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\u003Cdiv class=\u0022addthis_inline_share_toolbox\u0022\u003E\u003C\/div\u003E\n                                      \u003Cdiv class=\u0022tab-content-block\u0022\u003E\n                      \u003Cdiv class=\u0022tab-subtitle green-july-text\u0022\u003ESummary\u003C\/div\u003E\n                      \u003Cdiv class=\u0022p-14 insead-grey-dec-text\u0022\u003E\n                        \u003Cp\u003E\n                          \u003Cp\u003EPrivate equity firm Clayton, Dubilier \u0026amp; Rice (CD\u0026amp;R) is preparing a bid for leading US car rental agency Hertz. By replacing Hertz\u2019s top managers, improving capital management and driving down operating costs, CD\u0026amp;R sees an opportunity to nearly double EBITDA. However, the turnaround involves significant risks, which CD\u0026amp;R must weigh in preparing its bidding strategy. Students are required to assess and value the business, evaluate a post-acquisition operating turnaround plan requiring new leadership, select a financial structure to mitigate significant cyclicality, and craft a winning bidding strategy in the context of a competitive auction.\u003C\/p\u003E\n\n                        \u003C\/p\u003E\n                      \u003C\/div\u003E\n                    \u003C\/div\u003E\n                  \n                  \n                                      \u003Cdiv class=\u0022tab-content-block\u0022\u003E\n                      \u003Cdiv class=\u0022tab-subtitle green-july-text\u0022\u003ETeaching objectives\u003C\/div\u003E\n                      \u003Cdiv class=\u0022p-14 insead-grey-dec-text\u0022\u003E\n                        \u003Cp\u003E\n                          \u003Cp\u003EThis case underscores the importance of creating a differentiated investment thesis (no matter how slight the advantage) in a competitive auction setting, inviting students to develop and support their own investment thesis. It demonstrates how the operating capabilities of PE firms (like CD\u0026amp;R) translate into a valuation exercise, investment thesis and operating plan. It explores how the firm\u2019s strategic bent shapes its bidding strategy and willingness to pay for a business that has the prospect of achieving high returns for its fund, as well as identifying sources of advantage in deal sourcing, expertise partnering and turnaround management in the private equity domain.\u003C\/p\u003E\n\n                        \u003C\/p\u003E\n                      \u003C\/div\u003E\n                    \u003C\/div\u003E\n                  \n                                      \u003Cdiv class=\u0022keyword-content-block\u0022\u003E\n                      \u003Cdiv class=\u0022tab-subtitle green-july-text\u0022\u003EKeywords\u003C\/div\u003E\n                      \u003Cdiv class=\u0022p-14 insead-grey-dec-text\u0022\u003E\n                        \u003Cul class=\u0022individual-page-keywords\u0022\u003E\n                                                      \u003Cli\u003E\n                              Private Equity\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Winner\u2019s Curse\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Auction\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Turnaround\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Bidding\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Rental Car\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Investment Strategy\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Investment Thesis\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Due Diligence\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Hertz\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Ford\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Valuation\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Synergies\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Operating Efficiency\n                            \u003C\/li\u003E\n                                                      \u003Cli\u003E\n                              Q31718\n                            \u003C\/li\u003E\n                                                  \u003C\/ul\u003E\n                      \u003C\/div\u003E\n                    \u003C\/div\u003E\n                  \n                \u003C\/div\u003E\n                                  \u003Cdiv id=\u0022microsite-47571\u0022 class=\u0022tab-pane fade\u0022\u003E\n                    Loading please wait.