Mergers & Acquisitions
Niveau
2.Semester Master: 1st Study cycle
Learning outcomes of the courses/module
The students:
• know the process steps in the context of a company sale
• know what a "distressed M&A" is and can distinguish it from the classic company sale
• understand how to calculate chapter costs with the WACC concept
• understand how to calculate equity costs with the CAPM
• are able to calculate a company value with the DCF method
• know the process steps in the context of a company sale
• know what a "distressed M&A" is and can distinguish it from the classic company sale
• understand how to calculate chapter costs with the WACC concept
• understand how to calculate equity costs with the CAPM
• are able to calculate a company value with the DCF method
Prerequisites for the course
2. Semester: no information
Course content
• Phases of a transaction (initial contact, mandate, preparation of exposé, company valuation, search for buyer or seller, letter of intent, due diligence, contract negotiations and closing)
• Special features of distressed M&A (asset deal and share deal)
• Capital Asset Pricing Model (CAPM)
• Determining cost of capital with the WACC approach
• Overview of business valuation methods
• Valuation of companies using the capitalized earnings value method, the DCF approach and the use of multiples
• Price setting in practice: Buyer and seller perspective
• Special features of distressed M&A (asset deal and share deal)
• Capital Asset Pricing Model (CAPM)
• Determining cost of capital with the WACC approach
• Overview of business valuation methods
• Valuation of companies using the capitalized earnings value method, the DCF approach and the use of multiples
• Price setting in practice: Buyer and seller perspective
Recommended specialist literature
Dreher, M., & Ernst, D. (2021). Mergers & Acquisitions: Grundlagen und Verkaufsprozess mittlerer und großer Unternehmen. Tübingen: UVK Verlag.
Engelhardt, C. (2023). Mergers & Acquisitions: Strategien, Abläufe und Begriffe im Unternehmenskauf. Wiesbaden: Springer.
Exler, M. W., & Situm, M. (2025) (Hrsg.). Restrukturierungs- und Turnaround-Management: Strategien, Erfolgsfaktoren und Best Practice für die Transformation. Berlin: Erich Schmidt Verlag.
Sherman, A. J. (2022). Mergers and acquisitions from A to Z. New York, NY: HarperCollins.
Steuernagel, A. (2025). Mergers & Acquisitions im Mittelstand: Strategien, Methoden und praktische Erfahrungen. Wiesbaden: Springer.
Engelhardt, C. (2023). Mergers & Acquisitions: Strategien, Abläufe und Begriffe im Unternehmenskauf. Wiesbaden: Springer.
Exler, M. W., & Situm, M. (2025) (Hrsg.). Restrukturierungs- und Turnaround-Management: Strategien, Erfolgsfaktoren und Best Practice für die Transformation. Berlin: Erich Schmidt Verlag.
Sherman, A. J. (2022). Mergers and acquisitions from A to Z. New York, NY: HarperCollins.
Steuernagel, A. (2025). Mergers & Acquisitions im Mittelstand: Strategien, Methoden und praktische Erfahrungen. Wiesbaden: Springer.
Assessment methods and criteria
Seminar paper
Language
German
Number of ECTS credits awarded
4
Semester hours per week
Planned teaching and learning method
A part of the course will be covered through e-learning. This involves a combination of online phases (an inductive method for independently developing knowledge and practicing tasks) and in-person phases (a deductive method in which support is provided during the learning process and knowledge is also conveyed through lectures).
Semester/trimester in which the course/module is offered
2