Master Learning Objective Review Guide:
Summary
1. A570_Learning Objectives Class #1 a. Chapter 3 b. Chapter 6 2. A570_Learning Objectives_Class 2 3. A570_Learning Objectives_Class 3 4. A570_Learning Objectives_Class 4_Valuation II 5. A570_Learning Objectives_Class 7 c. Chapter 18: An Introduction to Deal Design in M&A d. Chapter 20: Choosing the Form of Financing and Payment e. Chapter 22: Structuring and Valuing Contingent Payments in M&A f. Chapter 23: Risk Management in M&A 6. A570_Learning Objectives_Class 8 g. Chapter 16: Financial Accounting for Mergers and Acquisitions h. Chapter 19: Choosing the Form of an Acquisitive Reorganization

A570_Learning Objectives_Class #1
Chapter 1 1. While I do not want you to memorize the lists contained in Chapter 1, I think that they provide a useful model for thinking about M&A. Bruner opines that M&A outcomes (see #2) are driven by “structure” and “conduct”, but that structure and conduct also interact with each other. a. In the case of “structure”, Bruner is referring to “what exists.” He is thinking of exactly the kinds of issues one contemplates when looking at a “SWOT” analysis. As you will recall, the “SW” side of the analysis deals with issues that are INTERNAL to the company (its resources—both capital and labor, and what it is capable—and incapable—of doing) while the OT side of the analysis deals with issues that are EXTERNAL to the company (changes in the marketplace, new technologies, competitors that could invade the company’s turf and competitors whose turf the company can invade). The “structure” part of the equation is “deterministic”; in other words, it is based on “causality.” b. In the case of “conduct”, the authors are referring to the behavior of the participants.