This course focuses on the design, analysis, and implementation of financial strategies aimed at repositioning and revitalizing companies faced with major competitive or environmental challenges, problems, and opportunities. The course helps students to understand how to create corporate value by restructuring a company or by combining businesses. After reviewing valuation methods based on strategic, ratio, and financial forecasting analysis, we analyze cases of the different solutions, including leveraged buyouts and recapitalizations, corporate downsizing programs, mergers and acquisitions, corporate spinoffs, divestitures, and joint ventures and alliances. Emphasis is given to contemporary expectations and requirements of good governance, based on the roles corporations play in society, and the timing and principles of merger integration. The course is supplemented by guest speakers including investment buyers and sellers as well as valuation experts.
