Announcements

Announcements Photo
    Thursday, February 22nd
  • On Tuesday, we will finish Comparable Companies Analysis.
  • Graduate students - don't forget about your project deadline this weekend.
  • As requested, there is a new "TODAY" link in the menu to the left.


  • Tuesday, February 20th
  • It is exam day, so there is no class video.
  • On Thursday, we will start Comparable Companies Analysis.


  • Thursday, February 15th
  • If you have not already done so, please take a moment to fill out this brief feedback survey BY TUESDAY. It gives me information about how the course is going from your perspective. It is completely anonymous. I will share the general, anonymous feedback with you after the first exam, but it is only really useful if everyone participates. Thanks.
  • Next Tuesday is our exam during class time. Online students: Schedule 1 hour 15 minutes with your proctors for Wednesday, 2/21 - Friday, 2/23.


  • Tuesday, February 6th
  • On Thursday, we will Review for Exam #1. Be sure to print these notes.
  • If you have not already done so, please take a moment to fill out this brief feedback survey BY TUESDAY. It gives me information about how the course is going from your perspective. It is completely anonymous. I will share the general, anonymous feedback with you after the first exam, but it is only really useful if everyone participates. Thanks.
  • Next Tuesday is our exam during class time. Online students: Schedule 1 hour 15 minutes with your proctors for Wednesday, 2/21 - Friday, 2/23.


  • Thursday, February 8th
  • The balance sheet and income statement I added to the notes at the end of today's class can be found at the end (last 2 slides) of the Buy-Side M&A notes now.
  • On Tuesday, we will have a guest speaker. Stephen Gowland is a Business Development Manager for Southern Power Acquisitions.
  • Online students: If you are watching live (11 AM Central) and have a question, feel free to text me at (334) 259-9678.
  • Next Thursday, we will reveiw for Exam #1.


  • Tuesday, February 6th
  • On Thursday, we will finish Buy-Side M&A.
  • Next Tuesday, we will have our second guest speaker discussing the buy-side perspective.


  • Thursday, February 1st
  • On Tuesday, we will pick back up with Buy-Side M&A.


  • Tuesday, January 30th
  • On Thursday, we will have a guest speaker. Steve Aldridge is an investment banker in New York and will talk to us about sell-side advising.
  • Online students: If you are watching live (11 AM Central) and have a question, feel free to text me at (334) 259-9678.
  • Next Tuesday, we will continue with the buy-side material.


  • Thursday, January 25th
  • On Tuesday, we will finish Sell-Side M&A and begin Buy-Side M&A.


  • Tuesday, January 23rd
  • Graduate project transactions are due by noon on Friday. Leave time in case you find out your first choice is already taken.
  • On Thursday, we will discuss Sell-Side M&A.


  • Thursday, January 18th
  • On Tuesday, we will briefly discuss the Ben & Jerry's Case and start Sell-Side M&A.


  • Tuesday, January 16th
  • Graduate students, if you have not already emailed me about projct teams, please do so. Those will be finalized Thursday afternoon.
  • On Thursday, we will discuss the Ben & Jerry's Homemade Case. Your submissions are due by 8 AM.


  • Thursday, January 11th
  • For Tuesday, be sure to have the notes or course packet. Also, be sure to purchase and start working through the Ben and Jerry's Case due next Thursday.
  • Graduate students, I will be in touch very soon about forming projct teams.
  • On Tuesday, we will continue with Introduction to M&A.


  • Welcome to FINC 5670/6670/6676: Mergers and Acquisitions.
  • For this course, you will need (1) the textbook and (2) the case packet. The textbook can be purchased at the bookstore or online. More information about the cases will be forthcoming. You do not need any supplements or codes for the textbook, although the workbook is optional.
  • The is also a course packet with the notes for the semester. It should be available at the AU Bookstore before classes begin, or you can print it from the link on the left.
  • Plan to stay for the full 75 minutes on the first day. We will hit the ground running at full speed.
  • Here is a link to subscribe to the Wall Street Journal. It is not required, but is recommended.


