独家：黑石尽职调查，戴尔全额报销
|
财富》杂志（Fortune）获悉，如果黑石集团（Blackstone Group）打算全盘收购戴尔公司（Dell Inc.）并进行尽职调查，戴尔公司将为它支付相关费用。 据了解情况的消息人士称，黑石一再提出这一要求，并威胁称，如若不然，将在“询价期”退出。戴尔特别委员会最终表示同意，相信此举将增加公司获得更优竞价的概率。 不过，特别委员会的一些人也曾提出，这样做可能需要获得银湖资本（Silver Lake）和迈克尔•戴尔本人的同意；2月份时，这两方联合出价244亿美元收购戴尔。说到底，将来最终胜出的收购方要支付这笔费用（虽然不是直接支付）。 银湖资本同意了这个要求，原因可能是相比一旦被诉妨碍竞争性出价，辩护费用可能会比报销尽职调查的费用还要高得多。但银湖资本还附加了一条，除了双方早已达成的交易失败终止费，银湖资本和迈克尔•戴尔的此类交易成本也应得到报销，两项协议的补偿限额为2,500万美元。戴尔特别委员会同意了。 卡尔•伊坎没有提出、也没有获得类似的条款。 这样的补偿安排非同寻常，但也不是绝无仅有。有时候，这样的条款是基于竞争性买家(即黑石)正式出价，但这次的情况并非如此。 “如果你是在试图为一家240亿美元或250亿美元的公司获得更高的收购竞价，拿出2,500万美元似乎并不算多，”一位未参与戴尔交易的私募股权行业高管表示。 另外一位收购专业人士表示，支付了会计师、律师和第三方咨询研究的费用后，私募股权公司在这样一项复杂交易上的支出很容易就会达到2500万美元。他补充说：“这基本上是给了黑石更多的时间来做出决定，而且一毛钱都不用付。完全是免费的选择。” 黑石、银湖资本和戴尔特别委员会的发言人们都拒绝发表评论。（财富中文网） |
Dell Inc. is reimbursing The Blackstone Group's due diligence costs on a possible buyout offer for the company, Fortune has learned. Sources close to the situation say that Blackstone (BX) repeatedly requested the concession, threatening to otherwise walk away from the table during the "go-shop" process. Dell's (DELL) special committee eventually favored the move, believing that it would increase the odds of getting a superior offer. But some on the special committee also thought it may require approval from Silver Lake and Michael Dell, who had offered in February to buy the company for $24.4 billion. After all, the winning bidder would be on the hook (albeit indirectly) for such payments. Silver Lake agreed to the request, perhaps because expense reimbursement would be cheaper than defending legal accusations of impeding a competing bid. But Silver Lake added a twist, asking that its group also be reimbursed for sunk transaction costs (which would be in addition to the already agreed-upon termination fees, were it to lose the deal). It also asked that the ceiling for both agreements be $25 million. The special committee agreed. Carl Icahn neither asked for, nor received, a similar deal. Such reimbursement arrangements are unusual, but not unique. Occasionally they are contingent on the rival suitor (i.e., Blackstone) making a formal bid, but that is not the case here. "If you're trying to get a higher bid for a $24 billion or $25 billion company, offering up $25 million probably doesn't seem like too steep a cost," explains a private equity executive who isn't involved in the Dell process. Another buyout pro adds that private equity firms easily could bump up against the $25 million figure on such a complex transaction, after paying for accountants, lawyers and a third-party consulting study. He added: "It basically gives Blackstone extra time to make up its mind, without it costing them a dime. Free option." Spokesmen for The Blackstone Group, Silver Lake Partners and the Dell special committee declined to comment. |
最新文章