Cross-border Mergers and Acquisitions
- Credits: 4
- Ending: Examination
- Range: 2C
- Semester: summer
- Year: 2
- Faculty of Commerce
Teachers
Included in study programs
Teaching results
Students acquire the following knowledge:
- knowledge of the specific requirements and procedure for the implementation of international mergers and acquisitions involved a Slovak company (investor or object of investment),
- overview of successful cases and failed transactions
- knowledge of the specificities and risks of the environment and the foreign direct investment process.
Students acquire in particular the following skills:
- adoption of a specific due diligence procedure for cross-border mergers and acquisitions,
- structuring of financial analysis and valuation of a particular case (deal),
- processing of risk analysis with emphasis on regulatory, legal, tax due diligence,
Students acquire the following competencies:
- mastering the complex due diligence process and valuing the subject of the investment in the form of a cross-border merger or acquisition.
Indicative content
International mergers and acquisitions as a transaction process (buyer vs. seller). Phases and timing of due diligence. Types of due diligence and their importance. Valuation and value of synergies in cross-border mergers and acquisitions (M&As).
Support literature
1. FERENČÍKOVÁ, Soňa. a kol. Stratégia medzinárodného podnikania. Bratislava: Ekonóm 2021, ISBN 9788022548984
2. MYŠIČKA, V. a kol. Inovácie a trendy v M&A. Praktická príručka. 2020. C. H. Beck. 360 s. ISBN: 978-80-89603-84-8.
3. REED LAJOUX, Alexandra The Art of M&A, 5th ed., Mc Graw-Hill 2019, ISBN 978-1260121780
4. WHITAKER, Scott C. Cross-border Mergers and Acquisitions. Wiley 2016, ISBN 978-1119042235
Syllabus
1. Introduction to international mergers and acquisitions. 2. Introducing the due diligence process. 3. Stages and timing of M&A. Buyer's Party. 4. Stages and timing of M&A. Seller's party. 5. Structure, purposes and types of due diligence. 6. Due diligence – net working capital and net debt. 7. Due diligence – the underlying financial performance section. 8. Tax and legal components of due diligence. 9. Valuation and her trial. 10. Revenue approach and valuation methods. 11. Valuation of DFC, value of synergies and context of value creation through M&A. 12. Due diligence integration, successful examples of practice and failure. 13. Summary of due diligence and overall evaluation.
Requirements to complete the course
10 % active participation in seminars
30 % test
60 % preparation and presentation of a specific cross-border investment
Student workload
Total: workload 4 credits x 26 h = 104 h.
Independent burden for individual educational activities
Participation in seminars: 26 hours
Preparation for seminars: 26 hours
Preparing a business case and presentation: 52 hours
Language whose command is required to complete the course
Slovak, English
Date of approval: 06.03.2024
Date of the latest change: 31.03.2025