Abstract
Learning objectives: according to most of the surveys around 60 % of acquirers of a company recon afterwards, that it was disappointing. The purpose of this case is to put the participant to the training, into the shoes of merchant bankers advising an acquirer on this potential target. Provided with an information memorandum, they will have to submit a letter of intent, expressing a valuation for the business, an industrial project for business development and employment, a possible financing package and further information that they sought after (covenants, caveats, and limitations). They have to go beyond the surface: which industry the fish industry is? What are its value drivers? What is the true business of SGF? What are its key success factors? Then who would be a potential buyer? And for how much? Appearances are often misleading.