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PTMBA2024 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
MBA FIN633, MBA FIN633 SI
Course type
PT MBA Lecture
Weekly Hours
2,0
ECTS
2,0
Term
FS 2024
Language
Englisch
Lecturers
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, 27.01.2024 09:00 - 16:30
Sunday, 28.01.2024 08:45 - 16:30
Saturday, 03.02.2024 09:00 - 16:30
Sunday, 10.03.2024 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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