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????《財(cái)富》雜志（Fortune）獲悉，雅虎公司（Yahoo）聯(lián)合創(chuàng)始人楊致遠(yuǎn)和董事會(huì)其他成員已私下告知四家大型私募基金公司，董事會(huì)不會(huì)支持對(duì)公司的整體收購(gòu)要約。1月4日早上，這一消息進(jìn)一步得到坐實(shí)，因?yàn)檠呕⑿?，將聘?qǐng)貝寶公司（PayPal）總裁斯科特?湯普森出任首席執(zhí)行官一職。 ????如今的私募基金公司已不愿意嘗試惡意收購(gòu)，這意味著雅虎董事會(huì)的表態(tài)可能使這次收購(gòu)就此告吹。私募公司在收購(gòu)企業(yè)時(shí)還喜歡安插自己人擔(dān)任首席執(zhí)行官，而湯普森接受這份任命時(shí)極有可能向雅虎要求一些保障性條件，確保他不會(huì)在公司易主時(shí)被掃地出門。 ????這四家私募公司是：貝恩資本（Bain Capital），百仕通集團(tuán)（The Blackstone Group），銀湖合伙基金（Silver Lake Partners）和TPG資本（TPG Capital）。貝恩資本和百仕通集團(tuán)曾與中國(guó)的阿里巴巴集團(tuán)（Alibaba Group）和日本的軟銀集團(tuán)（Softbank Corp.）聯(lián)手推動(dòng)一項(xiàng)復(fù)雜的收購(gòu)，旨在實(shí)質(zhì)上將雅虎在美國(guó)的資產(chǎn)劃到這些私募基金公司名下（而阿里巴巴和軟銀則差點(diǎn)兒接手雅虎在亞洲的資產(chǎn)）。 ????此后，阿里巴巴和軟銀還提出過一個(gè)方案，即收購(gòu)雅虎的亞洲資產(chǎn)，而把雅虎美國(guó)的資產(chǎn)放在一邊不談——這一方案價(jià)值170億美元，雅虎董事會(huì)正在（慢慢）考慮其可行性。 ????如果雅虎的亞洲資產(chǎn)被剝離出去，那么貝恩資本和百仕通集團(tuán)可以嘗試獨(dú)自收購(gòu)雅虎的美國(guó)資產(chǎn)。據(jù)說銀湖合伙基金和TPG資本也都對(duì)這樁交易頗有興趣。此前，這兩家已提出通過“私募轉(zhuǎn)公募基金”（PIPE，private-into-public-equity）的交易方式購(gòu)買雅虎的少數(shù)股份。 ????但是，雅虎再次警告這些私募基金公司別來插手。但是，如果丹?羅卜（對(duì)沖基金Third Point公司的首席執(zhí)行官——譯注）能在雅虎的董事會(huì)中安插一些他推薦的董事成員，或者如果雅虎的亞洲資產(chǎn)單獨(dú)出售告吹的話，局面可能會(huì)在本月晚些時(shí)候?yàn)橹蛔?。不過，就目前來看，雅虎的整體出售壓根就無從談起。 ????譯者：清遠(yuǎn) |
????Yahoo co-founder Jerry Yang and other board members have privately told four major private equity firms that the board would not support a takeover offer for the entire company, Fortune has learned. The message was then reinforced this morning, when Yahoo (YHOO) announced that the hiring of PayPal president Scott Thompson as its new CEO. ????Today's private equity firms are loathe to attempt hostile takeovers, meaning that board opposition could be a deal-breaker. They also like to install their own CEOs, and it's unlikely that Thompson would accept the job without some assurances that he wouldn't soon be shown the door by a new owner. ????The four firms are: Bain Capital, The Blackstone Group (BX), Silver Lake Partners and TPG Capital. Bain and Blackstone had originally been working with China's Alibaba Group and Japan's Softbank Corp., on a complicated acquisition that effectively would have left the PE firms with Yahoo's U.S. assets (Alibaba and Softbank would have taken the Asia assets). ????Since then, however, Alibaba and Softbank have also offered to acquire the Asian assets while leaving the U.S. business alone -- a $17 billion proposal that Yahoo's board is (slowly) considering. ????An Asian divestiture could leave Bain and Blackstone trying to buy the U.S. assets solo. Silver Lake and TPG also are said to each be interested in such a deal, after previously having offered to acquire minority stakes in Yahoo via a PIPE (private-into-public-equity) transaction. ????But, again, Yahoo has told each of the private equity firms to back off. This could all change later this month if Dan Loeb is able to get some of his (to be) proposed directors on Yahoo's board, or if the Asia divestiture deal collapses. For now, however, a Yahoo buyout is highly unlikely. |
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