維權投資人折價購進戴爾股票
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????周二早些時候，我們都在討論卡爾?伊坎（知名維權投資者——譯注），他從東南資產管理公司（Southeastern Asset Management）購入約7,200萬股股票，把自己在戴爾公司（Dell Inc.）的持股比例增加了近一倍。現在，我們知道了這筆交易的價格：每股13.52美元。 ????換言之，如果東南資產管理公司將同樣數量的股票賣給眼下正打算以每股13.65美元的價格將戴爾公司私有化的邁克爾?戴爾和銀湖資本（Silver Lake Partners），還能多賣13美分。如果考慮到預期支付的派息，差價更是將達到21美分。這個交易價格也遠遠低于東南資產2月份時宣稱的每股24美元的估值。 ????售股后東南資產仍然保留了原持股比例的約一半，那么它的策略是什么呢？ ????據說，這家總部位于孟菲斯的投資公司相信，伊坎成為戴爾公司最大的外部股東后將擁有更大的宣講和影響平臺，有利于挫敗邁克爾?戴爾和銀湖資本的收購計劃。然后，由伊坎掌控的戴爾公司可以輕松彌補它每股13美分的差價，甚至還能獲得一些回報。對于這種觀點，我大致可以理解，除了卡爾?伊坎部分：(a) 他在宣揚自己的主張時從未遇到過困難；(b) 伊坎的投資記錄和對戴爾的投資觀點不會因為他持有的股票數量而改變。 ????對于伊坎而言，這筆交易基本上是穩賺不賠。如果邁克爾?戴爾/銀湖資本在下個月的股東大會投票中獲勝，那么，此次購入東南資產持有的戴爾股票將為他賺進900多萬美元（對他而言是筆小財，但也能平滑成本基數）。如果全面收購計劃被否，伊坎也已經擁有了一大筆他原本計劃通過重組計劃購入的股票（而且有了更大的影響力來推動自己的要約被接受）。 ????伊坎唯一的風險（至少短期內是這樣）是，如果全面收購計劃被否后，邁克爾?戴爾備選的“B計劃”得到接受。如果是這樣，伊坎可能面臨的尷尬情形是：手持一家公司逾1.50億股股票，但掌管公司的卻是一個他認為應當掃地出門的人。（財富中文網） |
????Earlier today we discussed how Carl Icahn had nearly doubled his stake in Dell Inc., by purchasing around 72 million shares from Southeastern Asset Management. And now we know the price: $13.52 per share. ????Or, put another way, 13 cents per share less than what SAM could have gotten by selling those same shares to Michael Dell and Silver Lake Partners, who are trying to take Dell (DELL) private for $13.65 per share. Or 21 cents per share less, once an anticipated dividend is taken into account. And well below the $24 per share that SAM claimed the company was worth back in February. ????So what is the strategy over at SAM, which retained around half of its original position. ????Word is that the Memphis-based investment firm believes Icahn will have an even louder bully pulpit as the company's largest outside shareholder, for the purposes of beating back the Michael Dell/Silver Lake bid. Then an Icahn-controlled Dell would easily make up that 13 cent per share difference, and then some. I guess I understand in theory, except for the part where Carl Icahn: (a) Doesn't ever have trouble getting his message out, and (b) Icahn's track record and Dell investment thesis doesn't change based on the number of shares he owns. ????For Icahn, this is mostly a win-win situation. If Michael Dell/Silver Lake win the shareholder vote next month, then he pockets more than $9 million on the SAM purchase (chump change for him, but probably smooths out his cost basis a bit). If the buyout offer gets voted down, then Icahn already has a bunch of the shares he planned to buy via the original recap plan (and more leverage to get his tender offer accepted). ????The only way the purchase goes south for Icahn -- at least in the short-term -- is if the buyout gets voted down and Michael Dell has a "Plan B" recap of his own that gets accepted. In that case, Icahn would be left holding over 150 million shares in a company run by someone who he thinks should be out on the street. |
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