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  • April 2006 (Revised April 2012)
  • Background Note
  • HBS Case Collection

The Company Sale Process

By: William E. Fruhan Jr.
  • Format:Print
  • | Pages:34
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Abstract

Lays out the steps, the timeline, and the process by which a company is sold. Focuses on the sale of companies with enterprise values greater than $100 million. These transactions are large enough to require the help of a financial adviser and attract both strategic and financial bidders. The sale process described is that of a private auction, including a confidential information memorandum and a "roadshow" to sell the high-yield debt needed to fund the transaction. Covers issues such as identifying and attracting bidders; dealing with the concerns of the managers of the selling company; negotiating issues in a definitive merger agreement; and post-sale issues.

Keywords

Mergers and Acquisitions; Auctions; Bids and Bidding; Agreements and Arrangements; Sales

Citation

Fruhan, William E., Jr. "The Company Sale Process." Harvard Business School Background Note 206-108, April 2006. (Revised April 2012.)
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About The Author

William E. Fruhan

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  • The Case of the Unidentified Industries—2018 By: Mihir A. Desai, William E. Fruhan, Jr., Leanne Fan and Adil Bhatia
  • The Case of the Unidentified Industries—2018 By: Mihir A. Desai, William E. Fruhan and Leanne Fan
  • Burton Sensors, Inc., Spreadsheet for Instructors (Brief Case) By: William E. Fruhan and Wei Wang
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