2013年6大失败交易盘点
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安佰深公司—Rue 21 • 交易：安佰深公司回购Rue 21 安佰深公司（Apax Partners）觊觎年轻人品牌Rue 21已经很长时间了。5月中旬，这家私募股权投资公司宣布将以11亿美元价格重新收购零售品牌Rue 21，比四年前安佰深股票上市卖掉这个品牌时的价格要高出将近一倍。 这笔交易辗转拖延了几个月仍未完成。Rue 21夏秋季产品销售差强人意。同店销售额也下跌了近10%。这些情况也影响到了投资者，导致他们不愿意购买为并购融资而发行的债券。安佰深的投资银行，包括美国银行（Bank of America）、摩根大通（JPMorgan Chase）和高盛（Goldman Sachs），销售债券时也遇到了麻烦。安佰深最终还是完成了收购，但这家年轻人品牌带来的现金流能否偿还收购所举债务依然是个问题，尤其是考虑到这个品牌的销售额眼下正在不断下滑。总之，简直就是一团糟。 |
Apax-Rue21 • Deal: Apax buys back Rue21 Apax Partners may have taken its long-time crush on teen retailer Rue21 a little too far. In mid-May, the private equity firm said it was re-buying the retailer for $1.1 billion, paying roughly twice what Apax had sold the company for in an IPO four years earlier. Within a few months, though, the deal was struggling. Rue21's summer and fall lines didn't sell as well as expected. Same-store sales fell nearly 10%. That rattled investors, who didn't want to buy the bonds to finance the deal. Apax's bankers, including Bank of America(BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), and Goldman Sachs(GS, Fortune 500), had trouble selling the debt to back the deal. Apax eventually completed the deal, but some question whether the teen retailer will generate enough cash flow to pay for all the debt Apax took on to acquire the company, particularly if sales continue to drop. It's a hot mess. |
