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????21世紀(jì)福克斯（21st Century Fox）周二宣布，公司已撤回對(duì)時(shí)代華納（Time Warner）850億美元的收購(gòu)要約，取而代之的是一項(xiàng)60億美元的股票回購(gòu)計(jì)劃。在收購(gòu)提案宣布伊始，21世紀(jì)福克斯的股票曾大跌，而時(shí)代華納的股票則應(yīng)聲上漲，看起來默多克對(duì)這個(gè)結(jié)果不太滿意。 ????我馬上想到了三點(diǎn)： ????1. 好戲應(yīng)該還在后面 ????像默多克這樣的人物不會(huì)僅憑短期股票波動(dòng)來制定公司的重大戰(zhàn)略方針。至于在未來會(huì)不會(huì)再次提出收購(gòu)要約或以什么樣的價(jià)格收購(gòu)，福克斯在聲明中只字未提。要說這次的事只是一種談判策略，也沒什么好大驚小怪的。 ????2. 時(shí)代華納想必是坐臥不寧 ????在福克斯撤回收購(gòu)要約之后，時(shí)代華納的股價(jià)狂跌，在本文撰寫時(shí)跌了近12%，至每股僅75美元，相當(dāng)于近90億美元的市值蒸發(fā)，但這一價(jià)格仍高于收購(gòu)消息泄露之前時(shí)代華納71美元的交易價(jià)。然而，這對(duì)時(shí)代華納董事會(huì)來說卻是一個(gè)異常沉重的消息：投資者紛紛搶籌的原因在于公司要被默多克收購(gòu)，而不是公司本身有多么吸引人。不管怎么樣，新聞一出，福克斯股票反其道而行之，漲幅超過了8%。 ????3. 杰夫?布克斯穩(wěn)賺不賠 ????如果時(shí)代華納首席執(zhí)行官杰夫?布克斯真的愿與默多克較勁的話，那么局勢(shì)對(duì)他來說還是相當(dāng)有利的。畢竟，就算輸了，他還能拿到近8,000萬美元的分手費(fèi)。（財(cái)富中文網(wǎng)） ????譯者：翔 |
????21st Century Fox this afternoon announced that it has withdrawn its $85 billion takeover offer for Time Warner , instead launching a $6 billion stock buyback. Seems that Rupert Murdoch wasn’t too pleased with how his company’s stock price has slumped since the deal was first announced, while Time Warner’s shares had climbed. ????Three immediate thoughts: ????1. This is not the end ????People like Rupert Murdoch do not base massive strategic decisions on short-term stock fluctuations. There is nothing in Fox’s statement that precludes Murdoch from making a future bid, at whatever price. Don’t be surprised if this is just a negotiation ploy. ????2. Time Warner must be spooked ????Time Warner shares are cratering in the aftermarket, down nearly 12% as of this writing to just $75 per share. That’s nearly $9 billion in market cap. It’s still above the $71 or so that it was trading at prior to the Fox bid leaking, but this is a giant message to the Time Warner board that investors were bidding up based on the takeover offer, not the underlying story. Fox stock, for what it’s worth, is going in the opposite direction — up more than 8% on the news. ????3. He can’t lose ????If Time Warner CEO Jeff Bewkes really is playing poker with Rupert Murdoch, he is in a pretty sweet position. After all, who else can get snookered at the table and walk away with nearly $80 million? |
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