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????戴爾（Dell）收購案一拖再拖，似將綿綿無絕期，但它歷時之長遠非空前絕后。

????就我所知，歷史上歷時最長的正式收購過程當屬貝恩資本（Bain Capital）和Thomas H. Lee Partners收購廣播電視巨頭分明頻道通信公司（Clear Channel Communications）。

????分明頻道通信公司于2006年11月14日宣布，將接受貝恩和THL公司以每股37.60美元的價格收購（公司總值約187億美元）。但這筆交易直到20多個月之后（2008年7月30日）才最終達成，成交價為每股36美元。

????分明頻道通信公司宣布接受收購之后，直到收購最終完成之前，狀況不斷：

? 先是股東反對，稱收購價太低。

? 分明頻道通信公司另外以10億美元的價格，將近500個廣播電臺和電視臺賣給了私募資本Providence Equity Partners。

? 報價一度提高至每股39.20美元，公司和貸方都接受了這個價格。

? 全球信貸緊縮來襲，貸方隨后拒絕為這筆交易提供任何資金。

? 貝恩和THL起訴相關銀行，最終達成和解協議。根據協議，銀行將以每股36美元的標準提供資金。

????相比之下，現在距離戴爾公司同意私有化才過去了半年。比起著名的RJR Nabisco交易——《門口的野蠻人》（Barbarians at the Gate）一書即以此為主題——的時間跨度長了一倍，但還不到傳奇的分明頻道交易案的三分之一呢。

????而且，除非卡爾?伊坎能說服法院相信，戴爾公司的特別委員會是邁克爾?戴爾的傀儡——這會很難，因為該委員會已經成功要到了更高的價格，否則這樁交易案從頭到尾耗時應該不會超過一年。

????戴爾收購案確實有些沒完沒了，但我們也不是沒見過更糟糕的……（財富中文網）

????譯者：項航?

????The Dell (DELL) buyout seems to have been dragging on forever, but it has a long ways to go before calling the folks at Guinness.

????From what I can tell, the longest formal buyout process of all time belongs to Bain Capital and Thomas H. Lee Partners' pursuit of Clear Channel Communications.

????In that case, Clear Channel announced on Nov. 14, 2006 that it would be acquired by Bain and THL for $37.60 per share (total value of around $18.7 billion). But the deal did not close until more than 20 months later (July 30, 2008), at a price of $36 per share.

????In between were:

? Shareholder objections that the price was too low.

? A separate $1 billion deal to sell around 500 radio and TV stations to Providence Equity Partners.

? An increased offer price of $39.20 per share that was accepted by the company and the lenders.

? Lenders balking at funding the deal at all, in the wake of a global credit crunch.

? Bain and THL suing the banks, and reaching a settlement whereby they would fund at $36 per share.

????In contrast, it only has been six months since Dell agreed to be taken private. That's twice as long as the famed RJR Nabisco deal -- as memorialized in Barbarians at the Gate -- but so far less than one-third of the Clear Channel saga.

????And unless Carl Icahn manages to convince a court that Dell's special committee is improperly in Michael Dell's back pocket -- a tough sell, given that it has successfully extracted a higher price -- then the whole thing should wrap up within one year of the original offer.