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SHU BFIN 4241 - Mergers and Acquisitions

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The course is designed to introduce the world of Mergers & Acquisitions and Leveraged Buyout (LBO) which includes the parties involved, the process of raising capital for M&A and buyouts. The course will cover all the valuation methods used for is assessing proposed business acquisition targets – both publicly traded and private companies. The class will cover the broader context - institutional, legal, and regulatory—of M&A valuation and due diligence work. These topics will be developed in lectures and readings, case studies, and modelling exercises

using Excel templates.

 

By the end of the course, you should:

1.       Have detailed knowledge of a fairly large number of M&A and Leveraged Buyout case studies.

2.       Be proficient in valuation and accounting terminology and concepts related to M&A transactions.

3.       Know how to develop financial projections and prepare valuations for (a) stand-alone enterprise value and (b) business combinations with synergies.

4.       Recognize areas of moral hazard for decisionmaker in M&A.

 

LINK SO COURSE/PROFESSOR EVALUATION

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Course Outline -  Lectures , Assignments and Exams

         

Syllabus

Syllabus Fall 2025

Professor's Inbox
(upload info for Professor)

Dropbox Link

Processor's Email

     

Microsoft Team call

TEAMS LINK M&A BFIN4241AA (Sign-in)

IN-PERSON

Thursdays 5:00-6:30pm

Send an email to make an appointment

JUBILEE HALL ROOM #691 

REMOTE

Mon & Wed 9am-2pm

use the link below to make an appointment:

Make an Appointment Link

Professor's Biography

Professor's Biography

Tue & Thu
11.00 - 12.15am
JH 456


Jan 15

Jan 20

Jan 22

Jan 27

Jan 29

Feb 3-5

Feb 10

Feb 12

Feb 17

Feb 19

Feb 24

Feb 26

Mar 3-5

Mar 10

Mar 12

Mar 17

Mar 19

Mar 24

Mar 26

Mar 31

Apr 2 

Apr 7

Apr 9

Apr 14

Apr 16

Apr 21-23

Apr 28-30

May 5 

Final Exams

TBA


Image result for mergers acquisitions and other restructuring 10th edition

 

Chapter  1

Chapter 2 

Chapter 3 

Chapters 4-5

 

Chapter 7-9

   

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Chapter 10 

Chapter 13 

Zoom Recording

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Chapter 18 

       

R

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D

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Assigned Lectures

Syllabus Discussion

Student Introduction

Groups setup

 

Cross-Border Acquisition Example

Lecture #1: Introduction to M&A

Lecture 1 - Intro to M&A

Lecture #2: Regulatory Environment

Lecture 2 - Regulatory Environment

Lecture #3: The Corporate Takeover Market

Lecture 3 - Takeover Markets

Lecture #4: Acquisiton Process

Lecture 4 - Acquisition Planning

 

Lecture #5: Valuation Methods

Lecture 5 - Corporate Valuations

Corporate Valuations - Excel Spredsheet

Lecture #6: Projections amd Basic Financial Modeling

Lecture 6 - Projections

Financial Analysis Template Example

EXAM REVIEW

Midterm Exams I and II Review Outline and Instructions

 

EXAM REVIEW

 

EXAM - GOING OVER THE ANSWERS

Group Project Discission - Projections

 

Lecture #7: Valuation of Private Companies

Lecture 7 - Corporate Valuations

Lecture #8: Debt Raising and Leveraged Buyouts (LBO)

LBO Presentation - An Overview

 

Lecture #9: Transaction Analysis - Case Studies

FINAL INDIVIDUAL PROJECT DISCUSSION

LBO and DCR Project Description

Public to Private LBO Model with Debt Capacity- Spirit Air

   

EXAM REVIEW

 
INDIVIDUAL AND GROUP PROJECT PRESENTATIONS

Final Exam Review

 

Zoom
Recordings

                                                 

EXAMS

                     

MidTerm Exam I
(On-Line - Excel Based)

 

MidTerm Exam II
(in-Class - written)

                   

Final Exam

Homework Assignments

 

M&A Group Assignment

Peloton Yahoo Finance Link

Peloton Website

         

ASSIGNMENT #1 (GROUP)

PRESENT TARGET SWOT ANALYSIS

(UPLOAD ON CANVAS) 

 

Peloton Yahoo Finance Link

                   

ASSIGNMENT #2 (GROUP)

STANDALONE VALUATION & PROJECTION ANALYSIS

(UPLOAD ON CANVAS)

 

2025 Annual Report

Peloton Yahoo Finance Link

Peloton Financial Information from Yahoo

   

