| 单词 | management buy-out |
| 释义 | management buy-out management buy-out(MBO) The acquisition of a company or a subsidiary by the existing management, often as an alternative to closure. This generally occurs after the acquisition of the parent company by new owners who wish to divest themselves of a particular subsidiary but occasionally as a result of owners wishing to dispose of the whole business through a trade sale. The new owner-managers of the buy-out frequently improve its performance as they usually are well aware of any remedial action required and have a serious incentive in the form of their equity stake. Additional capital is provided by financial institutions and venture capitalists and also in many cases by allowing other employees to buy shares. In a few instances, all employees have participated in a buy-out; these are sometimes called employee buy-outs. In a highly leveraged buy-out, funding will usually consist of a small amount of equity (allowing the management team to retain control), considerable straight debt, and a certain amount of mezzanine finance. See alsoBIMBO. |
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