激進投資者大佬盯上科技巨頭們之后……
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????激進投資者卡爾?伊坎希望eBay拆分PayPal業務。他上個月曾表示，獨立管理將有利于促進交易市場和支付兩個部門的增長。但eBay管理層卻不這么認為。他們相信，放棄拆分反而對兩個部門更有好處。 ????但這其中有兩個戰略性問題。其一是關于eBay的未來結構。其二是eBay應該如何與伊坎打交道，因為伊坎在科技領域已經變得越來越活躍。 ????周二上午早些時候， eBay CEO約翰?多納霍訪問了《財富》雜志（Fortune）的紐約總部，談到了其他同行對伊坎的看法： ????? 蒂姆?庫克，蘋果公司（Apple）CEO。伊坎繼續買進蘋果公司的股票，最近放棄了敦促蘋果大規?；刭徆善钡奶嶙h。庫克之前曾反對該提議。 ????? 邁克爾?戴爾，戴爾公司（Dell）CEO。去年早些時候，戴爾公司宣布邁克爾?戴爾與銀湖資本（Silver Lake）同意公司私有化之后，伊坎曾多次嘗試發起競購。此外，他還表示由伊坎掌控的戴爾公司將與邁克爾?戴爾沒有任何關系。雖然他競購失敗，但卻從持有的股份中發了一筆大財。 ????? 里德?哈斯廷斯，奈飛公司（Netflix）CEO。2012年，伊坎收購了奈飛公司約10%的股份，還說購買奈飛的時機已經成熟。后來，奈飛公司實施了“毒丸計劃”，來防止伊坎等激進投資者的惡意收購。最終，他賣出了約一半自己所持有的股份，獲得了豐厚的利潤（當然，如果他繼續持有原先的股份，將獲得更豐厚的回報）。 ????當然，上面談到的每一種情況都有自身的獨特性，多納霍也沒有披露自己與庫克等人的對話內容。但看起來，這些大型科技公司不僅非常重視伊坎，同時也在積極探討如何應對這位來自紐約的激進“入侵者”。 ????如果按照這樣的劇情發展下去，或許會首次出現雙贏的局面。庫克、戴爾和哈斯廷斯都拒絕了伊坎的建議，結果表現很好。伊坎也獲得了好處，他在每家公司所持有的股票都大幅上漲。eBay是否也會沿著同樣的軌跡發展？我們將拭目以待。(財富中文網) ????譯者：劉進龍/汪皓 ???? |
????Carl Icahn wants eBay (EBAY) to spin off its PayPal subsidiary, arguing last month that separate management would improve the growth for both businesses. eBay managementdisagrees with Icahn, believing that its marketplace and payments businesses work better together than apart. ????But there really are two strategic issues here. One is about eBay's future structure. The other is about how eBay should deal specifically with Icahn, who has become increasingly active in the technology space. ????eBay CEO John Donahoe stopped by Fortune's New York offices earlier this morning, and mentioned that he has discussed Icahn with such peers as: ????? Tim Cook, CEO of Apple (AAPL).Icahn continues to amass shares in Apple, and recently backed off calls for a massive stock buyback that Cook had opposed. ????? Michael Dell, CEO of Dell Inc.When Dell announced early last year that Michael Dell and Silver Lake had agreed to take the company private, Icahn made several attempts at putting together a rival offer. He also suggested that an Icahn-owned Dell would not involve Michael Dell. He lost, but still made good money on his shares. ????? Reed Hastings, CEO of Netflix (NFLX).Icahn acquired around a 10% stake in Netflix in 2012, suggesting that the company was ripe for purchase. Netflix later adopted a poison pill to fend off a hostile takeover by activists like Icahn, and he eventually sold around half his stake at a healthy profit (albeit a much smaller one than had he held onto the stock). ????Each situation is, of course, unique -- and Donahoe didn't disclose the contents of his conversations with Cook, et al. But it does seem that big tech not only is taking Icahn seriously, but also is comparing notes on how to handle the activist intruder from New York. ????If this develops into a playbook, it may be the first in which both sides win. Cook, Dell and Hastings all eschewed Icahn's suggestions, and did just fine. So did Icahn, and the value of his stock in each company increased. We'll see soon if eBay follows a similar path. |
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