ASSIGNMENT #3 (GROUP)

VALUATION METHODS AND STANDALONE DEAL STRUCTURE

(UPLOAD ON CANVAS) 

 

DCF Sample Model - Case Study

Case Study #7 Tyson Valuation Methods 1-7

 

ASSIGNMENT #4 (Apple, Nike)

COMBINED ACCRETION/ STANDALONE SYNERGIES

(UPLOAD ON CANVAS) 

 

M&A Final Group Project Description with Rubric

 

Case Studies

 

CASE STUDY 1

Case 1 - Acquisition of Spirit Airlines

Form 14A Filing of Spirit JetBlue Merger

Form S-4 Filing by Frontier to merge with Sprint

Schedule TO Filing by JetBlue to acquire Sprint Airlines

 

CASE STUDY 2

CASE STUDY #2: Facebook Acquiring WhatsApp Q&D Approach

GROUP CASE STUDY

Yahoo Finance - Peloton

Peloton History and Evolution

GROUP CASE STUDY

Peloton's Acquisition News

Peloton Latest News

Peloton Financial Information from Yahoo

     

CASE STUDY 3

CASE STUDY #3: Hyatt Financial Analysis and Valuation

DCF Sample Model - Case Study

CASE STUDY 4

CASE STUDY #4: Cedar Fair as a target to SeaWorld

         

CASE STUDY 5

CASE STUDY #5: Hotel Expo

CASE STUDY #5: Hotel Expo

CASE STUDY #5 Hotel Expo - Template with Answers

CASE STUDY 6

CASE STUDY #6: Alexandria Hotel LBO

Case Study #6: Alexandria Hotel Template

   

CASE STUDY 7

Case Study #7 Tyson Valuation Methods 1-7

CASE STUDY 8

CASE STUDY #8: Colorado Dental - Proforma Balance Sheet

CASE STUDY #8: Colorado Dental - Transaction S&U, WACC and Debt Capacity

CASE STUDY #8: Colorado Dental: Debt Schedules - Floating and Fixed Rates

 

CASE STUDY 9

CASE STUDY #9 Proud Steel and Dynamic Steel

CASE #9: Merger Analysis

   

Reading Material

 

JetBlue Announces Record and Payment Dates for January 2023 Additional Prepayment to Spirit Stockholders

YouTube: Proposed Merger between Spirit and Frontier

YouTube - Big Five Airline? How a Merged JetBlue-Spirit Could Compete

YouTube: Why JetBlue is Buying Spirit Airlines

   

CASE STUDY - Article 1: Peloton Amazon Partnership Agreement

                 

Youtube - Cosco/Peloton Announcement

     

Testing the Twitter Acquisition

 

Spirit Air filing for bankruptcy

     

Articles

 

Hyatt acquiring Playa Hotel & Resorts

ONEOK to Acquire Medallion

WSJ: When Executives Stop Selling Stock a Big Deal May be Ahead

   

Blackwell Cap on Peloton

Business Model Analyst on Peloton

Peloton's unique approach to gaining customer

Goldman Sachs Technology Conference - Peoloton

Home Fitness Industry Report

Why Apple may buy Peloton

Various actions and announcements from Peloton

Peloton Investor Presentation

Blackwells Capitals hard-hitting presentation contributed to former CEO John Foleys resignation.

Yahoo Finance - Cedar Fair

Cedar Fair Bid for Cedar Fair

SeaWorld bidding for Cedar Fair Rejected

SeaWorld sweetened takeover offer for Cedar Fair

CNBC Video: AI creates personal experience with instructor, says Peloton CEO

Electronic Arts to Be Acquired by PIF, Silver Lake

SeaWorld, Cedar Fair Slide as Theme-Park Merger Plan Crumbles

Six Flags Cedar Fair Merger Rollercoaster

                       

Lululemon has approached Hydrow about a possible sale of Mirror

     

Final Project

                                       

Valuation Analysis Template

     

Individual Final Project due 12/9 (Upoad on Canvas) 

LBO and DCR Project Description

Public to Private LBO Model with Debt Capacity- Spirit Air

Project - LBO & DCR Template

 

OPTIONAL TEXTBOOKS

textbookfirsteditionV2.jpeg.jpg

Link to purchase book (BFIN 4241)

Link to purchase book (BFIN 7225)

11188cover.jpg

Link to purchase book

             

Chapters 5, 6 17

       

Chapter 17 

 

Chapter 17 

Chapter 11 

Chapter 11 - LBO - written by Professor Droussiotis

 

Chapter 9 

             
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