英语翻译ABC Learning center是一个典型的以合并收购起步和发展,最后倒闭的例子.首先,ABC是以Plat

ABC Learning center is a typical start to mergers and acquisitions and development,and finally fail。First of all,ABC is a Platform acquisition (platform acquisition) as a starting point。Acquired in this way extended,is based on the Childcare industry characteristics。Childcare in Australia a lot of volume,but it is scattered,small。ABC began to nothing,the first acquisition of the first Childcare,is going on in this industry,and then continuously acquired for expansion,scale,and finally become 327 centers of large companies。But why the last close?First of all,look at the deal structure (acquisitions)。ABC is using debt to purchase,then acquisition should boost profits (more than double) to repay debt and support operations。But the Childcare industry profits small,it is difficult to improve profits in a short time。Coupled with the acquisition of ABC is frequent,it means not to create new profit centers,new debt on the increase。The problem is,ABC actually has the cash to use debt to fill the gap。This is somewhat similar to Lehman,as is the debt to fill the shortage of cash and profits。Although the valuation of the company's cash reserves have been neglected,but often the source of business failures is lack of cash。Cash is always the lowest cost,lowest risk sources of funding,or why economic crisis,many people will not invest in stocks,preferring to hold cash?Development and expansion of cash-strapped non-sustainable development。The ABC has not Fraud (fraud),that will further the investigation,so the report came out before that,but personally think that it is possible,because:1。ABC reluctant to pay tax,was also found hidden tax。2。07 years of operating cash is $ 207 million,but the first half of 2008 is $ 20 million cash deficit。That people should not be suspected than 07 projects,transferred in 2007,is exaggerated for the cash。3。Founder and CEO resigned in September 2008,the problem was exposed。The problem is not postponed to resign after the exposure?But Eddy Groves said the company owed him $ 3。3 million。I do not Daozhui liquidation officer should not benefit his return,he should be lucky,said the company owed him money。