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040118 KU Corporate Restructuring (MA) (2024S)

4.00 ECTS (2.00 SWS), SPL 4 - Wirtschaftswissenschaften
Prüfungsimmanente Lehrveranstaltung
Moodle

An/Abmeldung

Hinweis: Ihr Anmeldezeitpunkt innerhalb der Frist hat keine Auswirkungen auf die Platzvergabe (kein "first come, first served").

Details

max. 50 Teilnehmer*innen
Sprache: Englisch

Lehrende

Termine

The course takes place on the following dates:

Mai 31, 02:00 pm - 07:00 pm, OMP1, HS 8

Juni 07, 02:00 - 07:00 pm, OMP1, HS 8

June 14, 02:00 - 07:00 pm, OMP1, HS 10

June 17, 02:00 - 07:00 pm, OMP1, HS 17

Information

Ziele, Inhalte und Methode der Lehrveranstaltung

Content
We will consider different financial transactions involving the in-depth restructuring of a company’s business and/or capital structure. The emphasis will be on the valuation techniques and execution stages of a diverse set of restructuring transactions, but we will also discuss some aspects of the strategic rationales underlying these transactions.
Main themes
• Conglomerate Valuation (Divestitures and Spinoffs)
• Leveraged buyouts (LBO) and management buyouts (MBO)
• Distressed Restructuring
• Initial public offerings (IPO)
Sessions
• Lectures on background and techniques,
• Team work on case studies
• Discussions of team case studies

Goals:
Upon completing this course students should be able to understand:
• the need and scope of corporate restructuring
• the various modes of restructuring (M&A, Spin-offs, LBOs, IPOs), the planning and execu-tion of various restructuring strategies
• the feasibility and trade-offs employed in the different forms of restructuring
• the appropriateness of the different valuation models used in restructurings

Art der Leistungskontrolle und erlaubte Hilfsmittel

.) Mandatory and conditional to be graded is a full and timely participation in all classes.
.) To be able to actively participate, preparation of mentioned literature and handing in of all 4 Case Study Assignments are mandatory.
.) Case Study Assignments will be on a group basis. However, you are incentivized to work on an individual basis which will be rewarded with additional bonus points in regards to grading.

Mindestanforderungen und Beurteilungsmaßstab

Requirements:
Previous knowledge in Corporate Finance and Valuation is required. Please notice that this is an advanced course, and not an introduction to valuation!

The precondition for the participation is the positive completion of the courses:
KU Corporate Finance 1 AND KU Valuation!

Note that participation in the course is COMPULSORY. As this is a blocked course with only 4 meetings, no session can be missed, without any exception! Not being able to attend all sessions will result in failing the course.

The evaluation will be based on the following items:
80% Case-study work (in groups) –in class and take-home
20% Participation

Prüfungsstoff

See course description above

Literatur

See course description aboveDonald DePamphilis: Mergers, Acquisitions and Other Restructuring Activities (Academic Press, 2nd ed.)
Other recommended books:
• Patrick Gaughan, Mergers, Acquisitions and Corporate Restructurings (3rd ed, Wiley)
• Stuart Gilson, Creating Value Through Corporate Restructuring (Wiley Finance)
• Fred Weston and Samuel Weaver, Mergers and Acquisitions (Mc Graw-Hill)
• Fred Weston, Kwang Chung, Juan Siu, Takeovers, Restructuring, & Corporate Govern-ance (2nd Ed., Prentice-Hall)
Links to cases from HBS, INSEAD and HEC, which course participants are required to purchase, will be provided in due course.

Zuordnung im Vorlesungsverzeichnis

Letzte Änderung: Fr 06.09.2024 18:05