LBOs where equity value > enterprise value

In an LBO of a decent cash flowing business where the enterprise value is less than the equity value (no debt, large cash balance prior to the transaction), where the Ent value/EBITDA lags public comps or where the growth profile of the company/industry would suggest, what would be some questions (or red flags) that'd immediately come to mind?

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Sep 6, 2019
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