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  • February 2011 (Revised November 2011)
  • Supplement

Berkshire Partners: Bidding for Carter's (CW)

By: Malcolm P. Baker and David Lane
Supplemental data on comparable companies to Burger King including both public companies and similar transactions. View Details
Keywords: Leveraged Buyouts; Analytics and Data Science; Bids and Bidding; Financial Services Industry
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Baker, Malcolm P., and David Lane. "Berkshire Partners: Bidding for Carter's (CW)." Harvard Business School Spreadsheet Supplement 211-709, February 2011. (Revised November 2011.)
  • September 2013
  • Supplement

The Abraaj Group and the Acibadem Healthcare Investment (B)

By: Paul A. Gompers, Bora Uluduz and Firdevs Abacioglu
This case provides an update on the ultimate outcome of the transaction presented in The Abraaj Group and the Acibadem Healthcare Investment (A). View Details
Keywords: Health Care; Leveraged Buyouts; Private Equity; Health Care and Treatment; Europe
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Gompers, Paul A., Bora Uluduz, and Firdevs Abacioglu. "The Abraaj Group and the Acibadem Healthcare Investment (B)." Harvard Business School Supplement 214-022, September 2013.
  • January 2009
  • Teaching Note

The Hertz Corporation (B) (TN)

By: Timothy A. Luehrman
Teaching Note to [208031]. View Details
Keywords: Leveraged Buyouts; Private Equity; Restructuring; Valuation
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Luehrman, Timothy A. "The Hertz Corporation (B) (TN)." Harvard Business School Teaching Note 209-096, January 2009.
  • August 2008
  • Supplement

Lenovo Chief Marketing Officer and Senior VP E-Commerce, Deepak Advani, Interviewed by Professor John Quelch

By: John A. Quelch
Professor John Quelch interviewed Lenovo CMO, Deepak Advani, regarding Lenovo's buy-out of IBM's personal computer business, and Lenovo's marketing strategy leading up to the 2008 Summer Olympics in Beijing, China. View Details
Keywords: Advertising; Leveraged Buyouts; Brands and Branding; Marketing Strategy; Hardware; Computer Industry; China
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Quelch, John A. "Lenovo Chief Marketing Officer and Senior VP E-Commerce, Deepak Advani, Interviewed by Professor John Quelch." Harvard Business School Video Supplement 509-711, August 2008.
  • spring 1991
  • Article

Lessons from a Middle-Market LBO: The Case of O.M. Scott

By: George P. Baker and Karen Wruck
Keywords: Learning; Leveraged Buyouts
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Baker, George P., and Karen Wruck. "Lessons from a Middle-Market LBO: The Case of O.M. Scott." Continental Bank Journal of Applied Corporate Finance 4, no. 1 (spring 1991).
  • April 2011
  • Article

Private Equity and Long-Run Investment: The Case of Innovation

By: Josh Lerner, Morten Sorensen and Per Stromberg
A long-standing controversy is whether LBOs relieve managers from short-term pressures of dispersed shareholders, or whether LBO funds themselves are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. We investigate 495... View Details
Keywords: Patents; Private Equity; Leveraged Buyouts; Investment; Innovation and Invention
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Lerner, Josh, Morten Sorensen, and Per Stromberg. "Private Equity and Long-Run Investment: The Case of Innovation." Journal of Finance 66, no. 2 (April 2011): 445–477.
  • October 2012
  • Supplement

Winfield Refuse Management, Inc.: Raising Debt vs. Equity, Spreadsheet for Students (Brief Case) (CW)

By: W. Carl Kester and Sunru Yong
Keywords: United States; Acquisitions; Equity Capital; Debt Management; Financial Analysis; Administrative/Support/Waste Management/Remediation Services; Expansion; Capital Structure; Leveraged Buyouts; Borrowing and Debt; Equity; United States
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Kester, W. Carl, and Sunru Yong. "Winfield Refuse Management, Inc.: Raising Debt vs. Equity, Spreadsheet for Students (Brief Case) (CW)." Harvard Business School Spreadsheet Supplement 913-532, October 2012.
  • February 1996
  • Exercise

