2023 CFA Level I Exam: Topic 4. Corporate Issuers - Learning Module 18. Mergers and Acquisitions

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	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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