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- December 2016
- Article
Deal Process Design in Management Buyouts
Management buyouts (MBOs) are an economically and legally significant class of transaction: not only do they account for more than $10 billion in deal volume per year, on average, but they also play an important role in defining the relationship between inside and... View Details
Subramanian, Guhan. "Deal Process Design in Management Buyouts." Harvard Law Review 130, no. 2 (December 2016): 590–658.
- winter 1988
- Article
Management Buyouts and Managerial Efforts
By: Robert F. Bruner and Lynn S. Paine
Management buyouts, which have played an important role in the recent wave of corporate restructurings, have been criticized from several directions. This article addresses the problems created by management's conflict of interest. As members of the buyout team,... View Details
Bruner, Robert F., and Lynn S. Paine. "Management Buyouts and Managerial Efforts." California Management Review 30, no. 2 (winter 1988): 89–106.
- June 2014 (Revised May 2017)
- Case
Southeastern Asset Management Challenges Buyout at Dell
By: Paul Healy, Suraj Srinivasan and Aldo Sesia
In late 2012, Michael Dell wants to take Dell Inc., the company he founded, private. Mr. Dell believes that the successful company's transformation from a personal computer (PC) manufacturer to an enterprise solutions and services provider (ESS) is dependent on going... View Details
Keywords: Leveraged Buyout Transaction; Leveraged Recapitalization; Management Buyout; Dell, Inc.; Hedge Fund; Corporate Governance Theory; Valuation; Valuation Ratios; Valuation Methodologies; Board Of Directors; Boards Of Directors; Carl Icahn; Computer Services Industries; Proxy Contest; Proxy Battles; Proxy Fight; Proxy Advisor; Financial Accounting; Financial Analysis; Financial Ratios; Finance; Corporate Accountability; Corporate Governance; Corporate Finance; Leveraged Buyouts; Computer Industry; United States
Healy, Paul, Suraj Srinivasan, and Aldo Sesia. "Southeastern Asset Management Challenges Buyout at Dell." Harvard Business School Case 114-015, June 2014. (Revised May 2017.)
- October 2016
- Case
The Management Buyout of Dell, Inc.
Subramanian, Guhan. "The Management Buyout of Dell, Inc." Harvard Business School Case 917-003, October 2016.
- June 2007 (Revised July 2008)
- Case
Kinder Morgan, Inc. - Management Buyout
Kinder Morgan, Inc., was a leader in the transportation and distribution of energy throughout North America, managing a master limited partnership with over $35 billion in infrastructure assets. In the summer of 2006, Richard Kinder, the founder and chairman of Kinder... View Details
Keywords: Leveraged Buyouts; Fairness; Governing and Advisory Boards; Privatization; Partners and Partnerships; Conflict of Interests; North America
El-Hage, Nabil N., Leslie Pierson, Ewa Bierbrauer, and Francine Chew. "Kinder Morgan, Inc. - Management Buyout." Harvard Business School Case 207-123, June 2007. (Revised July 2008.)
- April 2001 (Revised March 2002)
- Case
Seagate Technology Buyout
By: Gregor M. Andrade, Stuart C. Gilson and Todd C. Pulvino
In March 2000, a group of private investors and senior managers were negotiating a deal to acquire the disk drive operations of Seagate Technology. The motivating factor for the buyout was the apparently anomalous market value of Seagate's equity: Seagate's equity... View Details
Andrade, Gregor M., Stuart C. Gilson, and Todd C. Pulvino. "Seagate Technology Buyout." Harvard Business School Case 201-063, April 2001. (Revised March 2002.)
- 21 Jan 2015
- Lessons from the Classroom
Managing the Family Business: Market Basket’s Lessons About Buyouts
and Denihan Hospitality in the United States (4 generations), can tell you that unity sometimes requires pruning the shareholder tree. But buyouts of family owners rarely happen—even when it is clearly a good option, and even when it's... View Details
Keywords: Retail
- 1989
- Chapter
Stakeholder Welfare, Managerial Ethics, and Management Buyouts
By: L. S. Paine and Robert F. Bruner
- June 1994 (Revised December 1997)
- Case
Safeway, Inc.'s Leveraged Buyout (A)
After years of deteriorating financial performance and eroding market position, Safeway, Inc., the largest public grocery store chain in the United States, found itself the target of a hostile takeover offer. Management decided to take the company private in a $4.3... View Details
Wruck, Karen, and Steve-Anna Stephens. "Safeway, Inc.'s Leveraged Buyout (A)." Harvard Business School Case 294-139, June 1994. (Revised December 1997.)
- October 1988
- Case
Harris Seafoods Leveraged Buyout
Describes set of issues confronting Alison Lassiter, who is trying to help Charlie Harris arrange a leveraged buyout of the shrimp company he runs, a division of a publicly traded company, Katy Industries. Lassiter has prepared a memorandum discussing and analyzing the... View Details
Keywords: Leveraged Buyouts; Venture Capital; Financing and Loans; Equity; Cost vs Benefits; Negotiation Tactics; Negotiation Preparation; Financial Management; Strategy; Management Analysis, Tools, and Techniques; Planning; Food and Beverage Industry; Industrial Products Industry
Sahlman, William A. "Harris Seafoods Leveraged Buyout." Harvard Business School Case 289-019, October 1988.
- 11 Oct 2006
- Research & Ideas
The Success of Reverse Leveraged Buyouts
shares in a company or part of a company that had been taken private in an initial leveraged buyout. Usually, buyout specialists will hold their portfolio firms for several years, working with existing View Details
- 13 Jan 2020
- Research & Ideas
Do Private Equity Buyouts Get a Bad Rap?
