In December 2021, Valiant Capital Partners (VCP) is in the middle of bidding for Citrix Systems, Inc. (Citrix), to take the company private via a leveraged buyout (LBO). The auction of the renowned desktop-as-a-service (DaaS) company had attracted a number of bidders. VCP's initial bid of $15 billion ($92 per share) had allowed the fund to move to the final bidding round. Now, with broader access to the company and its management, VCP has to revise its bid. The decision becomes more complex when Vista Equity Partners teams up with Elliott, giving a rival bidder both scale and a potential strategic advantage through Vista’s ownership of TIBCO. VCP must determine whether Citrix is worth fighting for as a standalone leveraged buyout target and whether it can compete against a bidder that may be able to justify a higher price. The case is designed to help students evaluate an LBO bid under competitive pressure and to understand how deal economics (including roll-up opportinities) can differ across buyers. It supports teaching objectives around assessing Citrix as an LBO and roll-up candidate, analyzing the drivers of LBO value and return, and examining how leverage, operating assumptions, and exit multiples shape bid capacity. It also highlights the strategic logic and financial impact of roll-up acquisitions, showing how an incumbent owner with a complementary portfolio company may be able to outbid a traditional sponsor while taking on a different set of risks.