Free Cash Flow Valuation Problem Set

By: William A. Sahlman and Andrew S. Janower
Free cash flow valuation problems: 1) build a simple pro forma, 2) value a public company's stock, and 3) evaluate a proposed LBO. View Details
Keywords: Leveraged Buyouts; Cash Flow; Public Ownership; Problems and Challenges; Valuation
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Sahlman, William A., and Andrew S. Janower. "Free Cash Flow Valuation Problem Set." Harvard Business School Exercise 396-269, February 1996.
  • December 2010
  • Case

Fortis Industries, Inc. (A)

Fortis Industries' packaging division manufactures steel and plastic strapping. In 2007, the company underwent a leveraged buyout. The case focuses on the packaging division's need to maintain high profitability in a declining market for steel strapping. Since 1998,... View Details
Keywords: Leveraged Buyouts; Decision Choices and Conditions; Marketing; Supply and Industry; Manufacturing Industry
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Moriarty, Rowland T., David May, and Gordon Swartz. "Fortis Industries, Inc. (A)." Harvard Business School Case 511-079, December 2010.
  • December 1999 (Revised February 2001)
  • Case

CVS: The Web Strategy

By: John A. Deighton and Anjali C. Shah
How should America's second-largest pharmacy chain respond to the challenge from online drugstores? What threat does the web pose to bricks and mortar distribution of prescription drugs and the other items that make up 50% of a drugstore's sales? This case describes... View Details
Keywords: Leveraged Buyouts; Marketing Channels; Distribution Channels; Service Operations; Corporate Strategy; Pharmaceutical Industry; Web Services Industry
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Deighton, John A., and Anjali C. Shah. "CVS: The Web Strategy." Harvard Business School Case 500-008, December 1999. (Revised February 2001.) (request a courtesy copy.)
  • August 2008
  • Teaching Note

Tad O'Malley: The Investment Conundrum (TN)

By: G. Felda Hardymon, Josh Lerner and Ann Leamon
Teaching Note for [808125]. View Details
Keywords: Investment; Opportunities; Leveraged Buyouts; Personal Development and Career; Resource Allocation
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Hardymon, G. Felda, Josh Lerner, and Ann Leamon. "Tad O'Malley: The Investment Conundrum (TN)." Harvard Business School Teaching Note 809-044, August 2008.
  • May 1983 (Revised May 2015)
  • Case

The Carlton Polish Company

By: William A. Sahlman
Students are asked to determine the fair market value of Carlton Polish Co. and decide if Mr. Carlton should buy out his partner's half for $25 million. Carlton's alternative is to sell his half for $25 million. Students must also evaluate a financing plan. View Details
Keywords: Value; Financing and Loans; Partners and Partnerships; Leveraged Buyouts; Fair Value Accounting
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Sahlman, William A. "The Carlton Polish Company." Harvard Business School Case 283-008, May 1983. (Revised May 2015.)
  • 2009
  • Simulation

Finance Simulation: Blackstone/Celanese: No. 3712.

By: Nabil N. El-Hage and Timothy A. Luehrman
The Finance Simulation: Blackstone/Celanese is based on the landmark acquisition of Celanese AG by the Blackstone Group in 2003. Students play the role of either Celanese or Blackstone and conduct due diligence, establish deal terms, respond to bids and counter-bids,... View Details
Keywords: Bids and Bidding; Finance; Mergers and Acquisitions; Valuation; Leveraged Buyouts; Negotiation
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El-Hage, Nabil N., and Timothy A. Luehrman. "Finance Simulation: Blackstone/Celanese: No. 3712." Simulation and Teaching Note. Watertown, MA: Harvard Business Publishing, 2009.
  • October 2012
  • Teaching Note

Winfield Refuse Management, Inc.: Raising Debt vs. Equity (Brief Case) (TN)

By: W. Carl Kester and Sunru Yong
Keywords: United States; Acquisitions; Equity Capital; Debt Management; Financial Analysis; Administrative/Support/Waste Management/Remediation Services; Expansion; Capital Structure; Leveraged Buyouts; Borrowing and Debt; Equity; United States
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Kester, W. Carl, and Sunru Yong. "Winfield Refuse Management, Inc.: Raising Debt vs. Equity (Brief Case) (TN)." Harvard Business School Teaching Note 913-531, October 2012.
  • November 2006 (Revised October 2007)
  • Case

Artisan Entertainment Inc.

