戴爾私有化風波，創始人單挑公司股東
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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“沒能反映戴爾的價值”。這個變化或許會讓邁克爾?戴爾叫苦不迭。 ????普信基金公司持有約800萬股戴爾股份，占戴爾流通股的5%左右。另外一個，也是唯一的一個比普信基金更大的外部股東——東南資產管理公司（Southeastern Asset Management）同樣給該私有化方案潑了冷水。 ????戴爾公司要想實現私有化，必須獲得不包括邁克爾?戴爾在內過半數股東的批準。也就是說支持率要超過42%。 ????根據筆者計算，持有戴爾公司流通股超過14%的機構股東，目前都表達了反對意見。沒有一家機構股東支持私有化方案。 ????需要說明的是，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，大型機構股東單靠自身力量不可能阻止這次私有化行動，但他們倒是可以依靠自身的信譽說服力來施加影響（舉個例子，如果大股東反對，小股東就會跟風）。 ????因此，這宗240億美元私有化方案的關鍵在于，邁克爾?戴爾及其在銀湖資本（Silver Lake）的私募股權伙伴們是否愿意提高出價。 ????正如筆者在交易公布之前所寫的那樣，低于每股14美元，無異于自找麻煩。通常來說，私募股權公司在宣布私有化時，都會留一點提價的回旋余地（雖然他們從未公開承認過）。這也是為什么這類新聞發布會中通常都會避免使用“最高和最終出價”這樣的字眼。 ????但每股13.65美元或許確實到了銀湖資本的極限——它已經承諾出資14億美元，這個數字已經超過了它新基金的10%——有報道稱，由于價格問題，談判再次破裂。所以或許最終的結果是，在價格上給股東一點小小的甜頭，由邁克爾?戴爾自己尋找資金填補缺口。 ????畢竟，按照目前的安排，邁克爾?戴爾已經是公司的控股股東。所以，額外一兩個百分點并不影響大局。而且，邁克爾?戴爾并不缺錢。實際上，只要他想，就算沒有銀湖資本或者微軟（Microsoft）的幫助，他也能完成這次收購。 ????我們在這里說出自己的想法，同時也在期待其他大股東，比如貝萊德集團（BlackRock）和先鋒集團（Vanguard）等表明立場。不過，很難說邁克爾?戴爾沒有一套替代方案，就算這意味著他要自掏腰包。（財富中文網） ????譯者：劉進龍/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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