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PTMBA2023 Mergers & Acquisitions

After a substantial drop in takeover activity during the recent financial crisis, the world mergers and acquisitions (M&As) market reached new heights in 2014-2016 with announced aggregate deal values ranging between $3,000 billion and $4,200 billion. Hence, M&As are making headlines again.
Course code
Course type
PT MBA Lecture
Weekly Hours
FS 2023
Prof. Dr. Nihat Aktas
Please note that exchange students obtain a higher number of credits in the BSc-program at WHU than listed here. For further information please contact directly the International Relations Office.
The course is structured following a seminar format with participants expected to take a very active role in their learning. The course relies on interactive lessons, and consists of lectures, testimony from M&A practitioners, in-class case and article discussions, in-class tasks, written group homework case, and a final exam.
Date Time
Saturday, 21.01.2023 09:00 - 16:30
Sunday, 22.01.2023 09:00 - 16:30
Saturday, 28.01.2023 09:00 - 16:30
Sunday, 19.02.2023 23:50 - 23:55
There is no mandatory pre-reading for this course. However, for those willing to deepen their understanding of the takeover process and business valuation, here are some useful articles:Aktas, N., and E. de Bodt, 2011. Merger negotiations: Takeover process, selling procedure, and deal initiation. The Art of Capital Restructuring, Chapter 15, 261–279.Fruhan, William E., Jr. “The company sale process.” Harvard Business Publishing, Product # 206108-PDF-ENG.Rappaport, Alfred, and Mark L. Sirower, 1999. Stock or cash? The trade-offs for buyers and sellers in mergers and acquisitions. Harvard Business Review, Nov-Dec, 147–158.Schill, M.J., 2013. “Business valuation: Standard approaches and applications.” Harvard Business Publishing, Product # UV6586-PDF-ENG.Schill, M.J., and E. Loutskina, 2013. “Business valuation in mergers and acquisitions.” Harvard Business Publishing UV6759-PDF-ENG.Subramanian, G., 2009. Negotiation? Auction? A deal maker’s guide. Harvard Business Review 87, 101–107.Here are some additional books:DePamphilis Donald M., 2014. Mergers, acquisitions, and other restructuring activities. Elsevier Academic Press, 7th Edition.Berk, Jonathan, and Peter DeMarzo, 2014. Corporate Finance, Pearson International.Damodaran, Aswath, 2012. Investment valuation: Tools and techniques for determining the value of any asset. Wiley Finance, 3rd edition.
The final grade will be based on (1) class participation and one group project (50%), and (2) a take-home final exam (50%).
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