This multimedia case presents the leveraged acquisition of the Spanish textile group Cortefiel. This acquisition is made by a capital risk fund that has developed a business plan that will attempt to create value through Cortefiel’s operations and this fund. At one point the operation is blocked due to other capital risk funds which are also interested in the group. Students have to analyze the business plan and decide whether or not to increase the price offered.

The case presents information about the Group and includes interviews with sector experts that participated in the operation. The last part lets students numerically solve the case carrying out all the sections of the business plan and analyzing if the price that they are paying for the stock should be increased or not.

This case study targets postgraduate students who study the subject of Financial Management II, on the subject of leveraged acquisitions. Likewise, the case can be delivered in corporate finance or valuation seminars.

El caso La batalla por Cortefiel recoge una operación de gran volumen basada en hechos totalmente reales y analizada desde la perspectiva del comprador (Fondo de capital riesgo).

En el caso se describen todos los elementos de una operación de LBO que el alumno debe ir resolviendo paso a paso hasta calcular la rentabilidad estimada de la operación con el objeto de llegar a una decisión final sobre el precio en un contexto de competencia con otros grupos de capital riesgo. (Francisco López Lubián)