Merger and Acquisition
Run by Bangor Business School
15.000 Credits or 7.500 ECTS Credits
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.
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. Advisers in Mergers.
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.
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.
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.
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.
Understand the theoretical, regulatory and institutional framework of M&A.
Understand current empirical research in the field of M&A valuation.
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.
Understand financial modelling related to M&A.
Understand and evaluate critically the important economic activity of M&A.
Understand the implications of cross-border restructuring strategies.
2,500 word essay analysing a contemporary issue in M&A market.
2-hour end-of-semester exam, covering the full breadth of the module syllabus.
Teaching and Learning Strategy
Lecture - 24 hours.
Self study - 114 hours
Tutorial - 12 hours
- Literacy - Proficiency in reading and writing through a variety of media
- Numeracy - Proficiency in using numbers at appropriate levels of accuracy
- Computer Literacy - Proficiency in using a varied range of computer software
- Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
- Exploring - Able to investigate, research and consider alternatives
- Information retrieval - Able to access different and multiple sources of information
- Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others
- Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
- Safety-Consciousness - Having an awareness of your immediate environment, and confidence in adhering to health and safety regulations
- Presentation - Able to clearly present information and explanations to an audience. Through the written or oral mode of communication accurately and concisely.
- Teamwork - Able to constructively cooperate with others on a common task, and/or be part of a day-to-day working team
- Mentoring - Able to support, help, guide, inspire and/or coach others
- Caring - Showing concern for others; caring for children, people with disabilities and/or the elderly
- Management - Able to utilise, coordinate and control resources (human, physical and/or financial)
- Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting
- Self-awareness & Reflectivity - Having an awareness of your own strengths, weaknesses, aims and objectives. Able to regularly review, evaluate and reflect upon the performance of yourself and others
- Leadership - Able to lead and manage, develop action plans and objectives, offer guidance and direction to others, and cope with the related pressures such authority can result in
Courses including this module
Compulsory in courses:
- N3AD: MBA Banking and Finance year 1 (MBA/BIF)
- N3DG: MBA Banking and Finance (with Incorporated Pre-Masters) year 1 (MBA/BIF1)
- N3CN: MBA Finance (10 month) year 1 (MBA/FIN10)
Optional in courses:
- N3BV: MBA Finance year 1 (MBA/FIN)
- N3DH: MBA Finance (with Incorporated Pre-Masters) year 1 (MBA/FIN1)
- N3BM: MBA Islamic Banking and Finance year 1 (MBA/IB)
- N3DK: MBA Islamic Banking & Finance (with incorp pre-Masters) year 1 (MBA/IB1)
- N3AX: MSc Banking and Finance year 1 (MSC/BANKFIN)
- N3CK: MSc Banking & Finance (Chartered Banker) year 1 (MSC/BFCB)
- N3CW: MSc Bank & Fin (Chartered Banking) (with Incorp Pre-Masters) year 1 (MSC/BFCB1)
- N3CS: MSc Banking and Finance (with Incorporated Pre-Masters) year 1 (MSC/BKFIN1)
- N2AY: MSc Management and Finance (with Incorporated Pre-Masters) year 1 (MSC/MANF1)
- N2AO: MSc Management and Finance year 1 (MSC/MANFIN)