Private equity buyouts are a polarizing financial prospect. One need only look at the name of the recent bill that Senator Elizabeth Warren (D-Mass.) introduced to regulate private equity in the United States—the “Stop Wall Street Looting... View Details
- December 2019 (Revised December 2022)
- Case
TXU (A): Powering the Largest Leveraged Buyout in History
By: Trevor Fetter, Erik Snowberg and Rebecca M. Henderson
This case is designed to support a lively discussion about the relative merits of shareholder vs. stakeholder perspectives in the context of a company that provides a vital public service that has important environmental implications. The 2007 purchase of TXU, the... View Details
Keywords: Leveraged Buyouts; Transformation; Insolvency and Bankruptcy; Environmental Sustainability; Business and Shareholder Relations; Business and Stakeholder Relations; Energy Generation; Non-Renewable Energy; Governing Rules, Regulations, and Reforms; Utilities Industry; Energy Industry; Texas
Fetter, Trevor, Erik Snowberg, and Rebecca M. Henderson. "TXU (A): Powering the Largest Leveraged Buyout in History." Harvard Business School Case 320-064, December 2019. (Revised December 2022.)
- November 2008
- Teaching Note
Kinder Morgan, Inc.—Management Buyout (TN)
Teaching Note for [207-123]. View Details
Keywords: Management
- February 2001 (Revised March 2004)
- Case
Ducati & Texas Pacific Group - A "Wild Ride" Leveraged Buyout
Describes the attempt of Texas Pacific Group (TPG), a buyout firm, to purchase a controlling stake in Ducati Motor, the world's leading high-performance motorcycle company, based in Bologna, Italy. Ducati is part of Cagiva Group, a family-controlled industrial group.... View Details
Keywords: Valuation; Leveraged Buyouts; Entrepreneurship; Investment; Manufacturing Industry; Motorcycle Industry; Texas; Italy
Kuemmerle, Walter, and William J. Coughlin Jr. Ducati & Texas Pacific Group - A "Wild Ride" Leveraged Buyout. Harvard Business School Case 801-359, February 2001. (Revised March 2004.)
- April 2025
- Case
Japan Industrial Partners Powers the Leveraged Buyout of Toshiba
By: Brian K. Baik, Joseph Pacelli and James Barnett
The case explores Japan Industrial Partners (JIP) $14 billion takeover of Toshiba Corporation (Toshiba). JIP was a private equity firm that took over the troubled electronics corporation in late 2023. The deal, which had been labeled one of the largest leveraged... View Details
Keywords: International Accounting; Borrowing and Debt; Management Analysis, Tools, and Techniques; Ownership; Risk and Uncertainty; Strategy; Valuation; Leveraged Buyouts; Restructuring; Capital Structure; Cost of Capital; Private Equity; Bids and Bidding; Accounting Industry; Electronics Industry; Energy Industry; Manufacturing Industry; Semiconductor Industry; Asia; Japan
Baik, Brian K., Joseph Pacelli, and James Barnett. "Japan Industrial Partners Powers the Leveraged Buyout of Toshiba." Harvard Business School Case 125-055, April 2025.
- August 2017 (Revised September 2023)
- Case
Altoona State Investment Board & Bain Capital Fund XI
By: Josh Lerner and Ted Berk
Considers the decision faced by state pension fund manager Rod Calhoun as he decides whether to invest $200 million in Bain Capital's eleventh global buyout fund: Bain Capital Fund XI. For the fund, Bain was offering its limited partners a choice among three different... View Details
Keywords: Equity Method; Leveraged Buyout; Management Buyout; Capital; Design; Entrepreneurship; Finance; Leveraged Buyouts; Management; Private Equity; Venture Capital; Banking Industry; Massachusetts
Lerner, Josh, and Ted Berk. "Altoona State Investment Board & Bain Capital Fund XI." Harvard Business School Case 218-022, August 2017. (Revised September 2023.)
- December 2019 (Revised January 2021)
- Supplement
The Leveraged Buyout of TXU: (B) Energy Future Holdings
By: Trevor Fetter, Erik Snowberg and Rebecca M. Henderson
This case is designed to support a lively discussion about the relative merits of shareholder vs. stakeholder perspectives in the context of a company that provides a vital public service that has important environmental implications. The 2007 purchase of TXU, the... View Details
Keywords: Leveraged Buyouts; Transformation; Insolvency and Bankruptcy; Environmental Sustainability; Business and Shareholder Relations; Business and Stakeholder Relations; Energy Generation; Utilities Industry; Energy Industry; Texas
Fetter, Trevor, Erik Snowberg, and Rebecca M. Henderson. "The Leveraged Buyout of TXU: (B) Energy Future Holdings." Harvard Business School Supplement 320-065, December 2019. (Revised January 2021.)
- March 1990 (Revised November 2004)
- Case
O.M. Scott & Sons Co. Leveraged Buyout
By: George P. Baker III and Karen Wruck
Documents the organizational changes that took place at O.M. Scott & Sons Co. in response to their leveraged buyout. Provides the opportunity for students to discuss the effects of high leverage on management decision making, and the differences between operating as a... View Details
Keywords: Leveraged Buyouts; Capital Structure; Borrowing and Debt; Organizational Structure; Organizational Change and Adaptation; Management; Business Conglomerates; Cost of Capital; Financial Services Industry
Baker, George P., III, and Karen Wruck. "O.M. Scott & Sons Co. Leveraged Buyout." Harvard Business School Case 190-148, March 1990. (Revised November 2004.)