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040118 KU Corporate Restructuring (MA) (2020S)

4.00 ECTS (2.00 SWS), SPL 4 - Wirtschaftswissenschaften
Prüfungsimmanente Lehrveranstaltung


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


max. 50 Teilnehmer*innen
Sprache: Englisch


Termine (iCal) - nächster Termin ist mit N markiert

During the Corona crisis, teaching will take place via Moodle and Zoom.
04.06.2020 14:00 - 19:00 Zoom
11.06.2020 14:00 - 19:00 Zoom
18.06.2020 14:00 - 19:00 Zoom - Session with KPMG
25.06.2020 14:00 - 19:00 Zoom

Donnerstag 04.06. 14:00 - 19:00 Digital
Donnerstag 11.06. 14:00 - 19:00 Digital
Donnerstag 18.06. 14:00 - 19:00 Digital
Donnerstag 25.06. 14:00 - 19:00 Digital


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 tech-niques 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
• Conglomerate Valuation (Divestitures and Spinoffs)
• Leveraged buyouts (LBO) and management buyouts (MBO)
• Distressed Restructuring
• Initial public offerings (IPO)

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

Topic 1: Conglomerates
In this session we will look at specific issues related to the valuation of conglomerates that consist of firms operating in different industries. Case study: USX (CASENET)

Topic 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

Topic 3: Distressed Restructuring
Guest Lecture: KPMG (Daniel Stapelfeldt, Tobias Kirchlechner)
The guest lecture predominantly focuses on the differentiation between out-of-court and judicial restructuring proceedings and further points out differences between the most common international proceedings. Besides the general legal and economic fundamentals, various types and causes of crises are presented. In order to achieve a company’s turnaround, a variety of operational and financial measures are discussed. The topics presented in the course of the guest lecture serve as the basis for a concluding case study that will be worked out from the students.
Case study: Provided by KPMG

Topic 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 multibusiness company separates fully or partially from a business unit.
Case study: Prada’s Hong Kong IPO

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), 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

Art der Leistungskontrolle und erlaubte Hilfsmittel

The course involves four 5,5 hour sessions. Sessions consist of lectures, cases, take-home exercise, and will involve online 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.
The students are required to purchase the case studies discussed in the curse.
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. The online Zoom sessions will be 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

Previous knowledge in Corporate Finance and Valuation is required. Please notice that this is an advanced course, and not an introduction to valuation!

The precondition for the participation is the positive completion of the courses:
KU Corporate Finance 1 AND KU Valuation!

Note that participation in the course is COMPULSORY. As this is a blocked course with only 4 meetings, no session can be missed, without any exception! Not being able to attend all sessions will result in failing the course.

The evaluation will be based on the following items:
80% Case-study work (in groups): during the Zoom sessions and at home
20% Participation



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 Gov-ernance (2nd Ed., Prentice-Hall)
Links to cases from HBS, INSEAD and HEC will be provided in due course which course participants are required to purchase.

Zuordnung im Vorlesungsverzeichnis

Letzte Änderung: Mo 05.10.2020 10:08