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I need to achieve VERY GOOD grades according to the grading scale of this document.
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Assessment Brief 2023/24
Please make sure you carefully read and understand the question or task. If you have
unanswered questions, please post these on the course Moodle Discussion Forum, and we’ll
respond.
Assignment Information
Course Code
Course Title
ACCFIN5058_1A
Mergers and Acquisitions
Course Coordinator
Gillian MacIver
Weighting
Question release date
Submission date:
Grades and Feedback to be released on:
100%
Wednesday 10th January 2024
Thursday 4th April 2024 by 12pm noon
Friday 10th May 2024
Word limit
4000 (+/- 10%) Refer to word limit
policy
The first 4,000 words (+ 10%) will be
considered for marking
Action to be taken if word limit is exceeded
1. Question
On 5th October 2020, Bristol Myers Squibb and MyoKardia Inc announced a merger agreement
under which Bristol Myers Squibb will acquire MyoKardia for $13.1 billion. The deal was
completed on 17th November 2020.
1)
Provide background information for Bristol Myers Squibb and MyoKardia prior to the
acquisition announcement year. You may provide various information, but focus should be given on
the financial background of the two firms.
[10 %]
2)
Discuss potential reasons that led the management of Bristol Myers Squibb to take the
decision to acquire MyoKardia. Support your arguments with appropriate evidence from published
sources (including academic literature, where appropriate) or information provided by the two firms.
[20 %]
3)
Estimate the market reaction for Bristol Myers Squibb around the acquisition announcement
date. From the shareholders’ perspective of the two firms, can the deal be considered successful?
Also, estimate the share price reaction of MyoKardia prior to and closely after the acquisition
announcement. Discuss your findings.
[20 %]
4)
If you were the financial advisor for Bristol Myers Squibb, how much would you advise the
management of Bristol Myers Squibb to pay for the acquisition? Estimate the value of MyoKardia in
the year prior to the acquisition announcement using at least two valuation methods, one of which
should be the DCF method. Clearly demonstrate assumptions, calculations, scenarios and data
sources.
[30 %]
5)
Compare the estimated value of MyoKardia as estimated in the previous sub-section with
the DCF method with its market value on the announcement date. Discuss potential reasons and
explanations for the actual payment by Bristol Myers Squibb.
[20 %]
(TOTAL 100%)
2. Further Details
This is an individual assignment. Provide evidence from the literature where
appropriate to support your arguments and views.
3. Assessment Rubric/Criteria
Coursework Rubric
A holistic rubric provides a list of assessment criteria together with broad description of the characteristics that would be expected for each level of
performance.
Criteria
Essential
Quality and clarity of
arguments
Excellent
Very Good
Good
Satisfactory
Weak
Builds a case; goes
beyond a list of facts;
facts and evidence
support the case being
made; demonstrates
evidence of
interpretation and
evaluation; argues for
a position, rather than
merely asserting an
opinion; anticipates
and responds to
possible
counterarguments;
reaches concluding
remarks where
applicable and
assesses the strength
of them
Builds a case; Largely
goes beyond a list of
facts; facts and
evidence support the
case being made;
demonstrates
evidence of
interpretation and
evaluation; argues for
a position, rather than
merely asserting an
opinion; anticipates
and responds to
possible
counterarguments;
reaches concluding
remarks where
applicable and
assesses the strength
of them
Builds a case;
Generally, goes
beyond a list of facts;
facts and evidence
support the case being
made; generally,
demonstrates
evidence of
interpretation and
evaluation; generally,
argues for a position,
rather than merely
asserting an opinion;
anticipates and
responds to possible
counterarguments;
reaches concluding
remarks where
applicable and
assesses the strength
of them
Builds a case; Vaguely,
goes beyond a list of
facts; facts and
evidence vaguely
support the case being
made; demonstrates
evidence of
interpretation and
evaluation; vaguely,
argues for a position,
rather than merely
asserting an opinion;
anticipates and
responds to possible
counterarguments;
reaches concluding
remarks where
applicable and
assesses the strength
of them
Does not build a case;
goes beyond a list of
facts; facts and
evidence does not
support the case being
made; does not
demonstrate evidence
of interpretation and
evaluation; does not
argue for a position –
merely asserting an
opinion; does not
anticipate and
respond to possible
counterarguments;
does not reach
concluding remarks
where applicable and
assesses the strength
of them
Grasp of assignment’s
key concepts
Understanding the
topic
Use of relevant
literature
Quality of analysis
Important
Presentation
Grasps all of
assignment’s key
concepts
All written content is
clearly relevant to the
question; each fact,
concept and piece of
evidence contributes
and makes a difference
to the answer
Grasps nearly all of
assignment’s key
concepts
Most written content is
largely relevant to the
question; each fact,
concept and piece of
evidence largely
contributes and makes
a difference to the
answer
Grasps most of
assignment’s key
concepts
Most written content is
generally relevant to
the question; each
fact, concept and
piece of evidence
generally contributes
and makes a difference
to the answer
Grasps some of
assignment’s key
concepts
Some written content
is loosely relevant to
the question; each
fact, concept and piece
of evidence loosely
contributes and makes
a difference to the
answer
Excellent use of
relevant literature
Excellent quality of
analysis employed.
