Executive Education

Mergers and Acquisitions

This interdisciplinary program gives executives the analytical framework and tools necessary to successfully execute mergers, acquisitions, and corporate restructuring.

The forces of globalization and technological change have created a highly competitive and dynamic business world where mergers and acquisitions are increasingly used to seek competitive advantage and maximize value for shareholders.

Engaging in M&A activity is not a low-risk endeavor, so it is imperative that executives know how to navigate this landscape. At Chicago Booth, you will learn not only from M&A successes but also from M&A failures to better evaluate risk and put frameworks and tools to practice in a risk-free environment.

During this program, you will:

  • Develop a strategic plan for M&A activity.
  • Analyze strategic alternatives to M&A.
  • Understand business valuation techniques.
  • Implement a strategy for integration and restructuring.
  • Structure the deal to minimize tax consequences.
  • Learn how to best protect shareholder value during M&A.
  • Learn a playbook of M&A best practices.
  • Understand the use of M&A by large public corporations, privately-held middle market firms and private equity firms.

LOCATION
Chicago Booth, Gleacher Center, Chicago IL

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Merle Erickson

Professor of Accounting

Merle Erickson is a professor of accounting at the University of Chicago Booth School of Business, where he has been a member of the faculty since 1996. Professor Erickson teaches graduate level courses on taxes and business strategy.

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Gregory D. Bunch

Adjunct Professor of Entrepreneurship

Greg Bunch brings years of practical experience as a general manager and entrepreneur to his classes. He is the founder and president of Masterplan International Corporation. Bunch works with Fortune 50, family, and start-up businesses in the areas of innovation and strategy. He was also a partner at Brandtrust, a brand strategy consultancy. Some of the companies he has worked with include: American Express, Danaher, ETS, Harley-Davidson, Hewlett-Packard, Kimberly-Clark, McDonalds and YUM!

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Stephen Morrissette

Adjunct Associate Professor of Strategic Management

Steve Morrissette's career includes large corporate experience in mergers & acquisitions and banking as well as entrepreneurial projects as an investor and founding CEO of several start-up businesses. In addition to 25 years of practitioner expertise, his academic career includes 10 years of full-time teaching and extensive scholarship on entrepreneurial finance including a comprehensive study of angel investors published in the Journal of Private Equity, numerous articles on the banking industry, as well as presentations and journal articles on M&A.

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Kevin F. Rock

Clinical Professor of Finance

Kevin Rock joined the faculty of the University of Chicago Booth School of Business in 2004. Prior to his appointment, he taught courses in corporate finance and mergers and acquisitions at MIT’s Sloan School of Management where he was named Teacher of the Year in 2003, 2000, and 1996.

The learning and networking experienced during the M&A Program at Chicago Booth has been invaluable for my career. The Chicago Booth program provides a broad range of cases and tools that I have been using on a daily basis.

- Gabriel Gosalvez T, Senior Manager, Deloitte LLP


The tenor and pace of the class, the very relevant and up-to-date materials, and most importantly the very diverse global make-up of the participants and teachers made my entire experience at Booth an exceptional week. I have recommended multiple courses to my colleagues and associates and plan to attend more courses relevant to my job in the future. I have stayed in contact with several of my classmates and intend to continue to do so in the future.

- Tom Heiser, Vice President & General Manager, Hitachi High Technologies America, Systems Products Division & New Business Development


The Chicago Booth M&A program was excellent and provided many insights which I now apply in my day-to-day work. The faculty was highly rich in industry experience and used case studies to elaborate principles. I believe this M&A program is one of the most practical and professional available for senior leaders to improve their competencies around M&A. I do not hesitate to recommend this program to any participant who wants to improve his/her knowledge of M&A.

- Sanjeewa Samaranayake, CFO, Group Finance, Hemas Holdings Plc


The Chicago Booth M&A program is ideal for practitioners involved in any facet of a transaction. I benefited form the quantitative evaluation of a deal, its tax implications, and approaches to ensuring a successful integration.

