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Faculty
W. Carl Kester
Carl Kester is a Baker Foundation Professor and the George Fisher Baker Jr. Professor of Business Administration, Emeritus at Harvard Business School. He is a member of the Finance Unit. He served as Deputy Dean for Academic Affairs (2006-2010), Chairman of the Finance Unit (2005-2006), and Senior Associate Dean and Chairman of the MBA Program (1999 to 2005). He teaches corporate finance in both...
- July 2023
- Case
Equity Restructuring at Dell Technologies: Buy Out, Buy Up, Buy In (A)
By: Stuart C. Gilson and Sarah L. Abbott
In November 2018, Dell Technologies was poised to re-enter the public markets by means of a complex recapitalization that would replace an entire class of publicly-traded “tracking stock,” with new shares that would trade publicly without the need of a formal IPO. The...
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- August 2015 (Revised September 2015)
- Case
Shareholder Activists and Corporate Strategy
By: David Collis and Ashley Hartman
By 2015, there had been an upsurge in activist shareholders arguing for radical changes in companies' corporate strategies. Personalities like Carl Icahn, Bill Ackman, and Daniel Loeb were feared and loathed in some quarters, celebrated in others. With nearly $120...
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Keywords:
Scope;
Activist Investors;
Spin-offs;
Synergy;
Diversification;
Consolidation;
Hedge Fund;
Corporate Strategy
- June 2014 (Revised May 2017)
- Case
Southeastern Asset Management Challenges Buyout at Dell
By: Paul Healy, Suraj Srinivasan and Aldo Sesia
In late 2012, Michael Dell wants to take Dell Inc., the company he founded, private. Mr. Dell believes that the successful company's transformation from a personal computer (PC) manufacturer to an enterprise solutions and services provider (ESS) is dependent on going...
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Keywords:
Leveraged Buyout Transaction;
Leveraged Recapitalization;
Management Buyout;
Dell, Inc.;
Hedge Fund;
Corporate Governance Theory;
Valuation;
Valuation Ratios;
Valuation Methodologies;
Board Of Directors;
Boards Of Directors;
Carl Icahn;
Computer Services Industries;
Proxy Contest;
Proxy Battles;
Proxy Fight;
Proxy Advisor;
Financial Accounting;
Financial Analysis;
Financial Ratios;
Finance;
Corporate Accountability;
Corporate Governance;
Corporate Finance;
Leveraged Buyouts;
Computer Industry;
United States
- August 2013 (Revised December 2014)
- Case
Taking Dell Private
By: David J. Collis, David B. Yoffie and Matthew Shaffer
In July 2012, Michael Dell, CEO and founder of Dell, Inc., met with a representative of Silver Lake Partners to explore taking his company private. The company, which he had founded in his dorm room as a college freshman and which had made him the youngest Fortune 500...
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Keywords:
Strategy;
Going Private;
The PC Market;
Market For Corporate Control;
Corporate Strategy;
Leveraged Buyouts;
Change Management;
Private Equity;
Market Entry and Exit;
Private Ownership;
Information Infrastructure;
Applications and Software;
Internet and the Web;
Computer Industry;
Technology Industry;
United States
- December 2011 (Revised September 2015)
- Case
Carl Icahn and Clorox
By: Jay W. Lorsch and Kathleen Durante
This case outlines the takeover attempt by activist investor, Carl Icahn, for the Clorox Company. The board of the company repeatedly rejected Icahn's offers as inadequate. He made three bids over the course of three months.
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- February 2010 (Revised June 2014)
- Supplement
CityCenter (C): Turmoil and Choices
By: John D. Macomber
"CityCenter (C)" follows the (A) and (B) cases chronologically. The (C) case explores the decisions facing MGM MIRAGE following a lawsuit by partner Dubai World and suspension of Dubai World's cash contributions to the project in early 2009. Issues include the...
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- November 2006 (Revised July 2021)
- Case
Kerr-McGee
By: Robin Greenwood and André Perold
Activist investors Carl Icahn and Barry Rosenstein acquire a stake in Oklahoma-based company Kerr-McGee. They demand two board seats and ask the company to make several operational and financial changes, including the repurchase of equity and divestiture of their...
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- September 1997 (Revised August 2007)
- Case
Bankruptcy and Restructuring at Marvel Entertainment Group
By: Benjamin C. Esty and Jason Auerbach
Marvel Entertainment Group is the leading comic book publisher in the United States, with superheros like Spider-Man, the Incredible Hulk, the X-Men, and Captain America. It is also one of the leading manufacturers of sports and entertainment trading cards under the...
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