating cash flows). Students undertaking one of the Finance MSc degrees will meet this recommendation.


Module Requisites and Incompatibles
Not applicable to this module.
 

Assessment Strategy  
Description Timing Component Scale Must Pass Component % of Final Grade In Module Component Repeat Offered
Group Work Assignment: Each group will work on a list of mergers in an industry and present their work. More details will be shared on Brightspace. Week 1, Week 2, Week 3, Week 4, Week 5, Week 6, Week 7, Week 8, Week 9, Week 10, Week 11, Week 12 Graded No

50

 No
Individual Project: Individual final report will consists of a write up of applying all the concepts learned in the class on a merger. More details will be shared on Brightspace. Week 14, Week 15 Graded No

50

 No

Carry forward of passed components
Yes
 

Remediation Type Remediation Timing
In-Module Resit Prior to relevant Programme Exam Board
Please see Student Jargon Buster for more information about remediation types and timing. 

Feedback Strategy/Strategies

• Group/class feedback, post-assessment

How will my Feedback be Delivered?

Feedback will be given on a group basis for group assignments.

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