- Girish Rishi, Executive Vice President, Tyco


 

The program invigorated me. Quality of the professors was fantastic with real world experience that I valued. I really feel the content will help me tremendously in my day-to-day.

- David Bethoney, Senior Finance Director, Experian


The class afforded me the opportunity to see how the financial team views M&A as well as get more comfortable with their terminology. I appreciate the tools I’ve received to focus and hone my financial and business teams in our M&A activities.

- Adelle Mize, VP, Associate General Counsel, Freeman


It's been my experience that most of us involved in deal making tend toward the bias that purchase price and precise valuation outweigh all other components of the deal. This class has changed my thinking to be more balanced and given me tools to prove that strategy and integration are equally or more important than valuation in creating value.

- Tyler Jones, Business Development Manager, Performance Technologies, LLC


Great use of strategy and self-reflection, which drive M&A decisions, coupled with which tools can advantage you once you have made the decision to proceed.

- Chris Chrisafides, Sr. Commercial Director, The Dow Chemical Company


I was hesitant to return to academia, even for a week, but I found the course to be interesting, relevant, and highly collaborative. I would recommend it to colleagues.

- Valerie Matena, Senior Analyst, M&A, The Babcock & Wilcox Company


Such a great program that covers the essentials of strategy, valuation, tax, and integration. An absolute must for successful M&A execution.

- Rob Vassel, Director of Business Development, The Clorox Company


The course 110% met my expectations. It was very well done with the big picture always in mind. It was well worth the financial and time investment.

- Christopher Alsip, Director of Strategic Planning, Tyson Foods, Inc.


Overall I am extremely satisfied and enthusiastic about the experience. The quality of the faculty (and overall program management) is extremely high. I hope to be back soon for other programs. This course gave me a consolidated view of the M&A process and put all the pieces of the puzzle together in a very practical and pragmatic way. This week exceeded my expectations. Thank you.

- Denis Jaquenoud, Vice President of Operations, Richemont North America


This program is designed for senior and upper-middle level executives who are now or will be involved in M&A activity. CFOs, CEOs, and general counsel considering or currently involved in M&A activity will find this program immensely valuable.

Titles include: C-suite, general manager, vice president, director of business development, director of finance, strategic planner, business unit manager, general counsel, and analyst.


Program Outline

Optional Accounting / Finance Refresher Online

Prior to the program, participants gain access to a web-based, learner-driven program to help them refresh important accounting and finance concepts. Each module features self-tests, allowing participants to tailor their learning and focus their time on the concepts least familiar to them. This multi-media tool is used as a way to establish a baseline of knowledge to make the time in the classroom as productive as possible.
 

Strategy Formulation

  • Create competitive advantage through acquisition, merger, divestiture, or alliance
  • Determine attractiveness and fit of a candidate
  • Analyze the alternatives to M&A such as strategic alliances or joint ventures
  • Develop strategy for integration and restructuring
  • Develop an end-to-end process view of Corporate Development, Mergers and Acquisitions

Investment Decisions and Financing

  • Understand valuation models
  • Test your valuation assumptions
  • Estimate the cost of a merger or acquisition
  • Read stock market signals
  • Realize the advantages and disadvantages of cash or stock offers and their various combinations in structuring the deal
  • Structure acquisition financing

Tax Implications

  • Understand tax implications of various tax structures for both the buyer and seller
  • Understand how to structure transactions to maximize the seller's after-tax wealth and to minimize the buyer’s after-tax cost
  • Become familiar with various valuation implications of tax planning for mergers, acquisitions and divestitures

Post-Deal Integration

  • Develop a strategy for successful integration
  • How to manage post-merger integration with focus on shareholder value
  • Understand the decisions and processes that impact the new organization's strategy, structure, and culture

Upcoming Courses

Date Fee  
November 13 - 17, 2017 $10,500 Register Now »
March 12 - 16, 2018 $10,500 Register Now »
July 16- 20, 2018 $10,500 Register Now »
November 5 - 9, 2018 $10,500 Register Now »

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