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Ignacio Vercesi was analysing the information he had at his disposal relating to the company Donaldson, SA, a possible candidate for acquisition by the private equity firm of which Vercesi was a founding partner. Donaldson SA was a Spanish company operating in the retail sector with traditional and well-known brand names, and which was experiencing difficulties as a result of the changes taking place in purchasing trends along with the recession of the previous few years. Despite Vercesi believing the company to be in an unsustainable position, those shareholders from Donaldson that he had talked to were dismissive of any offers coming in below the book value. The bulk of Donaldson's equity was held by a family and the company was not listed on the stock market.