Geoff Rehnert and Marc Wolpow have left Bain Capital to launch Audax Group. As part of their separation, they have been granted 90-day options to purchase Bain Capital's stake in a number of portfolio companies at Fair Market Value. As they conside whether to exercise... View Details
Keywords: Leveraged Buyouts; Private Equity; Financing and Loans; Investment Funds
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El-Hage, Nabil N., and Christopher Edward James Payton. "Artisan Entertainment Inc." Harvard Business School Case 207-067, November 2006. (Revised October 2007.)
  • June 2001
  • Case

ESL Golf (B)

By: Carliss Y. Baldwin and Christopher R Gordon
Supplements the (A) case. View Details
Keywords: Leveraged Buyouts; Auctions; Bids and Bidding; Private Equity; Valuation
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Baldwin, Carliss Y., and Christopher R Gordon. "ESL Golf (B)." Harvard Business School Case 801-430, June 2001.
  • June 2007 (Revised November 2008)
  • Case

Nordic Telephone Company's Bid for TDC

Nordic Telephone Company, formed by a consortium of private equity firms, has made a public tender offer for Denmark's leading telecommunications company, TDC. TDC's board of directors approved the take-private transaction, and 88% of shareholders have accepted the... View Details
Keywords: Leveraged Buyouts; Communication Technology; Decision Choices and Conditions; Negotiation Offer; Privatization; Telecommunications Industry; Denmark
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El-Hage, Nabil N., Mark Lurie, and Leslie Pierson. "Nordic Telephone Company's Bid for TDC." Harvard Business School Case 207-122, June 2007. (Revised November 2008.)
  • January 1992
  • Teaching Note

Congoleum Corporation (Abridged) TN

By: Richard S. Ruback
Teaching Note for (9-287-029). View Details
Keywords: Leveraged Buyouts; Valuation; Equity; Manufacturing Industry
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Ruback, Richard S. "Congoleum Corporation (Abridged) TN." Harvard Business School Teaching Note 292-081, January 1992.
  • February 2017 (Revised February 2018)
  • Case

Frank Baker: Siris Capital Group and Titan Systems

By: Steven Rogers and Derrick Collins
Private equity firm, Siris Capital Group, must decide if they should raise their offer to take Titan Telecom private by acquiring its publicly traded stock. Siris’ decision to pay a premium for Titan must be made in the context of their unique (and somewhat complex)... View Details
Keywords: Acquisition; Leveraged Buyouts; Mergers and Acquisitions; Private Equity; Mobile Technology; Financial Services Industry; Communications Industry; Telecommunications Industry; United States
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Rogers, Steven, and Derrick Collins. "Frank Baker: Siris Capital Group and Titan Systems." Harvard Business School Case 317-036, February 2017. (Revised February 2018.)
  • July 2008
  • Case

Aurora Capital Group - Douglas Dynamics

Aurora Capital, a U.S. Private Equity firm, contemplates whether to acquire Douglas Dynamics, the leading U.S. maker of snow plows. Does a business that is highly dependent on the weather, and is seasonal, make a good LBO candidate? This case provides a good... View Details
Keywords: Leveraged Buyouts; Private Equity; Investment; Goods and Commodities; Value Creation
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El-Hage, Nabil N., Birche Fishback, Blake Gottesman, and Michael Marino. "Aurora Capital Group - Douglas Dynamics." Harvard Business School Case 209-010, July 2008.
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