Postgraduate Course: Mergers and Acquisitions (CMSE11688)
Course Outline
| School | Business School |
College | College of Arts, Humanities and Social Sciences |
| Credit level (Normal year taken) | SCQF Level 11 (Postgraduate) |
Availability | Not available to visiting students |
| SCQF Credits | 20 |
ECTS Credits | 10 |
| Summary | This course is suitable for students with postgraduate-level backgrounds in corporate finance and financial markets and provides students with the necessary skills to understand the strategic potential and limitations of mergers and acquisitions, their value creation potential, as well as the role of markets and institutions within the same framework. The course is designed to provide students with the necessary grounding in theory, as well as applied and organisational skills, to demonstrate that they will be successful in related career paths. |
| Course description |
The course aims to deliver students, at a rigorous level, the several and important issues on mergers and acquisitions (M&As). In particular, the course aims to develop students' ability to critically understand and evaluate issues relevant to M&As. The course relies on in-depth issues in corporate finance, such as capital structure, and covers the most recent developments from theoretical and empirical perspectives.
Outline content
Course content includes merger waves, acquisition strategies and motives, target firm valuation, structuring acquisitions and negotiations, anti-trust issues, investment banker perspective, M&A value creation.
Student learning experience
Students will have to read the core texts that will support the learning outcomes of each topic/lecture, and also most of the additional references/readings that will accompany each topic. The weekly lectures will explore particular aspects of the course and the additional readings will attempt to help students put material in context, which will not substitute the core reading.
During lectures students will be asked to be active, completing exercises and discussing issues with their fellow students. In any case, the nature of the material means that in most cases there is not a single acceptable answer. The important aspect is students to be able to argue on a case and present compelling evidence to back their argument.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | None |
Course Delivery Information
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| Academic year 2025/26, Not available to visiting students (SS1)
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Quota: None |
| Course Start |
Block 5 (Sem 2) and beyond |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
200
(
Lecture Hours 16,
Seminar/Tutorial Hours 8,
Programme Level Learning and Teaching Hours 4,
Directed Learning and Independent Learning Hours
172 )
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| Assessment (Further Info) |
Written Exam
100 %,
Coursework
0 %,
Practical Exam
0 %
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| Additional Information (Assessment) |
100% Class test (Individual) - Assesses all course Learning Outcomes |
| Feedback |
Formative: Feedback will be provided throughout the course in class or seminars and labs. Specifically, formative feedback will target to helping students understand complex concepts such as valuation, deal structuring, and negotiation by offering clear guidance on areas of improvement, encouraging critical thinking and application of theory to real-life cases, and promoting interactive discussions where students can reflect on their learning, ask questions, and receive personalized advice to enhance their analytical and decision-making skills relevant to M&A processes.
Summative: Feedback will be provided on assessment (exam) within agreed deadlines. This will be based on clear, constructive, and aligned with the learning outcomes, focusing on evaluating students' understanding of core concepts such as deal structuring, valuation, due diligence, and ethical considerations, as well as several theoretical and research-based arguments discussed throughout the course. It should highlight strengths and weaknesses in the application of theories, valuation exercises, and critical thinking, while offering specific suggestions for improvement, to ensure students understand how to apply their learning in practical M&A contexts. |
| No Exam Information |
Learning Outcomes
On completion of this course, the student will be able to:
- Discuss the theoretical foundations of mergers and acquisitions.
- Discuss the valuation principles and practices of M&As and rationalise success potential.
- Value target firms and estimate the potential synergies arising from M&As.
- Contrast empirical methodologies that aim to capture value creation from M&As.
- Show ability to negotiate the various terms of M&As and show knowledge around re-negotiation options based on risk-management tools.
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Reading List
Sudarsanam, S. 2010. Creating Value from Mergers and Acquisitions: The Challenges, Prentice Hall - Pearson.
Arzac, R.E., 2008. Valuation for Mergers, Buyouts and Restructuring, Wiley.
Bruner, F.R., 2004. Applied Mergers and Acquisitions, Wiley.
Gaughan, P.A., 2010. Mergers, Acquisitions, and Corporate Restructurings, Wiley.
DePamphilis, D., 2013. Mergers, Acquisitions, and Other Restructuring Activities, Academic Press.
Tirole, J., 2006. The Theory of Corporate Finance, Princeton U. Press. |
Additional Information
| Graduate Attributes and Skills |
Knowledge and Understanding
After completing this course, students should be able to:
Demonstrate a thorough knowledge and understanding of contemporary organisational disciplines; comprehend the role of business within the contemporary world; and critically evaluate and synthesise primary and secondary research and sources of evidence in order to make, and present, well informed and transparent organisation-related decisions, which have a positive global impact.
Identify, define and analyse theoretical and applied business and management problems, and develop approaches, informed by an understanding of appropriate quantitative and/or qualitative techniques, to explore and solve them responsibly. |
| Keywords | Mergers and Acquisitions |
Contacts
| Course organiser | Dr Leonidas Barbopoulos
Tel:
Email: Leonidas.Barbopoulos@ed.ac.uk |
Course secretary | |
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