Mergers, Management Buyouts and Other Corporate Reorganizations

Module description

This course examines several forms of corporate reorganisations, including mergers and acquisitions, reorganisation through workouts and bankruptcy, divisional spin-offs and divestitures, and leveraged buyouts. Students will examine the process of managing reorganization, the role of the investment bank and other specialists, regulation, and cross-country comparisons. The course will have a strong conceptual approach, with an emphasis on why mergers and other reorganisations take place, what is their role in the economy, and how do they perform from the viewpoint of shareholders and other parties. There will be a strong institutional flavour that will be communicated through papers of a more applied nature. Real case studies will provide the applications of the course.

Additional Information:

Selected topics covered in the course study the cross-country corporate reorganisations, as well as the differences in ownership structure, legal system and corporate governance around the world.

All of the resources for this module are in electronic form only.

Students learn to apply insights from the recent academic literature in the context of real-life cases involving corporate reorganisations. They also develop their skills in team-working, presentation, and independent thinking in this module.

Full module specification

Module title:Mergers, Management Buyouts and Other Corporate Reorganizations
Module code:BEAM053
Module level:M
Academic year:2016/7
Module lecturers:
  • Dr Lora Dimitrova - Convenor
Module credit:15
ECTS value:






Duration of module: Duration (weeks) - term 2:


Module aims

The aim of the module is to familiarise the students with the notion of various types of corporate reorganizations and their role in the economy. Topics such as M&A valuation, financing and performance, ownership structure and control, as well as shareholder activism, bank debt restructuring and private equity transactions would be covered.

ILO: Module-specific skills

  • 1. comprehensively understand the notion of corporate reorganizations, their role in the economy, and how they perform from the viewpoint of shareholders and other parties
  • 2. comprehensively understand major cross-country differences regarding ownership structure, control and the legal system
  • 3. learn alternative ways of valuation of various types of corporate reorganizations
  • 4. gain knowledge on the most common investment strategies of private equity funds: leveraged buyouts, venture capital, growth capital, distressed investments and mezzanine capital
  • 5. effectively demonstrate familiarity with the recent developments in the M&A research and practice

ILO: Discipline-specific skills

  • 6. understand the financial decision making process and apply it in solving of complex company reorganization problems
  • 7. propose novel solutions in financial problem solving and make decisions in unpredictable situations
  • 8. independently interpret financial data and problems in the light of established
  • 9. access, synthesise, and evaluate with minimum guidance a body of relevant existing research and use it as a guidance in addressing real life corporate finance problems

ILO: Personal and key skills

  • 10. work in teams
  • 11. seek and make use of feedback
  • 12. successfully complete, within a group, a task within a defined period
  • 13. give a presentation of collaborative project
  • 14. critically analyse problems arising in both academic and practical contexts

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Scheduled Learning and Teaching22 (11 x 2 hour lectures)Lectures
Scheduled Learning and Teaching11 (11 x 1 hour tutorials)Tutorials

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Case StudyMax. 4 pages1-5, 8-14Oral feedback in tutorial

Summative assessment (% of credit)

CourseworkWritten examsPractical exams

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Group presentations of academic papers and in-class participation10Group presentation (max. 20 minutes each; max. group size: 4 students)1-5, 8-14Oral feedback in class
One group case study20Group case study (max. 4 pages each)1-5, 8-14Specific written feedback to individual groups
Mid-term written exam2040 min1-9, 14Standard model answers available at ELE after the exam
Final written exam501 hour1-9, 14Standard model answers available at ELE after the exam

Details of re-assessment (where required by referral or deferral)

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Group presentations and in-class participation (10%)Individual written report on an academic paper (max. 1200 words) (10%)1-5, 8-14Aug/Sep
Two group case studies (20%)Two group case studies (20%)1-5, 8-14Aug/Sep
Mid-term written exam (20%)Mid-term written exam (20%)1-9, 14Aug/Sep
Final written exam (50%)Referred final written exam (1.5 hours) (50%)1-9, 14Aug/Sep

Re-assessment notes

The guidelines for the referred exams are identical to those for the original exam papers. Detailed guidance regarding the individual reports (i.e. the re-assessment for the presentation element) will be issued in due course to students referred in this element.

Syllabus plan

  • Hostile takeovers in Europe, North America and Asia
  • Financing of mergers, bid premium and post-merger performance
  • Landscape of ownership across the world
  • Shareholder activism in US, Europe and Japan
  • Private equity transactions
  • Private companies and family ownership
  • M&A valuation
  • Bank debt restructuring and problems in debt overhang

Indicative learning resources - Basic reading

Lecture notes and selection of academic papers would be advised during the course

Module has an active ELE page?


Indicative learning resources - Other resources

to be advised during the course

Origin date


Last revision date