Mergers and acquisitions can be considered as a dynamic vehicle for corporate expansion and growth. Corporate practice has historically seen a pattern of merger 'waves' in various business sectors, although results have not always justified underlying motives. The course will provide a concise theoretical and empirical background on the topic, based on applied tools, methods and techniques. Case studies and empirical applications will be employed to elaborate on the theoretical issues. The objectives, process and motives of the M&A will be discussed, the economic consequences will be evaluated and the impact on target and acquiring firms will be analyzed. Emphasis will be placed on acquisition strategies, target-picking, merger valuation and shareholder value implications.