戴爾到底在搞什么名堂？
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????戴爾（Dell）周三發(fā)布公告稱，2012年收入下降11%至143億美元，這個結(jié)果實際上好于分析師預(yù)期。這家公司還公布，第四季度每股收益為0.40美元（預(yù)期為0.39美元）。 ????不過，戴爾不愿討論首席執(zhí)行官邁克爾?戴爾和私募股權(quán)公司銀湖資本（Silver Lake Partners）的244億美元收購計劃。它也沒有提出今后幾個季度的業(yè)績預(yù)期目標，甚至沒有讓邁克爾?戴爾和分析師見面。 ????顯然，戴爾認為自己已歸私人所有。分析師對這家公司的要求（不允許媒體提問）逆來順受，這樣的不作為態(tài)度起了重要作用。 ????本次收購對戴爾的估價為每股13.65美元（外加0.16美元分紅），該公司已將收購方案提交股東大會審議，而兩大外部股東對此持反對意見。讓這些股東在投票前了解一下戴爾對未來、至少是對2013年第一季度的財務(wù)前景有何看法難道不是件好事嗎？ ????如果戴爾不打算就收購問題說點兒什么，那為什么要封殺邁克爾?戴爾？鑒于他仍然在負責(zé)日常事務(wù)，這樣做顯得說不通。 ????當(dāng)然，戴爾可能會擔(dān)著一點風(fēng)險，因為分析師在業(yè)績發(fā)布會上有可能不僅僅只是打探管理層是否認為邁克爾?戴爾愿意提出更好的收購條件。顯然，這樣的話題會讓律師們感到緊張。 ????但在股東看來，實際情況是戴爾現(xiàn)在滿腦子都是收購。拒絕探討此事似乎表明該公司的立場更接近買家，而不是股東。只要繼續(xù)掛著上市公司之名，戴爾就應(yīng)該行上市公司之實。（財富中文網(wǎng)） ????譯者：濤 |
????Dell Inc. today reported an 11% revenue decrease for 2012 to $14.3 billion, which actually beat analyst expectations. It also reported earnings of $0.40 per share for the fourth quarter, compared to $0.39 per share estimates. ????What Dell (DELL) did not want to talk about, however, was its pending $24.4 billion buyout by company CEO Michael Dell and private equity firm Silver Lake Partners. It also chose not to provide guidance for further quarters, or even make Michael Dell available to analysts. ????Apparently the company already thinks it's been taken private. And analysts didn't help matters, by meekly acceding to Dell's request without objection (media was not allowed to ask questions). ????Dell is asking shareholders to approve a $13.65 per share deal (plus a $0.16 per share dividend) that is being opposed by the company's two largest outside shareholders. Wouldn't such shareholders benefit from knowing how the company views its future financial prospects, before casting their ballots? At the very least for Q1 2013? ????And if the company isn't going to address the buyout, why was Michael Dell kept on the sidelines? Seems to be a mixed-message, so long as he's still in charge on a day-to-day basis. ????To be sure, Dell ran a risk of the earnings call turning into little more than analysts probing into whether or not management thinks Michael Dell is willing to sweeten his offer. And clearly such talk would have made the lawyers nervous. ????But the reality is that, from a shareholder perspective, Dell is now all about the buyout. And refusing to discuss it seems to put the company more on the side of its buyers than on the side of its owners. So long as the company is still public, it should act like it. |
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