The Bear in a Bear Raid needs to fulfill certain criteria to make the Raid attractive to Short Sellers. This includes

• The company value of the Bear has to be high and liquid enough to be attractive to Raiders
• The macro market is in a Bear phase, i.e. there is a strong downwards trend in overall valuations
• The Bear’s stock price starts quite high at the beginning of the Raid, based on typical KPIs and compared with other segments
• The Bear shows some weakness, either problems with maintaining growth as in a previous Bull market or some operational issues, e.g. due to integration challenges or strong competiton or unclear regulation

Here is a good summary of how a Bear Raid works.