Organises and
synthesises evidence
to reveal insightful
patterns, differences,
or similarities
Very good use of
relevant literature
Very good quality of
analysis employed.
Organises evidence to
reveal insightful
patterns, differences,
or similarities
Good use of relevant
literature
Good quality of
analysis employed.
Organises evidence but
the organisation is not
effective in revealing
insightful patterns,
differences, or
similarities
Some use of relevant
literature
Limited analysis
employed. Organises
evidence in a limited
manner and the
organisation is not
effective in revealing
insightful patterns,
differences, or
similarities
All required elements
of the assignment are
present and completed
to a high standard.
The document is
presented in a
professional‐looking
manner. Excellent use
of informative
Almost all of the
required elements of
the assignment are
present and completed
to a high standard. The
document is presented
in a professional‐
looking manner. Very
good use of
Not all required of the
elements of the
assignment are
present. Elements
present are completed
to a good standard.
The document is
presented well. Good
use of informative
Few of the required
elements of the
assignment are
present. Elements
present are completed
to an acceptable
standard. The
document is presented
well. Some use of
Grasps very few of
assignment’s key
concepts
All written content is
not clearly relevant to
the question; each
fact, concept and piece
of evidence does not
clearly contribute and
does not make a
difference to the
answer
Limited use of relevant
literature
Insufficient analysis
employed. Lists
evidence, but it is not
well organised
Very few of the
required elements of
the assignment are
present. Elements
present are not
completed to an
acceptable standard.
The document is not
presented well. Some
Use of real-life cases to
support arguments
Quality of writing
Relevance of material
Foundation
Assignment structure
headings and
figures/tables where
appropriate
informative headings
and figures/tables
where appropriate
headings and
figures/tables where
appropriate
informative headings
and figures/tables
where appropriate
very limited use of
informative headings
and figures/tables
where appropriate
Very limited use of
real-life cases to
support arguments
Quality of writing could
be improved. Paper
contains many
grammatical,
punctuation, and
spelling errors.
Language uses jargon
or a conversational
tone
Excellent use of reallife cases to support
arguments
Excellent quality of
writing. Rules of
grammar, usage, and
punctuation are
followed; spelling is
correct. Academic
voice is used
Good use of real-life
cases to support
arguments
Good quality of
writing. Paper contains
a few grammatical,
punctuation and
spelling errors.
Language lacks clarity
or includes the use of
some jargon or
conversational tone
Some limited use of
real-life cases to
support arguments
Acceptable quality of
writing. Paper contains
several grammatical,
punctuation, and
spelling errors.
