(in Polish) Fuzje i przejęcia – analiza opłacalności transakcji 2600-dz/w3FPAOTf

1. Microeconomic motives underlying mergers and acquisitions.
2. Types of mergers and acquisitions: their specific characteristics, expected outcomes, and implications for the valuation process.
3. Due diligence: types of analyses; assessment of transaction risk for various stakeholder groups; alternative perspectives on evaluating the rationale for a business combination (stakeholder-specific perspectives and short-term vs. long-term horizons).
4. Valuation of synergy effects: identification of key value drivers; Excel-based models.
5. Selection of the method of payment for the target company: cash, share-based payment, share exchange, etc.; potential conflicts of interest.
6. Hostile and friendly takeovers: nature, takeover and defence strategies, and implications for the value of the target company; case study analysis.
7. Leveraged buyouts (LBOs): conditions for transaction success; analysis of profitability and risk; case study analysis and Excel-based models.
8. The application of AI in the assessment of mergers and acquisitions.

Course coordinators

Andrzej Rutkowski

Type of course

elective courses

Learning outcomes

Upon completion of the course, the student will:
In terms of knowledge, the student:
• Knows and understands, at an advanced level, the terminology related to corporate financial management within the discipline of economics and finance, as well as in complementary disciplines (management and quality sciences, and legal sciences). (S3_W01)
• Knows and understands, at an advanced level, the principles, procedures, and practices of corporate financial management (S3_W02) under changing conditions resulting from corporate integration processes.
• Knows and understands, at an advanced level, economic theories and models related to corporate financial management (S3_W03) in an environment characterized by change, the need for business integration, and the occurrence of merger waves.
• Knows and understands, at an advanced level, technological, social, political, legal, economic, and environmental processes and phenomena, as well as their impact on corporate financial management and business integration processes. (S3_W05)
In terms of skills, the student:
• Is able to use the theory of economics and finance, as well as complementary disciplines (management and quality sciences, and legal sciences), to identify, diagnose, and solve problems related to corporate financial management, applying appropriate sources and adapting existing methods. (S3_U01) The student is also able to identify transaction risk factors and assess their significance for the valuation parameters used in investment appraisal.
• Is able to correctly interpret technological, social, political, legal, economic, and environmental processes and phenomena, and assess their impact on corporate financial management, using appropriate sources of information. (S3_U02)
• Is able to independently and collaboratively prepare analyses, diagnoses, and reports concerning the capital market (market for corporate control) and corporate financial management, and to present them in a clear and effective manner, including in English, using information and communication technologies. (S3_U03)
• Is able to plan and organise both individual and team work. (S3_U04)
• Demonstrates the ability to engage in self-directed learning and to continuously improve acquired competencies. (S3_U05)
In terms of attitudes, the student:
• Is prepared to critically assess and evaluate situations and phenomena related to the capital market, corporate financial management, and the social consequences of business integration processes for key stakeholder groups. (S3_K01)
• Is prepared to adhere to professional ethical standards in corporate financial management (S3_K02) and in activities within the capital market.

Assessment criteria

Preparation of a report – assessment of a selected merger or acquisition from the Polish or global capital market. The paper will be prepared in accordance with detailed guidelines provided during the course.
The number of analysed elements specified in the assignment guidelines, i.e. the depth of analysis, determines the final course grade.

Bibliography

Core literature:
• Gaughan, P.A. Mergers, Acquisitions, and Corporate Restructurings, 7th ed., Wiley, 2017.
• Bruner, R.F. Applied Mergers and Acquisitions, Wiley, 2004.
• DePamphilis, D.M. Mergers, Acquisitions, and Other Restructuring Activities, 12th ed., 2025.
• Słoński, T. (2012). Analysis of the impact of leveraged buyouts (LBO) on firm value. Wrocław: Wrocław University of Economics Publishing House.
• Rutkowski, A. Mergers and acquisitions, in: Cieślik, R., Postuła, M. (eds.), Corporate Finance Management – Theory and Practice, University of Warsaw Faculty of Management Publishing House, Warsaw, 2020, pp. 191–230.

Supplementary literature:
• Selected articles from McKinsey on Finance and The Wall Street Journal.
• Selected reports and training materials from consulting firms, including McKinsey & Company, Boston Consulting Group, Deloitte, and Bain & Company (with written consent of consulting companies).
• Roszkowska, P. The application of artificial intelligence and hyperautomation in the mergers and acquisitions process, in: Doligalski, T., Kaszyński, D. (eds.), Artificial Intelligence in Enterprises and the Economy (AI Spring 2024), Warsaw, 2025.
• Selected publications by the course instructor (e.g. A. Rutkowski: Profitability of Serial Acquirers on the Polish Capital Market; Bid Premiums on the Warsaw Stock Exchange in the Period 2000–2024, Synergy Valuation Problems, Success factors of M&A transaction, etc.).

Term 2025L: