Course Syllabus: Mergers & Acquisitions, LBOs and Corporate Restructuring

Jose M. Liberti, DePaul University

Abstract

The course involves analysis of corporate restructuring strategies including mergers, acquisitions, friendly vs. hostile takeovers, financial re-capitalization, leveraged buyouts, management buyouts, going private, and reorganization under bankruptcy. The course integrates the corporate governance and agency dimensions, financial and strategic management aspects, and legal and accounting considerations into a unified framework for investigating issues such as, pre-merger planning, fact-finding, accounting and tax implications, anti-trust problems, post-merger integration, and short-term and long-term shareholder wealth consequences of financial and organizational restructuring transactions. The course combines applied theoretical approach with the case study method through detailed analysis of domestic and global restructuring cases. The focus will be on fundamental concepts of valuation and analytical tools of corporate finance related to restructuring.

The course is roughly divided into 4 core topics:

Part A: Traditional M&A Topics and Transactions: Strategic and Financial Aspects

Part B: The Role of "Arbs" and "Corporate Raiders"

Part C: Creating Value Through Corporate Restructuring

Part D: Private Equity and Leveraged Buyouts (LBOs)