Course Title: fbe 460: mergers, acquisitions and restructuring



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F13 finFBE 460 Syllabus MW rev D-1






Course Title: FBE 460: MERGERS, ACQUISITIONS AND RESTRUCTURING


Syllabus for Fall 2013


Professor: Lloyd Levitin

Office: Acc. 301E

Office Phone: 310-740-6524

E-mail: levitin@marshall.usc.edu

TA: Michael Haddad (mjhaddad@usc.edu)




Lecture Class







Monday and Wednesday

4:00 – 5:50 P.M. Room: JKP 102










Office Hours







Mondays

2:45 – 3:45 P.M.




Tuesdays

2:45 – 3:15 P.M.




Wednesdays

2:45 – 3:45 P.M.




Thursdays

5:15 – 5:45 P.M.


Course Objective

The primary objective of the course is to provide a practical understanding of the major strategic, economic, financial, human resources, and governance issues of mergers, acquisitions, and restructuring. The course is suitable for any Marshall undergraduate who desires a basic knowledge of M&A transactions in order to do effective work in a wide range of fields, including corporate development, corporate finance, investment banking, and consulting. The course is most suitable for students considering careers in finance.


Learning Objectives

This course will help you to:



  • understand the role that M&A plays in the contemporary global market, and its use as a strategic tool to provide growth, enhance competitive position, transform a company or industry, and create shareholder value.

  • develop a framework that can be used for analyzing M&A transactions including understanding strategic rationale, valuation methodologies, deal structures, bidding strategies, and the need for a value proposition.

  • know how M&A can be used successfully as well as its pitfalls, dangers and risks.

  • foster an understanding of the M&A process from target selection to doing the deal (including due diligence, integration planning, negotiating the agreement, announcing the deal), to closing and integration.

  • recognize the advantages and disadvantages of alternative deal structures.

  • have an understanding of commonly used takeover tactics and defenses.

  • choose a path for restructuring that will meet corporate goals and create shareholder value.

  • understand the practical limitations of the various valuation approaches.

  • minimize the risk that a merger or acquisition will not meet expectations.

  • know when alliances or joint ventures are preferable alternatives to mergers and acquisitions.

  • develop a concept, design a deal, and present a proposal for a merger and acquisition transaction.

  • understand how value is created (or destroyed) as result of corporate mergers, acquisitions, and restructuring transactions.


Who Should Take This Course

Those who are seeking to become entrepreneurs, financial analysts, chief financial officers, operating managers, investment bankers, business brokers, portfolio managers, investors, corporate development managers, strategic planning managers, auditors, venture capitalists, business appraisers, consultants, or who simply have an interest in the subject.


Prerequisite

BUAD 215 or BUAD 306


Required Materials

Mergers, Acquisitions and Other Restructuring Activities by Donald M. DePamphilis, (Academic Press, 6th edition, 2012)


Course Notes: Copies of lecture slides and other class information are available through your Blackboard account.
Student’s Companion Site

This site can be accessed by using the link: http://www.elsevierdirect.com/v2/companion.jsp?ISBN=9780123854858. The last item listed at this site is the Student Study Guide which contains chapter summaries and practice exam questions and answers.
Teaching Methods

This course is taught through a combination of readings, a group project and lectures. We begin each session with a discussion of current events. You are encouraged to visit dealbook.nytimes.com before each class to obtain a grasp of recent news.
About the Instructor

Lloyd Levitin is a Professor of Clinical Finance and Business Economics at Marshall. He was Executive Vice President and CFO of Pacific Enterprises from 1982-1995 (now Sempra Energy), and was actively involved in the firm’s diversification program which included numerous acquisitions. He testified as an expert on utility diversification to the Senate Finance Committee of the U.S. Congress and has been a consultant for JurEcon, Inc., a nationwide consulting and research firm for management and counsel. He has a MBA from Wharton and a JD from University of San Francisco. He practiced as a CPA after receiving his MBA, and as an attorney after receiving his JD.


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