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獨(dú)家:黑石盡職調(diào)查,戴爾全額報(bào)銷

Dan Primack 2013年03月29日

Dan Primack專注于報(bào)道交易和交易撮合者,從美國(guó)金融業(yè)到風(fēng)險(xiǎn)投資業(yè)均有涉及。此前,Dan是湯森路透(Thomson Reuters)的自由編輯,推出了peHUB.com和peHUB Wire郵件服務(wù)。作為一名新聞工作者,Dan還曾在美國(guó)馬薩諸塞州羅克斯伯里經(jīng)營(yíng)一份社區(qū)報(bào)紙。目前他居住在波士頓附近。
知情人士透露,個(gè)人電腦生產(chǎn)商戴爾公司將“報(bào)銷”潛在買家黑石集團(tuán)的盡職調(diào)查費(fèi)用。黑石在戴爾的詢價(jià)期提出了競(jìng)購(gòu)意向,但它要求戴爾支付盡職調(diào)查的費(fèi)用,金額預(yù)計(jì)將達(dá)到2500萬(wàn)美元,否則它將退出競(jìng)購(gòu)。戴爾公司已經(jīng)同意。

????財(cái)富》雜志(Fortune)獲悉,如果黑石集團(tuán)(Blackstone Group)打算全盤(pán)收購(gòu)戴爾公司(Dell Inc.)并進(jìn)行盡職調(diào)查,戴爾公司將為它支付相關(guān)費(fèi)用。

????據(jù)了解情況的消息人士稱,黑石一再提出這一要求,并威脅稱,如若不然,將在“詢價(jià)期”退出。戴爾特別委員會(huì)最終表示同意,相信此舉將增加公司獲得更優(yōu)競(jìng)價(jià)的概率。

????不過(guò),特別委員會(huì)的一些人也曾提出,這樣做可能需要獲得銀湖資本(Silver Lake)和邁克爾?戴爾本人的同意;2月份時(shí),這兩方聯(lián)合出價(jià)244億美元收購(gòu)戴爾。說(shuō)到底,將來(lái)最終勝出的收購(gòu)方要支付這筆費(fèi)用(雖然不是直接支付)。

????銀湖資本同意了這個(gè)要求,原因可能是相比一旦被訴妨礙競(jìng)爭(zhēng)性出價(jià),辯護(hù)費(fèi)用可能會(huì)比報(bào)銷盡職調(diào)查的費(fèi)用還要高得多。但銀湖資本還附加了一條,除了雙方早已達(dá)成的交易失敗終止費(fèi),銀湖資本和邁克爾?戴爾的此類交易成本也應(yīng)得到報(bào)銷,兩項(xiàng)協(xié)議的補(bǔ)償限額為2,500萬(wàn)美元。戴爾特別委員會(huì)同意了。

????卡爾?伊坎沒(méi)有提出、也沒(méi)有獲得類似的條款。

????這樣的補(bǔ)償安排非同尋常,但也不是絕無(wú)僅有。有時(shí)候,這樣的條款是基于競(jìng)爭(zhēng)性買家(即黑石)正式出價(jià),但這次的情況并非如此。

????“如果你是在試圖為一家240億美元或250億美元的公司獲得更高的收購(gòu)競(jìng)價(jià),拿出2,500萬(wàn)美元似乎并不算多,”一位未參與戴爾交易的私募股權(quán)行業(yè)高管表示。

????另外一位收購(gòu)專業(yè)人士表示,支付了會(huì)計(jì)師、律師和第三方咨詢研究的費(fèi)用后,私募股權(quán)公司在這樣一項(xiàng)復(fù)雜交易上的支出很容易就會(huì)達(dá)到2500萬(wàn)美元。他補(bǔ)充說(shuō):“這基本上是給了黑石更多的時(shí)間來(lái)做出決定,而且一毛錢(qián)都不用付。完全是免費(fèi)的選擇?!?/p>

????黑石、銀湖資本和戴爾特別委員會(huì)的發(fā)言人們都拒絕發(fā)表評(píng)論。(財(cái)富中文網(wǎng))

????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.

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