戴爾私有化風(fēng)波，創(chuàng)始人單挑公司股東
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????上周，普信基金公司（T. Rowe Price）成為反對(duì)戴爾公司（Dell）私有化方案的最大股東，公司稱擬定每股13.65美元的交易“沒(méi)能反映戴爾的價(jià)值”。這個(gè)變化或許會(huì)讓邁克爾?戴爾叫苦不迭。 ????普信基金公司持有約800萬(wàn)股戴爾股份，占戴爾流通股的5%左右。另外一個(gè)，也是唯一的一個(gè)比普信基金更大的外部股東——東南資產(chǎn)管理公司（Southeastern Asset Management）同樣給該私有化方案潑了冷水。 ????戴爾公司要想實(shí)現(xiàn)私有化，必須獲得不包括邁克爾?戴爾在內(nèi)過(guò)半數(shù)股東的批準(zhǔn)。也就是說(shuō)支持率要超過(guò)42%。 ????根據(jù)筆者計(jì)算，持有戴爾公司流通股超過(guò)14%的機(jī)構(gòu)股東，目前都表達(dá)了反對(duì)意見(jiàn)。沒(méi)有一家機(jī)構(gòu)股東支持私有化方案。 ????需要說(shuō)明的是，戴爾公司十大外部股東持有的公司流通股不到30%。這意味著，大型機(jī)構(gòu)股東單靠自身力量不可能阻止這次私有化行動(dòng)，但他們倒是可以依靠自身的信譽(yù)說(shuō)服力來(lái)施加影響（舉個(gè)例子，如果大股東反對(duì)，小股東就會(huì)跟風(fēng)）。 ????因此，這宗240億美元私有化方案的關(guān)鍵在于，邁克爾?戴爾及其在銀湖資本（Silver Lake）的私募股權(quán)伙伴們是否愿意提高出價(jià)。 ????正如筆者在交易公布之前所寫的那樣，低于每股14美元，無(wú)異于自找麻煩。通常來(lái)說(shuō)，私募股權(quán)公司在宣布私有化時(shí)，都會(huì)留一點(diǎn)提價(jià)的回旋余地（雖然他們從未公開(kāi)承認(rèn)過(guò)）。這也是為什么這類新聞發(fā)布會(huì)中通常都會(huì)避免使用“最高和最終出價(jià)”這樣的字眼。 ????但每股13.65美元或許確實(shí)到了銀湖資本的極限——它已經(jīng)承諾出資14億美元，這個(gè)數(shù)字已經(jīng)超過(guò)了它新基金的10%——有報(bào)道稱，由于價(jià)格問(wèn)題，談判再次破裂。所以或許最終的結(jié)果是，在價(jià)格上給股東一點(diǎn)小小的甜頭，由邁克爾?戴爾自己尋找資金填補(bǔ)缺口。 ????畢竟，按照目前的安排，邁克爾?戴爾已經(jīng)是公司的控股股東。所以，額外一兩個(gè)百分點(diǎn)并不影響大局。而且，邁克爾?戴爾并不缺錢。實(shí)際上，只要他想，就算沒(méi)有銀湖資本或者微軟（Microsoft）的幫助，他也能完成這次收購(gòu)。 ????我們?cè)谶@里說(shuō)出自己的想法，同時(shí)也在期待其他大股東，比如貝萊德集團(tuán)（BlackRock）和先鋒集團(tuán)（Vanguard）等表明立場(chǎng)。不過(guò)，很難說(shuō)邁克爾?戴爾沒(méi)有一套替代方案，就算這意味著他要自掏腰包。（財(cái)富中文網(wǎng)） ????譯者：劉進(jìn)龍/汪皓 |
????T. Rowe Price yesterday became the latest Dell Inc. shareholder to oppose the company's plans to go private, saying the proposed $13.65 per share deal "does not reflect the value of Dell." This has got to be making Michael Dell sweat a bit. ????T. Rowe Price (TROW) holds around 86 million shares of Dell (DELL) stock, or around 5% of all outstanding shares. The only larger outside shareholder is Southeastern Asset Management, which also threw cold water on the proposed buyout. ????To go private, Dell needs approval from a simple majority of shareholders not named Michael Dell. That works out to just north of 42%. ????By my count, institutions holding more than 14% of Dell's outstanding shares now have signaled their intentions to oppose. And none have come out in favor. ????For context, Dell's ten largest outside stockholders hold less than 30% of the company's outstanding shares. That means that the big institutions alone don't have the mathematical muscle to stop this train, but rather are banking on their powers of reputational persuasion (i.e., if the large oppose, the small will follow). ????The $24 billion question, therefore, is if Michael Dell and his private equity pals at Silver Lake will increase their offer. ????As I wrote before the deal was announced, anything too far below $14 per share seemed like it was just asking for trouble. Generally, private equity firms have a bit of upside wiggle-room when they announce a take-private (although they never admit it publicly). It's the reason that such press releases don't typically include the phrase "best and final offer." ????But Silver Lake may have really stretched to $13.65 per share -- it has committed $1.4 billion, which is more than 10% of its new fund -- with some reports suggesting that negotiations broke down repeatedly over price. So perhaps the end game is a small price sweetener for shareholders, with Michael Dell financing the difference. ????After all, Michael Dell already would be controlling shareholder under the current arrangement. So an extra percent or two wouldn't really affect things too much. And it's not as if he doesn't have the money. In fact, had he wanted to, Michael Dell could have launched this offer without the help of either Silver Lake of Microsoft (MSFT). ????Really just thinking aloud here, as we wait for other large holders like BlackRock (BLK) and Vanguard to make their intentions known. But it would be hard to believe that Michael Dell doesn't have a Plan B up his sleeve, even if it involves reaching into his pocket. |
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