- Docente: Renato Santini
- Credits: 6
- SSD: SECS-P/09
- Language: English
- Teaching Mode: Traditional lectures
- Campus: Bologna
- Corso: Second cycle degree programme (LM) in Economics, Consultancy and Accounting (cod. 5981)
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from Feb 13, 2024 to Mar 19, 2024
Learning outcomes
With this course, the student will have the theoretical and practical cognitive elements to approach the strategic financial decisions that firms periodically have to take during their business life. In particular, the student will acquire knowledge in areas such as business and financial planning; mergers and acquisitions with their logic and their financing, the acquisitions made by private equity and venture capital funds, corporate turnaround and financial distress and extraordinary finance operations (mergers, spin-offs, demergers, etc.), also regarding their tax, legal and financial effects. Business cases may be presented and discussed by primary professional operators
Course contents
1.Business Planning; a)Business Plan and Financial Plan structures and roles b)Economic Analysis and Financial Dynamics c)The Business Plan as a tool for Start-Ups, for M&A and for Special Situations d)Sensitivity analysis and the stress test
2. Mergers & Acquisitions; a)Internal and external growth. The 'waves' of M&A transactions b)The typical structure of an acquisition c)Aggregation synergies d)Contractual features and value impact e)The valuation methods for M&A transactions
3. Acquisition’s financing; a)LBO transactions b)Acquisition financing c)Junior and Senior debt d)Financial Covenants e)Hybrids instruments
4. Extraordinary Financial Transactions; a)Share deal and Asset deal b)Share and Asset Contribution c)Merger (with or without debt) d)Demerger e)Exchange Ratio f)Tax and Legal impacts on value
5. Private Equity and Venture Capital; a)Venture Capital and New Technologies b)Investment categories: early stage, expansion, Buy Out, replacement, others c)Divestments categories: Trade Sale, IPO, Buy Back, Secondary Buy Out, Write Off d)PE Fund management: carried interest and hurdle rate e)Add-Ons and Club Deals f)New horizons: fund of funds, mezzanine funds, distressed funds, private debt
6. Turnaround and special situations; a)Reasons behind company’s crisis b)Economic and financial crisis c)Turnaround plan d)Out-of-Court tools e)Insolvency tools in the Italian and other countries Bankruptcy Law
Readings/Bibliography
Slides in english and bibliografy (in Italian)
Teaching methods
Through slides and discussions on case studies
Office hours
See the website of Renato Santini