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FINC71-614: Mergers and Acquisitions September 2018 [Intensive]

General information

This subject enables the development of practical knowledge and skills related to analysing and negotiating mergers and acquisitions. It focuses on the design, analysis, and implementation of strategies aimed at repositioning and revitalising companies faced with competitive challenges and opportunities. The primary objective of this subject is to develop both your analytical and interpersonal skills through the use of readings, cases, lectures, discussions, simulations, and role plays within the context of strategic mergers and acquisitions.

Details

Academic unit:Bond Business School
Subject code:FINC71-614
Subject title:Mergers and Acquisitions
Subject level:Postgraduate
Semester/Year:September 2018
Credit points:10

Delivery & attendance

Timetable: https://bond.edu.au/timetable
Delivery mode:

Intensive

Workload items:
  • Seminar: x2 (Total hours: 48) - Seminar
  • Personal Study Hours: x12 (Total hours: 72) - Study time and reviewing materials
Attendance and learning activities: Subject delivered in intensive mode. Students need to attend all seminars to be able to complete assessment activities. Students are expected to notify the instructor of any absences with as much advance notice as possible.

Resources

Prescribed resources:
  • Lewicki, R.J., Saunders, D.M. & Barry, B. (2011). Essentials of Negotiation. 5th, New York, NY: McGraw-Hill/Irwin
  • Southam (2018). Mergers and Acquisitions 2018. [Case Pack] Ivey Publishing.
  • Southam (2018). Mergers and Acquisitions 2018. [Case Pack] Harvard Business School.
[email protected] & Email:[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.

To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au

Enrolment requirements

Requisites: ?

Nil

Restrictions: ? This subject is not available to
  • Study Abroad Students

Assurance of learning

Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.

At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.

Program Learning Outcomes (PLOs)

Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.

Find your program

Subject Learning Outcomes (SLOs)

On successful completion of this subject the learner will be able to:
  1. Explain the rationale behind the use of mergers and acquisitions by a firm’s managers, the key pitfalls and recommendations for maximising the chances for long-term success.
  2. Develop integrative, adaptive planning frameworks for use before, during and after a negotiation by applying a thorough understanding of negotiation concepts, theories and principles.
  3. Critically compare the concepts and principles of financial valuation and negotiation in relation to managerial decision-making.
  4. Apply industry-accepted valuation methods (DCF, relative valuation, and precedent transactions) to analyse international merger, acquisition and related transactions, including those with a cross-border and international context.
  5. Utilise appropriate negotiation and persuasion techniques for a given negotiation situation to achieve desired outcomes.
  6. Work as part of an effective team to prepare a financial valuation and a negotiation plan.

Assessment

Assessment details

TypeTask%Timing*Outcomes assessed
Class Participation Preparation for and active participation in all class activities. Interim feedback will be provided. 20% Progressive 1, 2, 3, 4, 5.
Case Analysis § Valuation case brief consisting of a two-page written merger analysis and stand-alone valuation and synergy value with supporting exhibits. 20% In Consultation 1, 3, 4, 6.
Case Analysis § Integrated negotiation plan 20% In Consultation 1, 2, 5.
Case Analysis Negotiation plan 10% In Consultation 2, 5.
Case Analysis Preliminary Valuation Model using DCF and multiples. 10% In Consultation 2.
In-Class Quiz - Individual Interim assessment of fundamental concepts. 10% In Consultation 1, 3.
Case Analysis Valuation case brief consisting of a two-page written analysis and stand-alone valuation with supporting exhibits. 10% In Consultation 1, 3, 4.
  • § Indicates group/teamwork-based assessment
  • * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
  • C = Students must reach a level of competency to successfully complete this assessment.

Assessment criteria

High Distinction 85-100 Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.
Distinction 75-84 Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.
Credit 65-74 Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.
Pass 50-64 Usually awarded to students whose performance meets the requirements set for work provided for assessment.
Fail 0-49 Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.

Quality assurance

For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.

Study information

Submission procedures

Students must check the [email protected] subject site for detailed assessment information and submission procedures.

Policy on late submission and extensions

Please discuss with Professors in advance as a substitute case may be required if case report is submitted after the classroom discussion. A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.

Policy on plagiarism

University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.

Bond University utilises Originality Reporting software to inform academic integrity.

Feedback on assessment

Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.

Disability support

If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.

Additional subject information

A peer-evaluation system will be used in this subject to help determine the individual marks for all group assessments. As part of the requirements for Business School quality accreditation, the Bond Business School employs an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.

Subject curriculum

Introduction to mergers and acquisitions, including the drivers and typical outcomes of these activities. Fundamental concepts of negotiation and financial valuation are introduced.

Review of basic negotiation concepts using the negotiation plan as an integrative framework. Utility of the negotiation plan before, during and after negotiating. Comparison of value claiming versus value creating approaches to negotiation.

Overview of tools used to assess a target firm and its context. Introduction to the art and science of financial valuation and the development of valuation models using several methods in order to provide a reasonable valuation range

Does 1+1 = 3? What are synergies? How are they valued? Who gets them?

The importance of persuasion in negotiation. Sources of power and their relationship to persuasive tactics. Introduction to basic strategies and tactics for managing complex negotiation situations such as multiple parties, negotiation in teams and cross-cultural negotiations.

Approved on: Aug 20, 2018. Edition: 3.1
Last updated: Dec 10, 2018.