A Cautionary Tale

Here is an amusing and instructive link from the blog of one of the more trenchant commentators on the private equity scene and a personal favorite of mine, Equity Private. One can draw any number of morals from this sad story of a naive and overmatched CFO and his team dueling with a financial sponsor over value: caveat vendor, never bring a knife to a gun fight, etc., etc.

If you are the impatient sort, like me, just skip down to the dialogue section, where the action begins. Here is the entire posting.

By the way, what is perhaps even more instructive is that the PE firm decisively won the battle (over value) but lost the war (the company).

There is no justice in M&A land.

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