Master of Management Studies (M.M.S) Corporate Restructuring and Mergers and Acquisitions Syllabus - Mumbai University 2026

Course objectives

• 1 To explain the strategic significance and forms of corporate restructuring, including mergers, acquisitions, divestitures, and alliances.
• 2 To impart detailed knowledge of the motives, classifications, and regulatory frameworks governing mergers and acquisitions.
• 3 To enable students to apply various financing and valuation techniques to mergers and acquisitions, including due diligence practices.
• 4 To develop skills in managing post-merger integration processes and evaluating performance outcomes.
• 5 To encourage practical application of restructuring strategies through case studies and experiential presentations.

Course outcomes

• CO1: Explain the concept, types, and strategic relevance of corporate restructuring, including mergers, acquisitions, divestments, joint ventures, and strategic alliances, along with their operational and financial implications.
• CO2: Analyze the motives, classification, and legal framework of mergers and acquisitions, including SEBI regulations, takeover tactics, and scheme of arrangement as per the Companies Act
• CO3: Evaluate methods of financing mergers and the valuation of target firms, treating mergers as capital budgeting decisions and assessing due diligence procedures and their risks.
• CO4: Assess post-merger integration challenges and growth strategies, including human resource integration, synergy realization, and performance evaluation tools in a merged entity.
• CO5: Develop and present case-based restructuring strategies, demonstrating the ability to apply theoretical concepts to practical scenarios through assignments and presentations.

Unit 1 CO1 · 6 hours

Corporate Restructuring Basics: Meaning, operational and financial restructuring, forms such as Mergers and Acquisitions, divestments (Divestiture, Spin-Off, Carve- Out), joint ventures, strategic alliances) need and barriers to restructuring, Distinction between operational vs financial restructuring, with real company examples; Overview of value creation vs value destruction in restructuring Global trends in restructuring and their impact on Indian markets (Suggested Caselets on Vodafone–Idea merger, Tata Group restructuring)

Unit 2 CO2 · 4 hours

Mergers and Acquisitions: Types of mergers (horizontal, vertical, conglomerate) with example; Distinction between mergers and acquisitions, classification, and motives behind mergers and acquisitions, merger process, identification of targets, takeover and defence tactics scheme of arrangement, company law and SEBI’s Takeover Code, and Companies Act sections on Schemes of Arrangements ; Cross-border M&A and RBI’s FDI regulations in M&A context Suggested Case Study discussion: Analyze Zee-Sony Merger or HDFC-HDFC Bank Merger

Unit 3 CO3 · 8 hours

Methods of financing mergers – Synergy valuation and impact on combined firm value; cash offer, share exchange ratio – mergers as a capital budgeting decision ; Valuation - DCF, Comparable Company Analysis (CCA), Precedent Transaction Method (PTM); Leveraged Buyouts (LBOs) as a financing tool for acquisition

Unit 4 CO3 · 4 hours

Due Diligence: Concept, Need and steps in due diligence. Types of due diligence and reasons for failure of due diligence - Legal, financial, tax, HR, and ESG due diligence Due diligence red flags in failed acquisitions through discussion using due diligence checklist templates and cases where due diligence failure led to value loss (e.g., Jet- Etihad)

Unit 5 CO4 · 4 hours

Post-Merger Issues: Concept of Integration in mergers, tools for integration, Post merger growth strategies. Human factors in integration; Performance tracking: Key metrics (ROIC, synergies realized)

Unit 6 CO5 · 4 hours

Class Presentations - Case-based restructuring strategies, demonstrating the ability to apply theoretical concepts to practical scenarios OR simulated restructuring case (including valuation, legal compliance, and integration plan) [Suggestion: Pitchbook creation and mock boardroom presentations]

Textbooks

• 1 Godbole, P. (2013). Mergers, Acquisitions and Corporate Restructuring, Vikas Publishing House, New Delhi
• 2 Rajinder S Aurora, Kavita Shetty, Sharad R. Kale– Mergers & Acquisitions – Oxford University Press, New Delhi

Reference Books

• 1 B Rajesh Kumar, Mergers and Acquisitions, Text and Cases: Tata McGraw Hill Education Private Limited, New Delhi
• 2 Mergers, Restructuring and Corporate Control, Fred Weston, Kwang S Chung, Susan E Hoag, 4/e, Pearson Education.