鋼琴之王施坦威出售進行曲再次變奏
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????頂級鋼琴生產商施坦威（Steinway & Co.）再一次達成私有化協議。沒錯，的確是再一次。
????總部位于美國馬薩諸塞州沃爾薩姆市的施坦威公司本周宣布，已和對沖基金保爾森（Paulson & Co.）達成總額約5.12億美元的收購協議，合計每股40美元。 ????此前，施坦威已和私募資本科爾伯格（Kohlberg）達成每股35美元的收購協議，新的收購價足足上漲了14%。科爾伯格已表示不會再提高收購金額（這家公司的報價已經比施坦威當時的成交價高出15%。）這意味著施坦威必須付給科爾伯格1,335萬美元分手費。 ????無疑，交易者已經猜測到將會有公司競價。就在交易宣布當天，施坦威公司的股價就沖破了科爾伯格公司開出的每股35美元的收購價，而且在之后的五個星期一直維持在這個價位。 ????但這個過程的結果應該讓市場明白了，私募股權投資公司其實也有價格上限。 ????科爾伯格公司對此過程沒有發表評論，也沒有透露它原本是否會同保爾森剛開始給出的每股38美元收購價展開競價。但每股40美元的股價對位于紐約州基斯科山的科爾伯格來說顯然是太貴了。這家公司目前進行投資的基金金額僅為16億美元。共同基金經理們似乎往往認為，私募股權投資公司錢多人傻，只要有一點點的外界壓力，就會把價格規則都拋到腦后。 ????施坦威收購案顯示，情況顯然并非如此。但愿保爾森基金沒有指望科爾伯格最后來當冤大頭。（財富中文網） ????譯者：項航?? |
????Piano maker Steinway & Co. (LVB) has agreed to be taken private. Again. ????The Waltham, Mass.-based company announced this morning that it will be acquired for approximately $512 million, or $40 per share, by hedge fund manager Paulson & Co. ????That's around 14% higher than Steinway's previous $35 per share deal with private equity firm Kohlberg & Co., which has said that it will not increase its offer (which already represented a 15% premium to Steinway's most recent trading price). It also means that Steinway will be required to pay Kohlberg a $13.35 million termination fee. ????To be sure, traders had suspected a rival offer was coming. Steinway shares jumped past Kohlberg's $35 offer on the day it was announced, and had remained there throughout the past five weeks. ????But the result of this process should teach the market that private equity firms do have actual price ceilings. ????Kohlberg isn't commenting on the process, or if it would have rivaled the $38 per share that Paulson initially offered. But clearly $40 was too rich for the Mt. Kisco, N.Y.-based firm, which currently is investing out of a $1.6 billion fund. Mutual fund managers and others often seem to believe that private equity firms are bottomless capital pits whose price discipline can be extinguished by just the slightest of outside pressures. ????Not so in this case. Hopefully that isn't what Paulson was counting on. |
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