Module ASB-4437:
Merger and Acquisition

Module Facts

Run by Bangor Business School

15 Credits or 7.5 ECTS Credits

Semester 2

Organiser: Prof Yener Altunbas

Overall aims and purpose

To introduce the theoretical and institutional aspects of M&A. To provide a theoretical basis for an empirical analysis of governance issues concerned with M&A incentives and outcomes, and the reciprocal relation between M&A incentives and its constituencies. To analyse the typology of M&A, the development and execution of an acquisition strategy, the valuation of the target, the conduct of the negotiation, and the implementation of the post-merger integration plan.

Course content

Theory of the firm: "Build vs Buy"; Current issues in the M&A landscape; Motives for M&A; How do mergers work? When do mergers work? Winners and losers; Valuation in the context of an acquisition; Criteria for value-adding acquisitions; Cross-border vs domestic acquisitions.

Assessment Criteria

threshold

No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

good

Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

High Standard:
Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

excellent

An outstanding performance, exceptionally able. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

Learning outcomes

  1. Understand the theoretical, regulatory and institutional framework of M&A.

  2. Understand current empirical research in the field of M&A valuation.

  3. Undertake active research in the M&A field by applying a variety of methodologies and adjusting for a number of factors that affect synergies and performance.

  4. Understand financial modelling related to M&A.

  5. Understand and evaluate critically the important economic activity of M&A.

  6. Understand the implications of cross-border restructuring strategies.

Assessment Methods

Type Name Description Weight
Essay 40
Final Examination 60

Teaching and Learning Strategy

Hours
 

Three hours of lectures per week.

 

Courses including this module

Compulsory in courses:

Optional in courses: