Professor David Kershaw, NAB 7.28

LLM and MSc Law and Accounting

This course, together with its related full course LL4D7, is subject to an overall cap of 60 students. Students must apply through Graduate Course Choice on LSEforYou.

This course will look at the regulation of the market for corporate control and corporate restructurings in the United Kingdom and the United States. The course will look at the regulation of the bid process and at takeover defence regulation in the UK and the US. The course will also look at the development of the private equity industry and at typical fund and transaction structures used in private equity deals.

Lent Term
Introduction to the market for corporate control
Takeover process regulation
The extra-territorial effects of US process regulation
Takeover defence regulation
Private equity and management buyouts: fund structures; deal structures; value strategies
Regulating conflicts of interest in going private transactions
Financial assistance regulation
Effectiveness of the market for corporate control
Tax issues in control transactions

Ten two-hour seminars in LT.

1,500 word essay.

A full reading list will be made available via Moodle at the beginning of the course. Background material can be found in R. Kraakman et al, The Anatomy of Corporate Law (2004); B. Black, The Law and Finance of Corporate Acquisitions (1995); and W. Carney, Mergers and Acquisitions (2003).

A two-hour examination. Students answer two questions.