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Abridged version
-
Reference no. 116-0020-1B
Authors:
Denis Gromb (HEC Paris); Marc Kitten (HEC Paris)
Published in:
2016
Length:
8 pages
Data source:
Field research
Abstract:
This is an abridged version. 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.
Learning objectives:
1. Being able to value a company with different techniques. 2. Knowing the different rationales for a LBO. 3. Knowing what is a reverse merger and the reasons for employing this listing method. 4. Knowing why some Chinese companies choose to list on the US stock markets.
Settings:
2011, USD80 million in sales
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