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Course Outline and Notes

Date Agenda
Thursday,
Jan. 11
Introduction to FINC 5670/6670/6676
and
Introduction to M&A
Tuesday,
Jan. 16
More of Introduction to M&A
Thursday,
Jan. 18
Case: Ben & Jerry's Homemade
Directions and Assignment
Team Submission Link
Tuesday,
Jan. 23
Sell-Side M&A
Read: Chapter 6
Thursday,
Jan. 25
More of Sell-Side M&A
Tuesday,
Jan. 30
Buy-Side M&A
Read: Chapter 7
Thursday,
Feb. 1
Guest Speaker: Steve Aldridge
Auburn Alumnus and
Healthcare Investment Banking at
Cantor Fitzgerald & Co.
Tuesday,
Feb. 6
More of Buy-Side M&A
Thursday,
Feb. 8
Still More of Buy-Side M&A
Tuesday,
Feb. 13
Guest Speaker: Stephen Gowland
Auburn Alumnus and
Business Development Manager for
Southern Power Acquisitions
Thursday,
Feb. 15
Review for Exam #1
Tuesday,
Feb. 20
Exam #1
In class

Online Students
Wednesday, Feb. 21 through
Friday, Feb. 23
Thursday,
Feb. 22
Comparable Companies Analysis
Read: Chapter 1
Tuesday,
Feb. 27
More of Comparable Companies Analysis
Thursday,
Mar. 1
Precedent Transactions Analysis
Read: Chapter 2
Tuesday,
Mar. 6
Discounted Cash Flow Analysis
Read: Chapter 3
Thursday,
Mar. 8
More of Discounted Cash Flow Analysis
Tuesday,
Mar. 13
Spring Break
No Class or Office Hours
Thursday,
Mar. 15
Spring Break
No Class or Office Hours
Tuesday,
Mar. 20
Still More of Discounted Cash Flow Analysis
Thursday,
Mar. 22
Review for Exam #2
Tuesday,
Mar. 27
Case: The Timken Company
Directions and Assignment
Thursday,
Mar. 29
Exam #2
In class

Online Students
Friday, Mar. 30 through
Monday, Apr. 2
Tuesday,
Apr. 3
Leveraged Buyouts
Read: Chapter 4
Thursday,
Apr. 5
More of Leveraged Buyouts
Tuesday,
Apr. 10
LBO Analysis
Read: Chapter 5
Thursday,
Apr. 12
Yost is at a Conference
No Class or Office Hours
Tuesday,
Apr. 17
More of LBO Analysis
Thursday,
Apr. 19
Tentatively - Guest Speaker
Tuesday,
Apr. 24
Review for Final Exam
Thursday,
Apr. 26
Case: Bidding for Hertz
Directions and Assignment
Tuesday,
May 1
Final Exam
12:00 - 2:30 PM
Lowder 009

Online Students
Monday, April 30 through
Thursday, May 3

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Exam Information

The exam dates and times are listed above. In-class students are expected to take the exams on those dates and at those times. Distance students are expected to take the exams as indicated once the exams are distributed to your proctors. Should you encounter difficulty that precludes taking the exam by the deadline, you must contact me prior to that deadline and discuss possible arrangements.

If you miss an exam due to illness, you should contact me AS SOON AS you know you will miss the exam and are able to do so. Documentation will need to be provided and must state that you are unable to attend work/school on the day of the exam. Whether you contact me or not, the make-up will be the next business day at 10 AM. If you are still ill and HAVE DOCUMENTATION stating that you are unable to attend work/school on the day of the make-up, the next make-up will be the following business day at 10 AM. You must have a medical excuse for the date of the exam and the date of every make-up you miss. The make-up exam may not be the same format as that given during the regular exam time.

All exams are closed-book. They are to be completed individually. This means no talking, sharing calculators or pens/pencils, etc., and no wandering eyes. You have been warned: do not cheat! The Academic Honesty Code is found in the Student Policy eHandbook.

Exam Date and Location
Exam #1 Tuesday, February 20
In-class

Online Students
Wednesday, Feb. 21 through
Friday, Feb. 23
Exam #2 Thursday, March 29
In-class

Online Students
Friday, Mar. 30 through
Monday, Apr. 2
Final Exam Tuesday, May 1
12:00-2:30 PM
Lowder 009

Online Students
Monday, April 30 through
Thursday, May 3

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