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E- 2720 and my name as instructors name. Alternatively, you can purchase, download and print or ship each case individually from
www.hbsp.com.
3. Articles: Once you have registered for the course, and you have obtained your student id, you can access the entire content of the course web page. There you will find additional journal articles relevant to our subject. In addition, if you have not worked with cases very long, I highly recommend that you begin the course with the study of the article by Thomas B. Bonoma, Learning with Cases (HBS number 9-589-080) which can be purchased from the Harvard Coop or online at www.hbsp.com Grading: Class Participation Simulations Case Write-Ups Project (3 sections) Project sections: 15% 15% 20% 50%, Section I Section II Section III
Project: Turnaround with mergers and acquisition This is an individual project that you will be working on throughout the semester. The goal is to analyze a company that has overcome serious challenges by using merger, acquisition, asset sale, equity carve out, financial restructuring and so on, techniques. The project consists of 3 sections: 1. Section I: The crisis: what is the nature and origin of the trouble? 2. Section II: The Managements solution: how the management turned around the companys fortunes? 3. Section III: Your evaluation: what is your assessment of the strategy and execution of turnaround, what would you do at the critical stage? It is important than you cite references accurately. You can find the HBS Citation Guide at http://www.library.hbs.edu/guides/ If circumstances allow, there might be an oral presentation of the project. Case write-ups: Please prepare answers to the case discussion questions in advance, and hand in a hard copy at the beginning of the appropriate class (generally 3-4 pages plus exhibits). Bring two copies with you, so that you can consult your results during the class discussion. See list of questions separately.
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Academic integrity: Required and enforced. Study and apply the rules of the Student Responsibilities, at: http://www.extension.harvard.edu/2010-11/policies/responsible.jsp#integrity Students found guilty of academic dishonesty face a range of sanctions, including probation, required withdrawal from a course, suspension from the Extension School for one or more terms, and required withdrawal from an Extension School degree or certificate program. Class participation: The quality - and not the quantity - of your contribution matters the most. Advance preparation from the assigned readings and cases is required and rewarded. If you are unable to attend a class, please notify me ahead of time by email. Since the course is based on case discussion, class participation is essential. Therefore if you are unable to attend 3 or more classes during the semester than you should drop the course and retake it next year. Late submissions: Once we start to discuss a case in class, that case write-up can not be accepted. Midterm is a take-home project; therefore you should be able to submit it in time. Class presentation dates and topics, once distributed, can not be changed, since they form an integral part of the course learning process. Course web page: It is to your benefit to regularly consult the courses web page, as I put on important information at an irregular basis For example, you can find the power point slides there that I use in class. It is your responsibility to know, download and in case of need, print out and bring with you those files to the class. In case you miss a class, it is your responsibility to obtain a copy from your classmates whatever I distributed. Computer, library research skills and online access to Harvard: I will assume that you are able to use word and excel, you have access to a pc, and can learn to use an Excel-based program. I will assume that your student id is working and therefore you have access to Harvards online library and the course web page. Please make sure that the email address you provided to the registrar is current, so that any email I send, can reach you in time. In case any of these conditions are missing, it is your responsibility to take care of it during the first week of the class.
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SUBJECT Introduction to Mergers and Acquisitions The Corporate Takeover Market: Common Takeover Tactics, Antitakeover Defenses, and Corporate Governance Planning: Developing Business and Acquisition Plans--Phases 1 and 2 of the Acquisitions Process Integration: Mergers, Acquisitions, and Business Alliances Primer on Cash Flow Valuation and Forecasting Applying Relative Valuation, AssetOriented, and Real Option Valuation Methods to Mergers and Acquisitions Applying Financial Modeling Techniques to Value and Structure Mergers and Acquisitions Deal Structuring Process: Payment and Legal Considerations Financing Transactions: LBO Structures and Valuation
CASE
9/14/2010
Chapter 4:
9/21/2010 9/28/2010
Chapter 6: Chapter 7:
Can this merger be saved? Situation play Ginnys Restaurant PROJECT SECTION I DUE Mercury Athletic Footwear: Valuing the Opportunity Chapter 10: Analysis and Valuation of Privately Held Companies Chapter 12: Deal Structuring Process: Tax and Accounting Considerations
10/5/2010
Chapter 8:
10/12/2010 Chapter 9:
11/2/2010 11/9/2010
Financing Transactions: Leveraged Buyout Structures and Valuation Shared Growth and Shared Control Strategies: Joint Ventures, Partnerships, Strategic Alliances, and Licensing Alternative Exit and Restructuring Strategies: Divestitures, Spin-Offs, Carve-Outs, Split-Ups, and SplitOffs Alternative Exit and Restructuring Strategies: Reorganization and Liquidation Both Inside and Outside the Protection of Bankruptcy Court Cross Border Transactions: Analysis and Valuation Negotiation
Blackstone/Celanese (cont.) Valuing the AOL Time Warner Merger PROJECT SECTION II DUE
Leading Corporate Renewal: Selim Bassoul at Middleby Corporation The privatization of Anatolia National Telecom - Simulation The privatization of Anatolia National Telecom (cont.) COMPLETE PROJECT SECTION I-II-III DUE
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