Mergers and Acquisitions

Mergers and acquisitions are major form of corporate activity with important and wide ranging implications for firm managers, employees, customers and investors. The M&A module will provide you with a detailed understanding of the financial issues surrounding M&A activity, within a strategic context and from an international perspective. Students will complete the module with not only an understanding of the blend of strategic and financial implications thrown up by M&A activity, but more importantly with a full recognition of the impact of corporate restructurings on organisations and people. The course will cover topics related to the motivation for deals, determinants of the success of deals, deal valuation and post-merge integration.

The M&A course is taught by Professor Scott Moeller, Director of the Cass Mergers and Acquisitions Research Centre and an ex M&A practitioner, together with other faculty from the business school.

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Course Content

This course will provide you with a detailed understanding of the financial issues within a strategic context regarding mergers and acquisitions from an international perspective. At the end of the module you should have the ability to form your own views about M&A, and should be prepared to make your own creatively strategic and analytically supportable recommendations regarding potential M&A transactions.

  • Corporate motives for M&A
  • Strategic alternatives to a merger or acquisition
  • Why so many acquisitions fail; value creation and value destruction
  • Commonly used takeover defences and tactics
  • Deal valuation and financing
  • Due diligence
  • Role of outside advisors and company management
  • Regulators and regulatory and tax environment (focus on the UK)
  • Post merger integration and other impacts of the M&A process
  • Surviving an M&A deal

On successful completion of this module, you will be expected to be able to:

Knowledge & Understanding

  • Articulate your understanding of the role of M&A activity in its wider economic context
  • Illustrate relevant company valuation concepts
  • Assess strategic implications of M&A activity

Skills

  • Demonstrate team working skills
  • Understand the implications of current finance theories for practical M&A issues
  • Evaluate the value-creating potential of an M&A proposition
  • Evaluate complex M&A propositions
  • Apply understanding of the building blocks of M&A transactions (e.g. sources of finance, accounting implications)
  • Demonstrate presentation and report writing skills

Values & Attitudes

  • Demonstrate confidence in applying financial and strategic concepts to M&A
  • Demonstrate awareness of the wider business context of M&A activity

Module Leader: Professor Scott Moeller

Scott Moeller is the Director of the M&A Research Centre at Cass Business School. He teaches Mergers & Acquisitions on the MBA and MSc programmes at Cass.

During his six years at Deutsche Bank, Scott was Global Head of the bank’s corporate venture capital unit, Managing Director of the Investment Bank's Global eBusiness Division and Managing Director of the department responsible for world-wide strategy and new business acquisitions. Scott worked first at Booz Allen & Hamilton Management Consultants for over 5 years and then at Morgan Stanley for over 12 years in New York, Japan, and most recently as co-manager and then member of the board of Morgan Stanley Bank AG in Germany. Scott has held a number of other board seats throughout Europe, Africa, Asia and the Americas and is currently a non-executive director on several boards.

Prof Scott Moeller's Online Profile

See Scott Moeller discussing M&A attractiveness on a recent episode of Cass Talks


Eligibility

The course is open to current undergraduates and recent graduates. Applicants must have studied finance as part of their undergraduate degree, with some coverage of corporate finance, or have a professional background in finance. It is recommended that students wishing to enrol on this course have mathematical skills to the equivalent of a UK A-level in Mathematics.

Students who have not studied a degree programme taught in English before are required to have an overall IELTS score of at least 6.5 (with a minimum of 6.5 in writing).