Mergers & Acquisitions
Niveau
2.Semester Master: 1st Study cycle
Learning outcomes of the courses/module
The students:
• know the process steps in the context of a company sale
• know what a "distressed M&A" is and can distinguish it from the classic company sale
• understand how to calculate chapter costs with the WACC concept
• understand how to calculate equity costs with the CAPM
• are able to calculate a company value with the DCF method
• know the process steps in the context of a company sale
• know what a "distressed M&A" is and can distinguish it from the classic company sale
• understand how to calculate chapter costs with the WACC concept
• understand how to calculate equity costs with the CAPM
• are able to calculate a company value with the DCF method
Prerequisites for the course
2. Semester: no information
Course content
• Phases of a transaction (initial contact, mandate, preparation of exposé, company valuation, search for buyer or seller, letter of intent, due diligence, contract negotiations and closing)
• Special features of distressed M&A (asset deal and share deal)
• Capital Asset Pricing Model (CAPM)
• Determining cost of capital with the WACC approach
• Overview of business valuation methods
• Valuation of companies using the capitalized earnings value method, the DCF approach and the use of multiples
• Price setting in practice: Buyer and seller perspective
• Special features of distressed M&A (asset deal and share deal)
• Capital Asset Pricing Model (CAPM)
• Determining cost of capital with the WACC approach
• Overview of business valuation methods
• Valuation of companies using the capitalized earnings value method, the DCF approach and the use of multiples
• Price setting in practice: Buyer and seller perspective
Recommended specialist literature
Ballwieser, W. & Hachmeister, D. (2016) Unternehmensbewertung: Prozess, Methoden und Probleme, Stuttgart.
Exler, M. W. (2013) Bewertung und Verkauf mittelständischer Unternehmen: Phasen und Prozessschritte der Unternehmensveräußerung, Herne.
Heesen, B. (2019) Basiswissen Unternehmensbewertung: Schneller Einstieg in die Wertermittlung, Wiesbaden.
Institut der Wirtschaftsprüfer in Deutschland (2019) IDW Verlautbarungen zur Unternehmensbewertung, Düsseldorf.
Jansen, S. (2008) Mergers & Acquisitions, Unternehmensakquisitionen und -kooperationen, Eine strategische, organisatorische und kapitalmarkt-theoretische Einführung, Wiesbaden.
Picot, G. u.a., Hrsg. (2012) Handbuch Mergers & Acquisitions – Planung, Durchführung, Integration, Stuttgart.
Exler, M. W. (2013) Bewertung und Verkauf mittelständischer Unternehmen: Phasen und Prozessschritte der Unternehmensveräußerung, Herne.
Heesen, B. (2019) Basiswissen Unternehmensbewertung: Schneller Einstieg in die Wertermittlung, Wiesbaden.
Institut der Wirtschaftsprüfer in Deutschland (2019) IDW Verlautbarungen zur Unternehmensbewertung, Düsseldorf.
Jansen, S. (2008) Mergers & Acquisitions, Unternehmensakquisitionen und -kooperationen, Eine strategische, organisatorische und kapitalmarkt-theoretische Einführung, Wiesbaden.
Picot, G. u.a., Hrsg. (2012) Handbuch Mergers & Acquisitions – Planung, Durchführung, Integration, Stuttgart.
Assessment methods and criteria
• Module exam (Data Analytics & Business Modeling, Risk Management & Monitoring, Forecasting Methods & Scenario Techniques, Mergers & Acquisitions)
• Online questions
• Online questions
Language
German
Number of ECTS credits awarded
5
Share of e-learning in %
50
Semester hours per week
2.0
Planned teaching and learning method
• Blended Learning
Semester/trimester in which the course/module is offered
2
Name of lecturer
Markus Exler
Academic year
Key figure of the course/module
4
Type of course/module
integrated lecture
Type of course
Compulsory
Internship(s)
none