电子零售商百思买（Best Buy）处境艰难，公司创始人、前任CEO迪克•舒尔策现在有很大机会买下这家公司。但要在2012年收购百思买，似乎仍然困难重重。

    位于明尼波利斯市的百思买于今天上午宣布，公司允许舒尔策获得某些尽职调查信息，同时组建一个投资集团（明尼苏达法律明令禁止这样的做法）。之前，双方进行了长达数周的拉锯式谈判，其中大部分都通过媒体进行。

    可问题在于，一旦舒尔策开始尽职调查，他就只剩下60天时间，用来提出一份融资得到完全保障的最终收购方案。当然，到时候他肯定能得到一些私募股权的支持，包括联合投资基金，但要说服银行却并不容易。要知道，我们讨论的百思买可是一家负债高达50-60亿美元的公司。有知情人士向笔者透露，贷款方希望至少能看到公司在节日季初期的销售数据，之后才能决定是否提供贷款。

    可就连万圣节（它还算不上知情人士眼中的节日季）距离现在也只不过60天。当然，舒尔策有权要求延期30天，也就是说他必须在11月23日，周五提出收购要约。这样的话，他还有可能向银行提供黑色星期五前几个小时的销售情况，并在下午五点提交要约。

    还是那句话，舒尔策及时找到资金并非全不可能，但可能性极低。

    而且，这个时间的确定绝非偶然。百思买并不希望在至关重要的节日购物季进行收购谈判，因为公司担心它可能会分散员工的精力。

    所以，我对未来的预测是：要么舒尔策在2012年不提交符合条件的收购要约，要么提交的要约中包含与节日销售相关的重大不利变动（MAC）条款。不论哪种方式，都会遭到百思买董事会的拒绝。这样，舒尔策也就有机会等到2013年1月再提出一份修改后的收购要约，届时如果依然无法获得董事会批准，舒尔策可能会直接将要约披露给公司股东。

    公司与舒尔策达成协议的消息传出后，百思买股票上涨超过了6%。希望新买家在2012年没有退出的计划。

    译者：刘进龙/汪皓

    Best Buy founder and former CEO Dick Schulze now has an opportunity to buy the troubled electronics retailer. But it's still going to be very difficult to do so in 2012.

    Minneapolis-based Best Buy (BBY) this morning announced that it has agreed to let Schulze see the company's books, and to put together an investor group (something otherwise prohibited by Minnesota law). This comes after weeks of back-and-forth negotiations, much of which has taken place via press release.

    The problem, however, is that Schulze still has just 60 days to present a fully-financed deal to Best Buy once he begins due diligence. He should be able to get private equity sponsors on board by then -- including co-investments -- but the banks could be a tougher sell. Remember, we're probably talking about $5 billion to $6 billion in debt here, and sources tell me that lenders are likely to want at least some earlier holiday sales data before committing.

    Sixty days, however, won't even bring Schulze to Halloween (not exactly the holiday my sources were talking about). He may be entitled to a 30-day extension, meaning that his offer would have to be submitted on Friday, November 23. Perhaps he can get access the first few hours of Black Friday figures to the bankers, and send in his offer at 5pm.

    Again, it's possible that Schulze pulls the financing together in time. But the likelihood is low.

    By the way, do not think this timing is coincidental. Best Buy has been very clear about not wanting to negotiate throughout the critical holiday season, fearing that it would distract employees.

    So here's my guess as to what happens: Schulze either doesn't submit a qualified offer in 2012, or submits one that includes certain material adverse change (MAC) terms related to holiday sales. Either way, Best Buy's board will probably reject the offer, thus setting the stage for Schulze to submit a revised offer in January 2013 -- possibly bringing it directly to shareholders if unable to receive board approval.

    Best Buy stock is up more than 6% today, on news of the Schulze agreement. I hope the new buyers aren't planning to get taken out in 2012.