Form C4
Heriot-Watt University - Course Descriptor
1. Course
Code
C39CN
5. School
School of Management and Languages
7. Delivery:
Location &
Semester
Edin
SBC
Orkney
Dubai
IDL
Collaborative Partner
Approved Learning Partner
Sem 1
Sem…….
Sem………..
Sem 1
Sem 1.
Name…………………….....Sem..…...
Name See attached list…Sem 1
8. Pre-requisites
2. Course
Title
Mergers & Acquisitions
3. SCQF
Level
6. Course
Co-ordinator
9
4. Credits
Dr J-P Marney
C38FN Corporate Financial Theory
9. Linked Courses
(specify if synoptic)
10. Excluded Courses
11. Replacement Courses
Code:
12. Degrees for which
this is a core course
Date Of Replacement:
13. The course may be
delivered to:
UG only
PG only
MA in Business and Finance
UG & PG
14. Available as an Elective?
Yes
No
15. Aims
To develop a detailed understanding of issues relating to mergers and acquisitions, and corporate restructuring.
16. Syllabus
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
M&A definitions, terminology
Types of M&A, market for corporate control today
Motives for M&A, economic and non-economic
History of M&A, Merger Waves, UK & US. Analysis and explanations
Why grow by acquisition? M&A vs organic growth
Financial performance of merged companies: academic evidence, event studies
The merger process; friendly deals, hostile takeovers
Takeover defence strategies
Valuation of companies
Accounting for M&A, financing of acquisitions
Implementing the deal; reasons for success and failure
Regulation of the takeover market; UK and EU
Strategic alliances, joint ventures
Corporate restructuring, divestments, MBOs, corporate distress
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Form C4
Heriot-Watt University - Course Descriptor
17. Learning Outcomes (HWU Core Skills: Employability and Professional Career Readiness)
Subject Mastery
Understanding, Knowledge and Cognitive
Skills
Scholarship, Enquiry and Research (Research-Informed Learning)
After completing this course, students should be able to
o
o
o
o
o
o
Personal Abilities
discuss takeover trends, processes and defences,
critically evaluate the various motives for mergers and acquisitions and evaluate the wealth effect,
understand and explain the regulation of takeovers in UK and EU,
discuss agency problems in takeover situations,
evaluate corporate restructuring decisions from the shareholder’s point of view,
evaluate financial distress and bankruptcy costs.
Industrial, Commercial & Professional Practice
Autonomy, Accountability & Working with Others
Communication, Numeracy & ICT
After completing this course, students should be able to
o
o
o
o
construct and present, both oral and written, well balanced arguments,
critically evaluate information gathered from a variety of sources,
appreciate different sources of information, their relevance and value, and how they can be used in the area of finance,
demonstrate a professional awareness of merger activity, not just in the UK, but also in Europe and the USA.
18. Assessment Methods
Method
19. Re-assessment Methods
Duration of Exam
Weighting (%)
Synoptic courses?
Method
(if applicable)
Coursework
Examination
ALPs only: Examination
2 Hours
2 Hours
Duration of Exam
Diet(s)
(if applicable)
30%
70%
100%
None
None
Examination
2 hours
Resit
Examination
2 hours
Resit
20. Date and Version
Date of Proposal
April 2011
Date of Approval by
School Committee
Date of
Implementation
September 2011
Version
Number
2/2
1.0