Case studies

Bain Capital’s “Take Private” of China Fire

D. GROMB, M. KITTEN

2016

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 U.S.-listed Chinese firms. In response to the $9 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.

Keywords: Company valuation, buyout, reverse merger, China

L’Oréal: Attracting the Next Billion Consumers

P. DUSSAUGE, N. LUGAGNE

2016


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