Introductory description

The module is designed to provide students with a broad understanding of mergers and acquisitions (including strategic alliances) and, by using a multi-disciplinary approach, the impact of other disciplines/specialisms.

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

M&A in context.
Multi-disciplinary approach to analysing M&A.
Strategy: M&A and alliances.
Private Equity.
Regulators and governments.
Process.
Valuation.
Defences, corporate governance and financial PR.
Integration and post-acquisition management.
Success & failure.

Learning outcomes

By the end of the module, students should be able to:

• To understand M&A activity including the relevance and importance of M&A as an activity in terms of volume, value, geographic and industry/sector spread.
• To understand M&A activity including the strategic importance of M&A including that to not-for profit organisations.
• To understand M&A activity including the key role process plays in M&A.
• To understand M&A activity including the principles of valuation.
• To understand M&A activity including the role and impact of regulators and governments at national, international, regional (EU) and global levels.
• To understand M&A activity including determining how acquisitions should be integrated and managed post-acquisition and the potential problems/pitfalls.
• To understand M&A activity including achieving post-acquisition success (or avoiding post acquisition failure).
• To understand the impact of other key disciplines on M&A including Economics, finance and accounting.
• To understand the impact of other key disciplines on M&A including human resource management.
• To understand the impact of other key disciplines on M&A including operations and service operations management.
• To be able to analyse M&A transactions effectively and critically using a variety of theoretical and practical techniques and from a range of disciplines from finance through to human resources.
• Finance and accounting analysis.
• Developing a balanced analysis using several disciplines.

Indicative reading list

Graebner ME, Heimeriks KH, Huy Q, Vaara E. 2017. The process of post-merger integration: a review and agenda for future research. Academy of Management Annals 11(1): 1–32.
Alton R, Rising C, Waldeck A. 2011. The new M&A playbook. Harvard Business Review 89(3): 48–57.
Capron L, Mitchell W. 2010. Finding the right path. Harvard Business Review 88(7-8): 102-107.
Olson MS, Van Bever D, Verry S. 2008. When growth stalls. Harvard Business Review 86(3): 50-61.
Heimeriks KH, Schijven M, Gates S. 2012. Manifestations of higher-order routines: the underlying mechanisms of deliberate learning in the context of post-acquisition integration. Academy of Management Journal 55(3): 703-726.
Ashkenas RN, DeMonaco LJ, Francis SC. 1998. Making the deal real. How GE Capital integrates acquisitions. Harvard Business Review 76(1).
Hayward MLA, Hambrick DC. 1997. Explaining the premiums paid for large acquisitions: evidence of the CEO hubris. Administrative Science Quarterly 42: 103-127.
Bettinazzi ELM, Zollo M. 2017. Stakeholder orientation and acquisition performance. Strategic Management Journal 38: 2465–2485.
Porter ME, Kramer MR. 2011. Creating shared value. Harvard Business Review 89(1-2): 62–77.
Das TK, Teng B-S. 2000. Instabilities of strategic alliances: an internal tensions perspective. Organization Science 11(1): 77-101.
Poppo L, Zenger T. 2002. Do formal contracts and relational governance function as substitutes or complements? Strategic Management Journal 23(8): 707-725.
Kumar N. 2009. How emerging giants are rewriting the rules of M&A. Harvard Business Review 87(5): 115-121.
Bekier MM, Bogardus, Oldham T. 2001. Mastering revenue growth in M&A. McKinsey on Finance 1: 1-5.
Bingham C, Heimeriks KH, Schijven M, Gates S. 2014. Concurrent learning: how organizations develop multiple dynamic capabilities in parallel. Strategic Management Journal 36(12): 1802–1825.
Capron L. 2013. Cisco’s corporate development portfolio: a blend of building, borrowing, and buying. Strategy & Leadership 41(2): 27-30.
Konstantopoulos, N., Sakas, D. and Triantafyllopoulos, Y., 2009. Lessons from a case study for Greek banking M&A
negotiations. Management Decision, 47(8), pp.1300-1312.
Weber, Y., Belkin, T. and Tarba, S.Y., 2011. Negotiation, cultural differences, and planning in mergers and acquisitions. Journal of Transnational Management, 16(2), pp.107-115.
Ahammad, M.F., Tarba, S.Y., Liu, Y., Glaister, K.W. and Cooper, C.L., 2016. Exploring the factors influencing the negotiation process in cross-border M&A. International Business Review, 25(2), pp.445-457.

Subject specific skills

To be able to understand the key elements of M&A activity and its role as a corporate activity and to be able to assess potential and actual transactions and their aftermath.
Researching to gain sufficient information to be able to meaningfully analyse transactions.

Transferable skills

Clear and concise report writing.
Oral presentation skills.
Team working.