Finance of Mergers and Acquisitions Valuation and Pricing

This course teaches how to value and price M&A deals and to choose the optimal financing mix for an M&A deal. The course focuses on all the major types of M&A deals including strategic M&A, private equity leveraged buyouts (LBOs), and restructuring deals such as spinoffs and asset transfers.

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Syllabus

Syllabus - What you will learn from this course
Week 1
Course Orientation and Module 1: Overview of M&A Topics and Evidence
You will learn the basic terminology of M&A, which we will use throughout the course. You will also learn why M&A deals happen, and how to identify drivers of M&A that are truly value-enhancing. Finally, you will study the history of M&A and learn key facts about previous M&A waves.
Week 2
Module 2: Company Valuation
What determines a company’s stock price? Placing a value on companies is a key tool for M&A analysis. This module focuses on the main methods available to estimate stock prices, including discounted cash flow valuation and multiples-based valuation. You will learn these tools using the most up-to-date Finance theory, and real-world examples.
Week 3
Module 3: The Role of Target and Acquirer Valuation in M&A
Valuation analysis is a major part of the work that investment banks do when advising companies involved in M&A deals. You will learn that both target and acquirer valuation matter, and why. This module also focuses on what is special about the valuation and pricing of non-publicly traded targets. Finally, you will learn how to best use transaction multiples in the valuation of M&A deals.
Week 4
Module 4: Synergies and Hostile Takeovers
This module starts with how to place a value on synergies using cash flow forecasts provided by management, and also using the stock market reaction to a new M&A deal. Next, you will also learn how to relate synergies to the premium paid for targets and how to calculate the NPV (net present value) of a deal. You will also learn the specifics of hostile takeover deals with a focus on governance, legal, and valuation issues.
Course Conclusion

FAQ

When will I have access to the lectures and assignments?

Access to lectures and assignments depends on your type of enrollment. If you take a course in audit mode, you will be able to see most course materials for free. To access graded assignments and to earn a Certificate, you will need to purchase the Certificate experience, during or after your audit. If you don't see the audit option:

What will I get if I purchase the Certificate?

When you purchase a Certificate you get access to all course materials, including graded assignments. Upon completing the course, your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.

What is the refund policy?

You will be eligible for a full refund until two weeks after your payment date, or (for courses that have just launched) until two weeks after the first session of the course begins, whichever is later. You cannot receive a refund once you’ve earned a Course Certificate, even if you complete the course within the two-week refund period. See our full refund policy.

Is financial aid available?

Yes. In select learning programs, you can apply for financial aid or a scholarship if you can’t afford the enrollment fee. If fin aid or scholarship is available for your learning program selection, you’ll find a link to apply on the description page.

Reviews

Professor Almeida makes topics easy to understand and it is a pleasure to learn from him.

Material, class, quizes, case studies and examples support well the learning.

A very systematic course with great examples and practice !