戴爾競價內(nèi)幕
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????不過，特別委員會覺得，這兩筆出價都低估了戴爾公司的價值。結果，到了12月3日，高盛集團（Goldman Sachs）的一位分析師暗示，戴爾公司可能適合做杠桿收購——這一下子就讓戴爾的股票漲了4.4%，到了每股10.06美元。而第二天，KKR就退出了收購陣營。它向特別委員會的顧問摩根大通（J.P. Morgan）表示，阻礙其采取進一步行動主要有兩大原因，一是難以把握的PC市場，二是競爭壓力——這也正是兩個被戴爾近期的業(yè)績表現(xiàn)所證實的因素。就在同一天，銀湖將出價抬高到了每股12.70美元。 ????就在特別委員會不斷施壓要求更高出價時，邁克爾?戴爾卻提出了私有化的請求。他表示，如果戴爾私有化，他將推出四大舉措：(i) 增加公司企業(yè)服務集團的研發(fā)投入；(ii) 增加銷售人員；(iii) 拓展新興市場；(iv) 為PC和平板電腦業(yè)務增加投資。換言之，他是想讓公司業(yè)績增長，而不是套現(xiàn)走人。 ????隨后又傳來了彭博社（Bloomberg）的報道，說戴爾正開始全盤收購談判，這讓股價升至每股12.29美元。第二天銀湖就將出價提到了12.90美元，但還是不夠。阿歷克斯?曼德爾開始和邁克爾?戴爾商量，如果戴爾維持上市公司格局，應該采取什么戰(zhàn)略，多數(shù)都涉及到削減成本（而這恰恰和邁克爾已經(jīng)表明過的愿景背道而馳）。曼德爾還向銀湖表示，13.75美元是很完美的價格，但銀湖就是不答應，還威脅要退出。幾輪博弈后，收購價提到了每股13.65美元，而邁克爾則以13.36美元的股價投入自己的股份。這個方案還是能讓戴爾繼續(xù)支付紅利——而如果收購價達到了13.80美元這就沒戲了。 ????一句話，是特別委員會推著銀湖把出價從11.22-12.16美元一路提高到13.65美元。 ????東南資本的算法：就在雙方協(xié)議達成宣布之際，東南資本發(fā)布了一個聲明，稱13.65美元“嚴重低估了”戴爾公司的價值。它同時還拿出了自己的分析，稱戴爾每股至少值24美元。不過東南資本稱，如果戴爾選擇私有化，那每股14-15美元也是可以接受的，只要它和其他“現(xiàn)在的大”股東們有機會再投入一部分股份。后來在委托書中，所謂的“現(xiàn)在的大”這類措辭被更籠統(tǒng)的說法“股東”一詞取而代之了。 ????詢價：在詢價階段，Evercore Partners共接觸過67家客戶，其中10家最終參與了競價。我們已對最終結果做了詳細報道，但還有一些花邊新聞值得關注：（1）與黑石合作的Insight Venture Partners從未和戴爾的管理層展開過會談。（2）《財富》雜志（Fortune）報道過，黑石曾威脅稱，除非戴爾同意補償現(xiàn)款支付的費用，否則就退出競價。（3）德州太平洋投資集團（TPG Capital）一開始做過為期兩周的盡職調查，但最后選擇不出價。但在“詢價”階段它又現(xiàn)身了，和黑石展開了合作?，F(xiàn)在還不清楚為何黑石最終出價中不包括它，但這肯定讓黑石在沒有邁克爾?戴爾股份的情況下更難達成這筆交易了。（4）還不清楚為何特別委員會認為卡爾?伊坎的方案可能會帶來最佳出價，它是建立在債務紅利上的，對此特別委員會已做過詳細審查，同時認為它會帶來過多的長期風險。 |
????The special committee, however, felt both offers undervalued Dell. Then, on Dec. 3, a Goldman Sachs (GS) analyst suggested that the company might be ripe for a leveraged buyout -- sending Dell stock up 4.4% to $10.06 per share. The next day, KKR dropped out of the process. It told special committee advisor J.P. Morgan (JPM) that its main sticking point was the uncertain PC market and competitive pressures -- two factors validated by Dell's recent performance. That same day, Silver Lake raised its offer to $12.70 per share. ????As the special committee kept pressing for a higher price, Michael Dell kept making his case for going private. He identified four things he would do with a privately-held Dell: (i) Increase R&D for the company's enterprise services group, (ii) Hire additional salespeople, (iii) Expand in emerging markets, and (iv) Invest new money into the PC and tablet business. In other words, he wants to create growth rather than strip-and-flip. ????Then came a Bloomberg news report that Dell was in buyout talks, sending the stock up to $12.29 per share. The next day Silver Lake upped its offer to $12.90, but it was still seemed insufficient. Alex Mandl began talking to Michael Dell about strategic options were Dell to remain public, much of which involved cost-cutting (which was the opposite of Michael's stated vision). Mandl also told Silver Lake that $13.75 was the magic price, but Silver Lake just couldn't get there and threatened to walk. After a few more proposals it got to $13.65 per share, with Michael rolling over his shares at $13.36. This proposal also would allow Dell to continue paying out its dividend -- something it offered to suspend if the offer hit $13.80. ????In short, the special committee moved Silver Lake from $11.22-$12.16 to $13.65. ????Southeastern math: When the agreement was announced, Southeastern issued a statement saying that $13.65 per share "grossly undervalues" Dell. It also offered up its own analysis, saying the company is worth at least $24 per share. In private, however, Southeastern said it would be okay with a $14-$15 per share bid so long as it and other "large existing" shareholders were given the opportunity to roll over a portion of shares. Later in the proxy, the "large existing" language is dropped in favor of the more inclusive "shareholders." ????Go-Shop: Evercore Partners contacted 67 different parties during the go-shop, with 10 entering the process. We've already detailed the end results, but a few interesting tidbits (1) Insight Venture Partners, working with Blackstone, has never held discussions with members of Dell management. (2) As Fortune previously reported, Blackstone threatened to walk away unless Dell agreed to reimburse its out-of-pocket expenses. (3) TPG Capital conducted two weeks of due diligence during the original process, opting not to submit a bid. But it did reappear during the "go-shop," working with Blackstone. Unclear why it wasn't part of the final Blackstone bid, but that sure makes it harder for Blackstone to do this deal without Michael Dell's shares. (4) Still unclear why the special committee thinks Carl Icahn's proposal could result in a superior bid, when it is premised on a dividend recap that the special committee already examined and determined would pose too many long-term risks. |
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