Just 2 years ago, Ingram Micro was acquired by a Chinese company that paid them $6 billion in cash, nearly 40% more than their then stock price.
It was an incredible deal. Why pay so much? And why would a regional Chinese airline buy a US-based IT distributor?
Now, Ingram's Chinese owner is falling apart.
However, HNA is going down swinging, as Bloomberg reports, HNA Co-Chairman is not blaming their dangerous debt-fueled expansion but a conspiracy:
They want to disrupt the entire Chinese economy, then disrupt HNA, leading to social unrest, subverting the entire 19th Party Congress... This is their conspiracy, these are their evil motives, and they’ve been plotting for a long time.
While that sounds like an exciting movie plot, the reality is banaler.