雅虎應該接受整體收購
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????未來幾周我們將聽到很多關于雅虎（Yahoo）的消息。但我們聽到最多的可能是楊致遠是否會公平地對待股東？是否會公平地對待他的公司？ ????根據多家媒體報道，目前雅虎已收到兩宗要約，擬收購其20%股權。一宗來自私募機構銀湖資本（Silver Lake Partners），與之聯手收購的是微軟（Microsoft）和安德森-霍洛維茨基金（Andreessen Horowitz）。另一宗來自私募基金公司TPG Capital，與之聯手收購的可能是風投公司Greylock Partners。兩宗要約出價都比消息公布前的雅虎股票市價溢價不到10%，而且交易包括出售雅虎亞洲的重大資產（即阿里巴巴和雅虎日本的大筆股權）。 ????另有報道稱，貝恩資本（Bain Capital）和百仕通集團（Blackstone Group）正準備以250億美元全盤接手雅虎，與之聯手收購的是阿里巴巴和軟銀（Softbank，雅虎日本的共同擁有人）。如果消息準確，該收購價溢價幅度將超過25%。 ????前兩宗收購能讓楊致遠和共同創始人大衛?費羅保住股權，而且楊致遠還能夠保住董事會的席位（和大多數他親自挑選的董事）。第三宗收購則可能不會出現這樣的局面。 ??? |
????We are going to learn a lot about Yahoo over the next couple of weeks. But, perhaps more than anything else, we're going to learn if Jerry Yang is willing to do right by his shareholders. And by his company. ????According to multiple reports, Yahoo (YHOO) currently has two offers on the table for a 20% stake in the business. One comes from Silver Lake Partners, in partnership with Microsoft and Andreessen Horowitz. The other comes from TPG Capital, potentially in partnership with Greylock Partners. Each deal offers less than a 10% premium to where Yahoo shares were trading before the bids were announced, and would include sales of its major Asian assets (large stakes in Alibaba and Yahoo Japan). ????There also are reports that Bain Capital and The Blackstone Group are prepping a $25 billion takeover offer for the entire company, in partnership with Alibaba and Softbank (which is co-owner of Yahoo Japan). If accurate, that would represent more than a 25% premium. ????The former deal would let Yang and fellow co-founder David Filo retain their equity stakes, and Yang would get to keep his board seat (and most of his hand-picked directors). The latter deal likely would not. |
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