- CFA Exams
- 2023 Level I
- Topic 4. Corporate Issuers
- Learning Module 18. Mergers and Acquisitions
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Learning Outcome Statements PDF Download
|1. Definitions and Classifications|
a. classify merger and acquisition (M&A) activities based on forms of integration and relatedness of business activities;
|2. Motives for Merger|
b. explain common motivations behind M&A activity;
c. explain bootstrapping of EPS and calculate a company's post-merger EPS;
|3. Mergers and Industry Life Cycle|
d. explain, based on industry life cycles, the relation between merger motivations and types of mergers;
|4. Merger Transaction Characteristics|
e. contrast merger transaction characteristics by form of acquisition, method of payment, and attitude of target management;
|5. Takeovers and Their Defense Mechanisms|
f. identify and explain pre-offer and post-offer takeover defense mechanisms;
|6. Regulation and Competitive Law|
|7. Target Company Valuation|
g. compare the discounted cash flow, comparable company, and comparable transaction analyses for valuing a target company, including the advantages and disadvantages of each;
|8. Merger Bid Analysis|
h. evaluate a takeover bid and its effects on the target shareholders versus the acquirer shareholders;
i. explain how price and payment method affect the distribution of risks and benefits in M&A transactions;
|9. Benefits from Mergers|
j. describe characteristics of M&A transactions that create value;
|10. Corporate Restructuring|
k. compare and contrast equity carve-outs, spin-offs, split-offs, and liquidation;
o. explain common reasons for restructuring.
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