Cas pédagogiques

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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.

Mots clés : Company valuation, buyout, reverse merger, China

African Solar Rise: Electrifying Rural Tanzania

S. AFLAKI, A. MASINI

2014

The case is about a German NGO that provides solar energy solutions in Tanzania and faces several challenges in order to scale its organization to generate much-needed revenue.

It examined the NGO, African Solar Rise (ASR), as it worked to improve its supply chain operations and last-mile distribution challenges while raising necessary capital to put it on more solid footing

Mots clés : Accounting/Finance; Base of the Pyramid; Economics; Emerging and Developing Economies; Emerging Markets; Entrepreneurship & Innovation; Frontier Markets; International Business; Marketing/Sales; Operations Management/Supply Chain; Social Enterprise (Social Entrepreneurship); Social Impact; Strategy & Management; Sustainability

After the Spin-off from Accor: Creating a New Strategy for Edenred

P. DUSSAUGE, F. LEROY

2014

The case describes the process through which the “prepaid services” division of the Accor hotel group was spun off in 2010 as Edenred, an independent publicly traded company. It goes on to explain what prepaid services are and to describe the prepaid services industry, before focusing on Edenred itself. Finally, it points out changes occurring in and around the industry that might undermine the future profitability of the industry as a whole and of Edenred in particular. Students are asked to suggest possible strategies for the future in order to maintain the abnormally high profitability Edenred has enjoyed for many years.

Mots clés : Business strategy; Two-sided markets; Network externalities; Unusual business models; Government support; Tax incentives; Spin-offs; De-mergers; Digitalisation

Après la scission du Groupe Accor : Une nouvelle stratégie pour Edenred

P. DUSSAUGE, F. LEROY

2014

Le cas Edenred décrit le processus qui a conduit à la scission entre la branche Hôtellerie d'Accor et Accor Services (la division des titres de services prépayés). Ce spin-off a eu lieu en 2010 et a donné naissance à Edenred, une entreprise indépendante et cotée en bourse.
Le cas décrit ce que sont les titres de services prépayés, présente les principales caractéristiques de cette industrie puis se focalise plus particulièrement sur Edenred. Après avoir décrit la nouvelle entreprise et ses activités, le cas analyse les changements en cours dans le secteur. Ces changements pourraient modifier les relations entre les acteurs et éventuellement altérer le business model, la position stratégique et la profitabilité d'Edenred.
Les étudiants et participants doivent envisager diverses options stratégiques et choisir celles qui leur paraissent les plus pertinentes pour qu'Edenred continue à dégager une bonne rentabilité comme cela a été le cas pendant des années et conserve un cours de l'action suffisamment attractif pour les marchés financiers.

Mots clés : Stratégie d'entreprise, marchés à double face, externalités de réseau, modèles économiques alternatifs, soutien gouvernemental, avantages fiscaux, spin, off, scission, digitalisation.

Freedom for Noses!

T. PARIS, G. LANG

2014

The case is about an SME in the luxury perfume sector.
Its founder, an insider in the sector, created it after seeing that the sector was finding it increasingly difficult to offer atypical and original designer perfumes, and that a certain number of consumers were growing frustrated. This observation led him to create his own company and devise a different business model.
The case comprises two parts, which can be addressed successively or separately. The first part leads students to carefully analyze the perfumery sector and the causes of these problems, and then to identify business opportunities to offer a range of products that guarantees a high level of creativity. The second part describes the business model of the company, its operation, positioning and offer and raises the issues of business development.

Mots clés : Perfume Industry, Luxury, Business Model, Business Development, Innovation