MAN 656: Mergers & Acquisitions

For decades, mergers and acquisitions (M&A) have continued to be the primary vehicle for reshaping firms’ business portfolios. Both the rationales and economic outcomes of mergers and acquisitions, however, have remained a source of controversy in both academic research and business practice. The purpose of this course is to unpack which of the “received wisdoms” on mergers and acquisitions really hold up to rigorous scrutiny and which ones do not. To serve this purpose, we will systematically review the key determinants of acquisitions, and discuss the economic outcomes of acquisitions coupled with the key contingencies influencing acquisition outcomes. Moreover, we will discuss and practice some of the key tools for analyzing and implementing acquisitions.

Learning outcomes
Students will acquire and demonstrate expert knowledge in the specific subject area of M&A. Students will be able to apply and critically reflect upon contemporary theories, models and tools utilized in M&A research and practice. When analyzing fictitious or real-life M&A transactions, students will be able to identify key issues, derive appropriate solutions, and have good understanding of their impact on M&A transaction outcomes. Students will be able to design and deliver professional and effective oral presentations of their own transaction analyses.

Necessary prerequisites
Not taken MAN 654

Recommended prerequisites

Forms of teaching and learningContact hoursIndependent study time
Lecture2 SWS9 SWS
Exercise class2 SWS4 SWS
ECTS credits6
Graded yes
Form of assessmentWritten exam (60 min, 70%) and assignment/presentation in exercise class (30%)
Restricted admissionyes
Further information
Performing lecturer
Prof. Dr. Matthias Brauer
Prof. Dr. Matthias Brauer
Frequency of offeringFall semester
Duration of module 1 semester
Range of applicationM.Sc. MMM, M.Sc. Bus. Edu., M.Sc. Econ., M.Sc. Bus. Inf., LL.M., MAKUWI
Preliminary course work
Program-specific Competency GoalsCG 1
LiteratureThe set of compulsory and optional readings in form of research articles is continuously updated and will be announced at the start of the course.
Course outlineThe course is structured along the classic M&A process starting with target selection and ending with target integration. Additionally, we will discuss specific M&A transactions (i.e., cross-border M&A; LBOs).