040118 KU Corporate Restructuring (MA) (2018S)

4.00 ECTS (2.00 SWS), SPL 4 - Wirtschaftswissenschaften

Prüfungsimmanente Lehrveranstaltung

Dear Student,
This is to let you know that I will take over the course Corporate Restructuring in the summer semester.
The good news is that it will be a case-based course with lots of applications and hands-on experience.
Yours sincerely,
Gyongyi Loranth

Moodle

An/Abmeldung

Hinweis: Ihr Anmeldezeitpunkt innerhalb der Frist hat keine Auswirkungen auf die Platzvergabe (kein "first come, first served").

Anmeldung von Mi 14.02.2018 09:00 bis Mi 21.02.2018 12:00
Abmeldung bis Mi 14.03.2018 23:59

Details

max. 50 Teilnehmer*innen

Sprache: Englisch

Lehrende

Gyöngyi Loranth

Termine (iCal) - nächster Termin ist mit N markiert

    
    Freitag
    08.06.
    13:30 - 19:00
    Hörsaal 16  Oskar-Morgenstern-Platz 1  2.Stock
    
    Freitag
    15.06.
    13:30 - 19:00
    Hörsaal 17  Oskar-Morgenstern-Platz 1  2.Stock
    
    Donnerstag
    28.06.
    09:00 - 14:30
    PC-Seminarraum 2  Oskar-Morgenstern-Platz 1  1.Untergeschoß
    
    Freitag
    29.06.
    12:30 - 19:00
    Seminarraum 6  Oskar-Morgenstern-Platz 1  1.Stock

Information

Ziele, Inhalte und Methode der Lehrveranstaltung

We will consider different financial transactions involving the in-depth restructuring of a company’s business and/or capital structure. The emphasis will be on the valuation techniques and execution stages of a diverse set of restructuring transactions, but we will also discuss some aspects of the strategic rationales underlying these transactions.

Main themes:
• Mergers and Acquisitions (M&A)
• Leveraged buyouts (LBO) and management buyouts (MBO)
• Leveraged recapitalizations
• Restructurings in situations of financial distress
• Initial public offerings (IPO)
• Divestitures and spinoffs

Sessions
• Lectures on background and techniques,
• Team work on case studies
• Discussions of team case studies

Learning objectives and competencies
Upon completing this course students should be able to understand
• the need and scope of corporate restructuring
• the various modes of restructuring (M&A, Spin-offs, LBOs, IPOs, Distressed Restructurings, Leveraged Recapitalization)
• the planning and execution of various restructuring strategies
• the feasibility and trade-offs employed in the different forms of restructuring
• the appropriateness of the different valuation models used in restructurings

Course Contents
Sessions 1: Mergers and Acquisitions

We will start with the topic of mergers and acquisitions (M&A) in terms of their possible goals, valuation, execution, and performance. The day will also serve as a refresher on financial policy frameworks and valuation techniques.

Case study: TBA

Sessions 2: Leveraged Buyouts

Next we will discuss leveraged buyouts (LBOs) and management buyouts (MBOs) again in terms of their possible rationales, specific valuation methods, execution, and performance. We will start with a case set from the viewpoint of a MBO target before going through a step-by-step projection and valuation exercise from the viewpoint of the acquirer in a LBO.

Case study: Bain Capital’s “Take Private” of China Fire

Case study: Apex Capital: The Nova LBO

Sessions 3: Distressed Restructuring

We will discuss the case of a company in financial distress following a period of extremely fast growth through acquisitions and discuss how and why it got into financial distress and its options for resolving the situation.

Case study: Loewen

Sessions 4: Initial Public Offerings (IPO) and Spinoffs

Last, we will focus on a company’s decision to undertake an initial public offering (IPO), the process of “going public”, including the structuring and pricing of the offering. Time permitting, we will conclude with a discussion of spin-off, carve-outs and other transactions in which a multi-business company separates fully or partially from a business unit.

Case study: Prada’s Hong Kong IPO

Case study: USX Corp.

Art der Leistungskontrolle und erlaubte Hilfsmittel

The course involves four 5,5 hour sessions. Sessions consist of lectures and cases, and will involve class discussion. Case studies are the bread and butter of this course. Before each session, please read the corresponding case study and study questions. There is no need to prepare a case analysis before the session as session time will be set aside for team work. However, thinking about the questions ahead of time will help you hit the ground running.

Case Studies. The case method is one of the most effective pedagogical tools to sharpen your analytical and decision-making skills, as it requires you to be an active participant in financial decisions. The discussion constitutes an opportunity to defend your position and to learn from others, by listening to their comments and criticisms. Classrooms are our training environments to prepare you for business challenges.

Regarding the cases, each group will submit a three-page memorandum of analysis and recommendations covering the case study questions plus any accompanying tables you wish to include. Tables should be well organized and labelled. Be sure to indicate how you arrived at your conclusions. In addition, groups are required to prepare a power point presentation, including the main points of the analysis.

Mindestanforderungen und Beurteilungsmaßstab

Assessment
80% Case-study work (in groups)
20% Participation

Prüfungsstoff

Literatur

Materials
DONALD DEPAMPHILIS: MERGERS, ACQUISITIONS AND OTHER RESTRUCTURING ACTIVITIES (ACADEMIC PRESS, 2ND ED.)

• OTHER RECOMMENDED BOOKS:
• PATRICK GAUGHAN, MERGERS, ACQUISITIONS AND CORPORATE RESTRUCTURINGS (3RD ED, WILEY)
• STUART GILSON, CREATING VALUE THROUGH CORPORATE RESTRUCTURING (WILEY FINANCE)
• FRED WESTON AND SAMUEL WEAVER, MERGERS AND ACQUISITIONS (MC GRAW-HILL)
• FRED WESTON, KWANG CHUNG, JUAN SIU, TAKEOVERS, RESTRUCTURING, & CORPORATE GOVERNANCE (2ND ED., PRENTICE-HALL)

LINKS TO CASES FROM HBS, INSEAD AND HEC WILL BE PROVIDED IN DUE COURSE.

Zuordnung im Vorlesungsverzeichnis

Letzte Änderung: Mo 07.09.2020 15:28