\n                  \u003C\/div\u003E\n                              \u003C\/div\u003E\n                        \u003C\/div\u003E\n\n\n        \u003C\/div\u003E\n\n\n      \u003C\/div\u003E\n      \u003Cdiv class=\u0022col-lg-4 col-md-4 insead-white individual-right-sidebar\u0022\u003E\n\n        \n        \u003Cdiv class=\u0022sidebar-block\u0022\u003E\n          \u003Cspan class=\u0022sidebar-heading\u0022\u003E\n                          About the Author(s)\n                      \u003C\/span\u003E\n          \u003Chr\u003E\n                      \u003Cdiv class=\u0022sidebar-block-body\u0022\u003E\n              \u003Cdiv class=\u0022author-image-wrapper\u0022\u003E\n                                  \u003Cimg src=\u0022\/sites\/publishing\/files\/Claudia-Zeisberger-14363_4.jpg\u0022 alt=\u0022Zeisberger\u0022 class=\u0022rounded-circle\u0022\/\u003E\n                              \u003C\/div\u003E\n              \u003Cdiv class=\u0022sidebar-content\u0022\u003E\n                \u003Cdiv class=\u0022sidebar-sub-title green-july-text\u0022\u003E\n                  \u003Ch4\u003E\n                    \u003Ca href=\u0022\/author\/claudia-zeisberger\u0022 class=\u0022green-july-text\u0022 target=\u0022_blank\u0022\u003E\n                      Claudia\u0026nbsp;Zeisberger\n                    \u003C\/a\u003E\n                  \u003C\/h4\u003E\n                \u003C\/div\u003E\n                \u003Cdiv class=\u0022sidebar-sub-content green-december-dark-text author-designation\u0022\u003E\n                  Senior Affiliate Professor of Entrepreneurship and Family Enterprise\n                \u003C\/div\u003E\n              \u003C\/div\u003E\n            \u003C\/div\u003E\n                      \u003Cdiv class=\u0022sidebar-block-body\u0022\u003E\n              \u003Cdiv class=\u0022author-image-wrapper\u0022\u003E\n                              \u003C\/div\u003E\n              \u003Cdiv class=\u0022sidebar-content\u0022\u003E\n                \u003Cdiv class=\u0022sidebar-sub-title green-july-text\u0022\u003E\n                  \u003Ch4\u003E\n                    \u003Ca href=\u0022\/author\/peter-goodson\u0022 class=\u0022green-july-text\u0022 target=\u0022_blank\u0022\u003E\n                      Peter\u0026nbsp;Goodson\n                    \u003C\/a\u003E\n                  \u003C\/h4\u003E\n                \u003C\/div\u003E\n                \u003Cdiv class=\u0022sidebar-sub-content green-december-dark-text author-designation\u0022\u003E\n                  \n                \u003C\/div\u003E\n              \u003C\/div\u003E\n            \u003C\/div\u003E\n                      \u003Cdiv class=\u0022sidebar-block-body\u0022\u003E\n              \u003Cdiv class=\u0022author-image-wrapper\u0022\u003E\n                              \u003C\/div\u003E\n              \u003Cdiv class=\u0022sidebar-content\u0022\u003E\n                \u003Cdiv class=\u0022sidebar-sub-title green-july-text\u0022\u003E\n                  \u003Ch4\u003E\n                    \u003Ca href=\u0022\/author\/kimberly-mcginnis\u0022 class=\u0022green-july-text\u0022 target=\u0022_blank\u0022\u003E\n                      Kimberly\u0026nbsp;McGinnis\n                    \u003C\/a\u003E\n                  \u003C\/h4\u003E\n                \u003C\/div\u003E\n                \u003Cdiv class=\u0022sidebar-sub-content green-december-dark-text author-designation\u0022\u003E\n                  \n                \u003C\/div\u003E\n              \u003C\/div\u003E\n            \u003C\/div\u003E\n                      \u003Cdiv class=\u0022sidebar-block-body\u0022\u003E\n              \u003Cdiv class=\u0022author-image-wrapper\u0022\u003E\n                              \u003C\/div\u003E\n              \u003Cdiv class=\u0022sidebar-content\u0022\u003E\n                \u003Cdiv class=\u0022sidebar-sub-title green-july-text\u0022\u003E\n                  \u003Ch4\u003E\n                    \u003Ca href=\u0022\/author\/dickson-l-louie\u0022 class=\u0022green-july-text\u0022 target=\u0022_blank\u0022\u003E\n                      Dickson L.\u0026nbsp;Louie\n                    \u003C\/a\u003E\n                  \u003C\/h4\u003E\n                \u003C\/div\u003E\n                \u003Cdiv class=\u0022sidebar-sub-content green-december-dark-text author-designation\u0022\u003E\n                  \n                \u003C\/div\u003E\n              \u003C\/div\u003E\n            \u003C\/div\u003E\n                      \u003Cdiv class=\u0022sidebar-block-body\u0022\u003E\n              \u003Cdiv class=\u0022author-image-wrapper\u0022\u003E\n                              \u003C\/div\u003E\n              \u003Cdiv class=\u0022sidebar-content\u0022\u003E\n                \u003Cdiv class=\u0022sidebar-sub-title green-july-text\u0022\u003E\n                  \u003Ch4\u003E\n                    \u003Ca href=\u0022\/author\/nicholas-shannahan\u0022 class=\u0022green-july-text\u0022 target=\u0022_blank\u0022\u003E\n                      Nicholas\u0026nbsp;Shannahan\n                    \u003C\/a\u003E\n                  \u003C\/h4\u003E\n                \u003C\/div\u003E\n                \u003Cdiv class=\u0022sidebar-sub-content green-december-dark-text author-designation\u0022\u003E\n                  \n                \u003C\/div\u003E\n              \u003C\/div\u003E\n            \u003C\/div\u003E\n                  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