Mergers and acquisitions (M&A) and restructurings are the largest transactions the corporation undertakes over the course of its lifetime. Execution of these transactions requires knowledge of the fundamental economic principles behind the underlying value creation, financing, bargaining, and legal contracting. This course develops the critical thinking, scientific basis, and practical knowledge required for a successful execution of M&A and restructuring. A unique aspect of the course is its emphasis on global corporate governance principles and business practices. This emphasis is reflected in the casework, lectures and scientific reading material. Moreover, the emphasis is strengthened by the fact that the course is offered jointly by NHH and the Tuck School of Business at the Ivy League university Dartmouth College (USA).

Upon completion, the students will have acquired advanced, in-depth knowledge and ability to analyze and execute corporate decision-making within the following areas:

Specific knowledge

The candidates have advanced and in-depth knowledge within the following areas:

• Target valuation and value creation.
• Deal initiation and bidding strategies.
• Auction vs. bargaining over synergies.
• Payment method and transaction financing.
• Resistance and conflict resolution.
• Deal structure, contracting and legal framework.
• Competition and antitrust.
• Governance and investor activism.
• Resolution of financial distress.
• How to navigate corporate bankruptcy.

Specific competencies

By fulfilling the course requirements, the candidates will have acquired the specific competencies, including as follows:

• Cognitive: a high-level understanding of the above economic, legal and organizational issues associated with M&A and restructuring.
• Creative: the ability to learn from and improve on the observed practice and problems arising from these complex investment decisions
• Communicative: the ability to effectively communicate to all relevant constituencies the motivation for and likely effects of M&A and restructuring projects.

General competencies

• The students will also have acquired:
  Ability to generalize: to apply past experience to future projects.
• A constructive ability: to learn from past mistakes, and make constructive changes.
• Ethical standards: to responsibly execute complex projects with high ethics.
• Cooperative standards: ability to lead a team and learn from others where it matters.

The candidates are assessed based on active participation in plenary discusssion and group work, as well as the quality, presentation, and discussion of the final project. The grade is “pass/fail”.

Upon completion of the programme, participants will receive a joint diploma from NHH and Tuck, as well as 20 course credits (ECTS) at the masters level from NHH.