Mergers & Acquisitions

Spring 2024
Amitai Aviram

Main course page

Date	Class	§		Topic	Pre-class assignment
1/17	1	0	L	Introduction to the M&A course	---
1/18	2	0	R	BA boot camp	[Review slides MA_0]
1/24	3	1a1	L	Principal problem (1/3): Share ownership	---
1/25	4	1a1	L	Principal problem (2/3): Financial players	---
1/31	5	1a2	A	Principal problem (3/3): FD of controllers	https://www.youtube.com/watch?v=K607AefYe9U Case: Taking Dell Private
2/1	6	1b1	L	SH voting (1/5): Mechanics, pt. 1	---
2/7	7	1b1	L	SH voting (2/5): Mechanics, pt. 2	---
2/8	8	1b2	A	SH voting (3/5): Proxy solicitation	https://www.youtube.com/watch?v=_l2A41rVO8U
2/14	9	1b3	L	SH voting (4/5): Agenda control	---
2/15	10	1b3	A	SH voting (5/5): Agenda control: SH proposals	SEC Rule 14a-8
2/21	11	1c1	L	SH litigation (1/5): Policy	---
2/22	12	1c1	A	SH litigation (2/5): Derivative actions	https://www.youtube.com/watch?v=oCH4C6uqRUQ
2/28	13	1c2	A	SH litigation (3/5): Inspection rights	https://www.youtube.com/watch?v=wKfLl-VMUnE
2/29	14	1c3	R	SH litigation (4/5): Board FD vs. SH activism	[Review FD – especially enhanced scrutiny]
3/6	15	---	L	SH litigation (5/5): Review	Case: Rogue trading at SocGen
3/7	16	---	L	M&A in action: “Barbarians at the gate” case study	---
3/7	17	---	L	[Make-up class: Case study continued]	---
3/20	18	2a1	L	M&A process (1/5): Share acquisition methods	---
3/21	19	2a2	L	M&A process (2/5): Structural acquisition methods	---
3/27	20	2a2	R	M&A process (3/5): Acquisition mechanics	[Review classes 18-19]
3/28	21	2a3	L	M&A process (4/5): The M&A dance, pt .1	---
4/3	22	2a3	L	M&A process (5/5): The M&A dance, pt. 2	---
4/4	23	2b1	L	M&A litigation (1/4): Takeover defenses	---
4/10	24	2b1	L	M&A litigation (2/4): Contingent rights	---
4/11	25	2b2	L	M&A litigation (3/4): Fiduciary duty	---
4/17	26	2b2	L	M&A litigation (4/4): Review	---
4/18	27	---	R	Final review	Case: The Battle for Sally’s Salads
4/24	--	---		This class will be cancelled in lieu of the 3/7 make-up class, unless another class will need to be cancelled during the semester	---
4/25	28	---	L	Exam preparation	---

Deadline to ask questions: Thursday, April 25 at midnight.

Exam: Wednesday, May 1 at 9am.

Past exams: Click here for my past exams (including model answers to these exams).

Syllabus: Click here for the course syllabus.

Course Outline:

Introduction to M&A

1. Shareholder activism

1. The principal problem

1. Share ownership

2. Financial “players” in M&A

3. Fiduciary duty of controllers

2. Shareholder voting

1. Mechanics of shareholder voting

2. Proxy solicitation in public firms

3. Controlling the agenda

3. Shareholder litigation

1. Derivative actions

2. Inspection rights

3. Board FD in addressing shareholder activism

2. Dealmaking & dealbreaking

1. M&A process

1. M&A mechanics: Share acquisition methods

2. M&A mechanics: Structural acquisition methods

3. M&A dynamics: The M&A dance

2. M&A litigation

1. Takeover defenses

2. Board FD in the M&A context

c. Crafting acquisition agreements

1. Document structure

2. Contracting around the law

3. Contracting around other contracts

4. Dealing with interlopers (SH rejection, third party bid, regulatory approval)

5. Dealing with adverse change

3. Financing firms

1. Equity finance

1. Capital markets

2. Types of claims

3. Intra-shareholder conflicts

2. Debt finance

1. Bond basics

2. Contractual solutions to creditor vulnerabilities

3. Fiduciary duties to creditors

3. Securities regulation

1. What’s a security?

2. Offering securities

3. Securities fraud

4. Insider trading

To return to the Main Menu, click here.