Global Mergers &

Acquisitions
Fall 2023
 Term Overview
• Purpose

• Process

• Benefit

• At the end of this term you will be able to……

 Learning Objectives
1. Understand why Mergers & Acquisitions are a necessary part of a company’s growth
strategy.
2. Understand the difference between a Merger & an Acquisition and the underlying
strategy for each.(ie) vertical integration; brand extension; labour arbitrage..
3. Design a prospecting process map for target companies.
4. Gain knowledge of basic corporate valuation models used in M&A.(ie)Comparative
EBITDA multiple; Discounted Cash-flow.
5. Prepare a Due Diligence checklist.
6. Understand the role that jurisdictional laws play in global M&A transactions.
7. Be able to discuss the strategy & merits of various recent identified global M&A
transactions and their relative success.(ie) Adidas & Reebok.
 Week by Week
• Week1-Overview Week 7-DD Steps 12-20
• Week 2-Mergers Week 8-Valuation
• Week 3-Acquisitions Week 9-Test #2
• Week 4-Test#1 Week 10-Assignment
• Week5-Tax Week 11-Cases
• Week 6-DD Steps 1-12 Week 12-Test#3
 How are you graded?
Things you will need:
-
-internet access: BNN, MSNBC, Yahoo Finance, Bloomberg, Thomson-Reuters can be sources for
current and historical public M&A information.
-
Marks & Scoring Allocations:
-
3 Multiple choice tests at 25% each(dates/times TBD)
-
1 Group Assignment Presentation 25%(15% graded by Instructor & 10% by the Class/peer
evaluation)

Total: 100%

*Interim marks will be posted throughout the term onto Blackboard.

 Who are you?
• Name
• Hometown/Country
• Main area of study
• Goals & Objectives
• Why did you choose this course?
• Does this time and format work for your
schedule and travel?
 Academic Integrity Review &
Reminder
• In an effort to educate students (new and returning) on academic dishonesty and to reduce the number of
offenses, students will be required to complete this online module.
– the importance of academic integrity
– common examples of breaches of academic integrity found in student work
– acceptable standards of academic integrity
– Recognize when to cite a source to avoid plagiarism
– Identify the services and resources that support academic integrity
– Identify the potential consequences for breaches of academic integrity

• The module will be found on a student’s Blackboard under “My Organizations” and then “Academic
Integrity”.
 M&A Background
• Global merger and acquisition activity in 2022 set a record,
eclipsing a previous high reached on the eve of the financial crisis
more than a decade ago.
Deals worth nearly $3.8tn have been agreed last year, a 39 per cent
jump from 2021, as companies race to remake themselves in the
face of sweeping technological change. Corporate executives have
taken advantage of record stock prices, buoyant consumer
confidence and relatively low borrowing costs — but a decline in
fees has taken the edge off the boom for Wall Street banks. The total
has been bolstered by a string of mega-deals, defined as takeovers
worth more than $5.9bn
 Projection is
$4.8 Trillion in
transactions
end of 2023
Do you recognise these?
 Definition-Merger
The bringing together of two things, mainly companies, into one.

Example:
 Definition-Acquisition
• An asset or entity bought or obtained.
• Example: Pepsi acquires Quaker Oats
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