International Joint Ventures, Mergers and Acquisitions

Course ID
MDG 605
Level
Undergraduate
Program
BMS
Semester
Sixth
Credits
6.0
Paper Type
DSE – Global Business
Method
Lecture & Tutorial

Unique Paper Code: 61017923

This course is designed to provide an understanding of the essential elements of Joint Ventures, Mergers and Acquisitions with the basic methods of valuation, post-merger valuation, methods of payment and financing options at global level.

Learning Outcomes:

At the end of the course, students should be able to:

  • To facilitate the understanding of process and economic rationales of corporate restructuring tools such as Joint Ventures and Mergers & Acquisitions, particularly in International domain of operation.
  • To enable the deep understanding of techniques of application of M&As and Joint Ventures.
  • To enable to apply the valuation techniques to M&A as well as Joint Venture assessment and decision making.
  • To enable the student to acquire analytical skills in analyzing real-world cases in the need for M&A as well as Joint Venture in a respective International ventures.
  • To develop skills in group work, including communication, collaboration, and presentation.

Course Contents

Unit I
Unit II
Unit III
Unit IV

Unit I (2 Weeks)

Joint Ventures: Concept & Meaning of Joint Ventures, Need & Types of Joint Ventures, Structures & Problems faced in Joint Ventures, Joint Ventures and Strategic Alliance. Some relevant case study of successful and failed joined ventures.

References:

J. Fred Weston, Kwang S. Chung, Susan E. Hoag. “Mergers, restructuring and corporate control”, Prentice Hall of India [Chapter: 14]

Unit II (4 Weeks)

Mergers and Acquisitions: Introduction to mergers, types of mergers, theories of mergers & acquisitions; Cross-border mergers and acquisitions, issues and challenges in cross border M&A. Handling cross-culture and taxations issues in cross-border M&A. Analysis of Post- Merger Performance. Demerger, types of demerger, reverse merger, buyback of shares, leverage buy-out strategy, merger strategy – growth, synergy, operating synergy, financial synergy, diversification. Takeover and its types, takeover strategy, takeover bids, legal framework for mergers and acquisitions, leverages and buyouts.

References:

J. Fred Weston, Kwang S. Chung, Susan E. Hoag. “Mergers, restructuring and corporate control”, Prentice Hall of India [Chapter: 1, 2, 3 16, 17, 18, 19 & 20]

Boeh, Kevin K and Beamish, Paul W. “Mergers and Acquisitions Text and Cases”, Sage South Asia Edition [Chapter: 1 & 2]

Unit III (4 Weeks)

Deal Valuation and Evaluation: Factors affecting valuation basics, methods of valuation, cash flow approaches, economic value added (EVA), sensitivity analysis, and valuation under takeover regulation, valuation for slump sale, cost-benefit analysis and swap ratio determination

References:

J. Fred Weston, Kwang S. Chung, Susan E. Hoag. “Mergers, restructuring and corporate control”, Prentice Hall of India [Chapter: 6, 7, 12 & 13]

Boeh, Kevin K and Beamish, Paul W. “Mergers and Acquisitions Text and Cases”, Sage South Asia Edition [Chapter: 3, 5 & 10]

Unit IV (2 Weeks)

Post-Merger Evaluation: Financial Evaluation of Mergers & Acquisitions, Impact on shareholders’ Wealth; Methods of payment and financing options in mergers & acquisitions, financing decision, Merger, Acquisition and Competition law 2002, SEBI (Securities & Exchange Board of India) Takeover Code 2011 and criteria for negotiating friendly takeover.

References:

J. Fred Weston, Kwang S. Chung, Susan E. Hoag. “Mergers, restructuring and corporate control”, Prentice Hall of India [Chapter: 24 & 25]

Boeh, Kevin K and Beamish, Paul W. “Mergers and Acquisitions Text and Cases”, Sage South Asia Edition [Chapter: 7 & 9]

Additional Information

Text Books


J. Fred Weston, Kwang S. Chung, Susan E. Hoag. “Mergers, restructuring and corporate control”, Prentice Hall of India
Boeh, Kevin K and Beamish, Paul W. “Mergers and Acquisitions Text and Cases”, Sage South Asia Edition

Additional Readings


Weston, Fred; Chung, Kwang S. &Siu, Jon A.: Takeovers, Restructuring and Corporate Governance, (latest Ed.). Pearson Education
Sundarsanam (2006); Creating Value from Mergers and Acquisitions, (1st ed.) Pearson Education
Narayankar, Ravi, (2013): Merger and Acquisitions Corporate Restructuring, Strategy and Practices, (latest ed.). International Book House Pvt. Ltd.

Teaching Learning Process

Class room lecture; Case study discussion; Numerical Problem solving; Class presentation on the assigned topic by students individually or in group; Workshop; Tutorials; Role play

Assessment Methods

Internal evaluation of 25% marks
Attendance 5% marks
Two internal evaluations by the teacher with 10% marks each out of which one must be a class test and other may be another test or home assignment or presentation. Faculty may take more than two assignments and (or) tests but total will be only 20% marks.
End term University Exam of 75% marks

Keywords

Joint Ventures; Mergers and Acquisitions; Deal Valuation; Post-Merger Evaluation; Synergy; Takeover Code 2011

Disclaimer: Details on this page are subject to change as per University of Delhi guidelines. For latest update in this regard please refer to the University of Delhi website here.

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