Language uses jargon
or a conversational
tone
All written content is
clearly relevant and
makes a difference to
the answer
Very good use of reallife cases to support
arguments
Very good quality of
writing. Rules of
grammar, usage, and
punctuation are
followed with some
errors. Few or no
spelling errors. Errors
do not distract from
meaning. Academic
voice is used
Most written content is
largely relevant and
makes a difference to
the answer
Most written content is
generally relevant and
makes a difference to
the answer
Some written content
is loosely relevant and
makes a difference to
the answer
All written content is
not clearly relevant
and does not make a
difference to the
answer
Has excellent
logical sequence, ideas
relate to each other
and to topic, provides
signposts for the
reader. Conclusions
drawn logically follow
from the arguments
and evidence
presented
Has a very good logical
sequence, ideas relate
to each other and to
topic, provides
signposts for the
reader. Conclusions
drawn logically follow
from the arguments
and evidence
presented
Has a good logical
sequence, ideas relate
to each other and to
topic, provides
signposts for the
reader. Conclusions
drawn sometimes
logically follow from
the arguments and
evidence presented
Has reasonable
logical sequence, ideas
relate to each other
and to topic, provides
signposts for the
reader. Conclusions
drawn vaguely follow
from the arguments
and evidence
presented
Has not logical
sequence, ideas relate
to each other and to
topic, does not
provide signposts for
the reader. Conclusions
do not logically
follow from any
argument or evidence
Clarity of English
Acknowledgement of
sources/ references
Language is clear and
precise
Sources used are
correctly cited in the
text and included in
the reference list/
bibliography;
document is
formatted according
to instructions; where
appropriate diagrams,
charts and graphs are
properly labelled
Language is very clear
Language is clear
Sources used have very
few errors in the text
and there are some
very minor errors in
the reference list/
bibliography;
document is
formatted according
to instructions; where
appropriate diagrams,
charts and graphs are
properly labelled
Sources used have
some errors in the text
and there are some
errors in the reference
list/ bibliography;
document is
formatted according
to instructions; where
appropriate diagrams,
charts and graphs are
properly labelled
Language could be a
little clearer
Sources used have
many errors in the
text and there are
many errors in the
reference list/
bibliography;
document is
formatted according
to instructions; where
appropriate diagrams,
charts and graphs are
properly labelled
Language is lacking in
clarity
Sources used are not
correctly cited in the
text and included in
the reference list/
bibliography;
document is
formatted according
to instructions; where
appropriate diagrams,
charts and graphs are
properly labelled
4. Feedback
Individual feedback will normally be provided via Moodle. Generic (class-level)
feedback and grade profiles will normally be posted on Moodle.
Students can use academic staff office hours for additional feedback on your work.
5. Submitting
Submit your coursework using the named submission link in the Assessment Section
of your Course Moodle page. Take care to submit by the deadline or you may face
lateness penalties.
Document creation- Individual Written
1. Please name files in the following way: StudentID_CourseCode_QuestionNo. e.g.
7299019_ACCFIN4029_1. If there is no question choice, use 1 as the default.
2. The file type must be saved as .doc, .doxc, .xls, .xlsx or .pdf.
3. Include your student ID in your document, ideally in the header on each page with
the course code and title, e.g. 2489545_ACCFIN1003_Finance1.
4. The maximum file size limit on Moodle is 230MB.
6. Student conduct
Referencing and bibliography
For information, please go to the University Library webpage.
Plagiarism
For advice and more information, please go to:
• Student Learning Development web pages
• University Plagiarism Statement
If you make use of AI at any point in your research or writing process, no matter at what
stage, you must acknowledge the use of that source/platform as you would any other piece
of evidence/material in your submission.
Turnitin
Your coursework will be processed through Turnitin for similarity checking. You can submit
a draft of your coursework to Turnitin before submitting your final copy. You will find
information about using Turnitin in the Student Information Point Moodle PSIP
7. Generative AI
Generative AI offers many new opportunities for learning and the development of academic
skill although, like any technology, it must be used judiciously. Students should consider the
data protection and privacy issues that can be caused by using AI. Consider how your
personal information will be used before signing up to AI tools and ensure you read any data
protection policies before interacting with AI. You should not feel pressured into using AI
tools if you are uncomfortable with the data protection or privacy issues. Bear in mind that
responses to AI queries can be biased due to the inherent biases present in their training
data. This can lead to unfair and discriminatory responses.
Copying (including paraphrasing) AI responses to queries would be considered as
plagiarism, as it would for copying the response from any internet search.
Further information can be found here.
8. Extensions and non-submission with
good cause
Extension of up to 5 days
If you experience extenuating circumstances which prevent you from completing your
assessment by the deadline, you can request an extension of up to 5 days via Moodle.
Good cause for non-submission, late submission and extension of more than
5 days
We understand that during your studies, events that you cannot control (e.g., death of a
family member, personal circumstances, physical and mental ill health, etc.) may impact
your ability to perform well in or complete assessments.
If you are experiencing such circumstances, you can submit a good cause claim in
MyCampus.
You have five working days from the assessment deadline date to submit your good cause
claim. If you are prevented from submitting your claim within five days for good reason, you
must detail this in your claim. You will receive an acknowledgement on MyCampus when
you submit. After you have submitted your claim, you have five working days to retract it.
If you have any questions, please contact your subject team:
[email protected]
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