Durée
36h Th
Nombre de crédits
| Executive Master International MBA | 5 crédits | |||
| Executive Master in Private Equity and Other Alternative Asset Classes | 5 crédits |
Enseignant
Langue(s) de l'unité d'enseignement
Langue anglaise
Organisation et évaluation
Enseignement durant l'année complète
Horaire
Unités d'enseignement prérequises et corequises
Les unités prérequises ou corequises sont présentées au sein de chaque programme
Contenus de l'unité d'enseignement
Day 1 (18 :30-21 :30): M&A strategy Part 1 - lessons from CISCO
Day 2 (18 :30-21 :30): M&A strategy Part 2 - impact other corporate finance decisions
Day 3 (18 :30-21 :30): Valuation
Day 4 (18 :30-21 :30): Financing the deal
Day 5 (18 :30-21 :30): Leveraged Buyouts
Day 6 (18 :30-21 :30): Closing the deal (M&A in Wine country V2, simulation exercise)
Day 7 (18 :30-21 :30): Assessing the risks (agreement terms)
Day 8 (18 :30-21 :30): Target search and due diligence
Day 9 (18 :30-21 :30): Post-Merger Integration
Day 10 (18 :30-21 :30): Wrap up
Day 11 (18 :30-21 :30): Student group project presentations
Day 12 (18 :30-21 :30): Kick-off final exam (take-home case study to be handed in one week following Day 12)
Acquis d'apprentissage (objectifs d'apprentissage) de l'unité d'enseignement
Upon successful completion of this course, participants will be able to :
? Appreciate the role M&A strategy can play within corporate strategy, and will be able to differentiate good-, from bas reasons for M&A,
? Apply basic valuation techniques (DCF, trading-, and transaction multiples) to serve as guidelines to establish the price range for negotiation,
? Discuss different methods of deal financing, including LBOs, and participants will learn to identify their advantages and disadvantages in the specific circumstances of the transaction,
? Understand the importance of risk assessment, both legal and business, during the search process and negotiations,
? Experience the psychological pressures of negotiations through an in-class multi-party negotiation simulation, and through the group project of the class
? Identify critical challenges of post-merger integration. The importance of post-merger integration as an integral part of the transaction will be made clear.
Savoirs et compétences prérequis
Activités d'apprentissage prévues et méthodes d'enseignement
Interactive lectures and exercises.
Mode d'enseignement (présentiel, à distance, hybride)
Cours donné exclusivement en présentiel
Informations complémentaires:
In-class interactive lectures and exercises.
Supports de cours, lectures obligatoires ou recommandées
Autre(s) site(s) utilisé(s) pour les supports de cours
- Moodle HEC Executive (https://exed.hec.uliege.be/)
Informations complémentaires:
Obligatory :
Case pack made assembled by faculty and made available to download from Harvard Business Publishing website
Class notes presented on Power Point
Faculty will present supplemental readings throughout the course
Recommended :
Text books: The Art of M&A, A Merger and Buyout Guide, (5th Edition) by Alexandra Reed Lajoux with Capital Expert Services LLC;
Fundamentals of Corporate Finance (10th edition or higher) by Richard Brealey, Stewart Myers, Alan Marcus; Corporate Finance Theory and
Practice by Aswath Damodoran;
Financial press (eg: Financial Times, Wall Street Journal, The Economist, etc.)
News providers (eg: Reuters, Bloomberg, Yahoo Finance, etc.)
The grades will be made available online on Moodle.
Modalités d'évaluation et critères
Examen(s) en session
Toutes sessions confondues
- En présentiel
évaluation orale
Informations complémentaires:
? Understanding of the concepts and their application through Class Participation (35%),
? Group project (30%), and
? Take home case study final exam (35%).
Stage(s)
Remarques organisationnelles et modifications principales apportées au cours
Contacts
Référent du cours :
Zoltan Horvath