MERGERS, ACQUISITIONS AND RE-STRUCTURING
Credit Units: 04
The course aims to make students learn how to analyze the mechanisms underlying the creation (and destruction) of value in mergers, acquisitions and corporate restructuring. The students will learn to examine the reasons to acquire, choice of target and recognition of the anticipated challenges, risks and pitfalls of the approach. They will also study some instances of corporate restructuring, whether they are driven by strategic considerations of external pressures, and again, the potential sources of value creation, risks and challenges.
On the successful completion of this module the student will be able to: Identify the key issues and concepts of mergers and acquisitions Understand the major strategies that underlie most M&A transactions Examine the necessary conditions for value to be created
Assess various case studies to analyse valuation strategies, pre and post merger issues and challenges.
Module I: Basics of Mergers and Acquisition
Corporate Restructuring-objectives of merger, demerger, acquisition, types of merger, competition, Bill 2002 Horizontal, Vertical, Congolmerate, Case studies on Tata Tetley, HLL Restructuring, OBC-GTB, BSNL; MTNL
Module II: Introduction to Acts and policies
Merger & Acquisition and Amalgamation as per AS-14.
Module III: De-mergers and Reverse Mergers
De-merger, spin off, split up, tax advantages of demerger, Reverse Merger (L & T-Grasim).
Module IV: Role of SEBI
SEBI regulations on Merger & Acquisition, Takeover Code
Module V: Defensive Strategies
Defensive actions on takeover bids
Module VI: Merchant Banking and M&A
Role of Merchant Bankers in Mergers & Acquisition
Module VII: M&A Models and Theories
Valuation Models on Merger & Acquisition: (a) DCF Model, (b) Public Enterprises, (c) Book Value, (d) Adjusted Book value (e) Three Stage...
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