- 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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