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Saptarshi Bhattacharjee
Saptarshi Bhattacharjee

This document provides an overview of an M&A course, including expectations, approach, topics, and terminology. The course will use a conceptual framework and case studies to cover M&A motives, target valuation, deal structuring, integration, and cross-border transactions. Students will analyze M&As within strategic settings and growth strategies. Key terminology includes mergers, acquisitions, takeovers, and divestitures.

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MERGERS & ACQUISITIONS Term V, PGDM, 2011-12 Prof. Raj K. Kovid (kovidrk@ifimbschool.com) Strategic Management Group IFIM Business School, Bangaluru, India
M&As: The Course • Students’ expectations • Depth-seekers • Approach: Text book, Papers • Cases, Readings • Project, Assignments • Groups • Data sources: Prowess, Thompson, mergerindia.com, B usiness Periodicals 2
Overview of the Course • M&As: Conceptual framework • Regulatory framework of M&As • Theories of M&A • M&As Motives: Expansion and diversification, Competence & financial synergy • Target appraisal, Valuation • Divestments • Deal structuring: Accounting, taxation, methods of payments • Corporate control: Share repurchase & Exchanges, Takeover Defences • Organizational issues of mergers and acquisitions • Post-merger integration and performance • Mergers, Strategic Alliances and Joint Ventures • Cross-Border Transactions M&As 3
M&As in Strategy Settings • Corporate Strategy • Growth Strategy (expansion/diversification) – Organic – Inorganic: M&As • Alternatives to M&As – SA & JVs – Franchising – Others 4
M&As: Terminology • Takeover • Merger • Acquisition • Tender offer • Restructuring • Sell-off: Divestiture, Liquidation etc • Hive-off • LBO • … 5
Takeover, Acquisitions, Mergers • Relative meaning • Types: – Horizontal/ Vertical – Related/unrelated • Nature: friendly / hostile
Mergers and Acquisitions • Merger – Two/more firms agree to integrate their operations. – One firm survives (sometime change name post- merger) – Types: related/unrelated; horizontal/vertical • Acquisition – One firm buys a controlling, or 100% interest in another firm with the intent of making the acquired firm a subsidiary business within its portfolio. – Types: Hostile/Friendly © 2007 Thomson/South- 7–7 Western. All rights reserved.
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1 2 overview (2)

  • 1. MERGERS & ACQUISITIONS Term V, PGDM, 2011-12 Prof. Raj K. Kovid (kovidrk@ifimbschool.com) Strategic Management Group IFIM Business School, Bangaluru, India
  • 2. M&As: The Course • Students’ expectations • Depth-seekers • Approach: Text book, Papers • Cases, Readings • Project, Assignments • Groups • Data sources: Prowess, Thompson, mergerindia.com, B usiness Periodicals 2
  • 3. Overview of the Course • M&As: Conceptual framework • Regulatory framework of M&As • Theories of M&A • M&As Motives: Expansion and diversification, Competence & financial synergy • Target appraisal, Valuation • Divestments • Deal structuring: Accounting, taxation, methods of payments • Corporate control: Share repurchase & Exchanges, Takeover Defences • Organizational issues of mergers and acquisitions • Post-merger integration and performance • Mergers, Strategic Alliances and Joint Ventures • Cross-Border Transactions M&As 3
  • 4. M&As in Strategy Settings • Corporate Strategy • Growth Strategy (expansion/diversification) – Organic – Inorganic: M&As • Alternatives to M&As – SA & JVs – Franchising – Others 4
  • 5. M&As: Terminology • Takeover • Merger • Acquisition • Tender offer • Restructuring • Sell-off: Divestiture, Liquidation etc • Hive-off • LBO • … 5
  • 6. Takeover, Acquisitions, Mergers • Relative meaning • Types: – Horizontal/ Vertical – Related/unrelated • Nature: friendly / hostile
  • 7. Mergers and Acquisitions • Merger – Two/more firms agree to integrate their operations. – One firm survives (sometime change name post- merger) – Types: related/unrelated; horizontal/vertical • Acquisition – One firm buys a controlling, or 100% interest in another firm with the intent of making the acquired firm a subsidiary business within its portfolio. – Types: Hostile/Friendly © 2007 Thomson/South- 7–7 Western. All rights reserved.
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