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Authors:
Denis Gromb (HEC Paris); Marc Kitten (Imperial College London)
Published in:
2016
Version:
27-Mar-2016
Revision date:
01-Apr-2016
Length:
11 pages
Data source:
Field research

Abstract

The case centers on the 2011 buyout of China Fire, a NASDAQ-listed Chinese fire protection firm. The MBO, backed by private equity firm Bain Capital, comes amid a wave of 'take China privates' aimed at exploiting valuations depressed by fraud scandals at some US-listed Chinese firms. In response to the USD9 cash bid, China Fire's board has formed a Special Committee to negotiate terms. As the committee's financial advisor, Barclays Capital must conduct financial due diligence, including the valuing of China Fire with various methods.

Topics

Company valuation; Multiples valuation; Transaction multiples; Takeover premium; Discounted cash flow (DCF) valuation; DCF; Private equity; Private equity and hedge funds; LBO (leveraged buy-out); MBO (management buyout); Buyout; China; Chinese orphan; United States; United States and China
Locations:
Size:
USD80 million in sales
Other setting(s):
2011

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