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????《紐約時報》（The New York Times）報道稱，雅虎（Yahoo）明天將考慮出售所持日本雅虎（Yahoo Japan）和阿里巴巴集團（Alibaba Group）股份的提議，這些股票價值高達約170億美元。問題在于，雅虎目前的總市值才僅僅180億美元出頭。 ????這是否意味著雅虎本身僅僅價值10億美元？如果真是這樣，雅虎和美國在線（AOL）堪稱難兄難弟，雖然前者營收仍是后者的兩倍以上。不過顯然誰也不想淪落到這樣一個陣營。 ????《紐約時報》的報道如下： ????根據目前提議，阿里巴巴和日本雅虎的最大持股人軟銀（Softbank）將分別成立新的法人實體，向其注入現金和特定運營資產。雅虎隨后將置換出在上述實體中所持有的絕大部分阿里巴巴股份，以及日本雅虎的所有股份，實際上相當于出售這些股份。 ????提議的發起人之一表示，雅虎計劃保留15%的阿里巴巴股份，以便在這家高速發展的中國互聯網公司中保留一席之地。該提議將雅虎在阿里巴巴的全部股份估值為120億美元，在日本雅虎的則為50億美元。 ????如果雅虎拒絕此次交易，那么阿里巴巴和軟銀或將按照我們之前討論的，和私募基金貝恩資本（Bain Capital）以及百仕通集團（The Blackstone Group）合作，聯手收購雅虎。不過，雅虎也可能同意銀湖伙伴資本（Silver Lake Partners）或德州太平洋投資集團（TPG Capital）收購其少量股份的提議，這兩家基金正展開激烈的爭奪。 ????現在讓我們再回頭來看看這些金額，難道雅虎真的僅僅只值該公司年收益額的一半？難道一家公司的非核心資產價值規模反而是核心資產的17倍？答案不久就會揭曉。報道發表后，雅虎股價隨即飆升了超過6%。 ????最新消息：一些讀者指出，根據雅虎的資產負債表，該公司目前現金流為21.1億美元。難道說雅虎在美國的資產價值為負數？想必哪方面肯定出了嚴重的差錯… ????譯者：項航 |
????The New York Times is reporting that Yahoo tomorrow will consider a proposal to sell its stakes in Yahoo Japan and Alibaba Group, in a transaction that would be worth approximately $17 billion. But here's the thing: Yahoo's entire market cap is just over $18 billion. ????Does that really mean Yahoo (YHOO) itself is only worth around $1 billion? That puts it in the same league as AOL (AOL) -- despite having more than twice the revenues -- and that's not exactly a league where anyone wants to be playing right now. ????From the NY Times: ????Under the current proposed terms, Alibaba and Softbank, Yahoo Japan's majority owner, would create new legal entities that would consist of both cash and certain operating assets. Yahoo would then swap out most of its stake in Alibaba and all of its stake in Yahoo Japan for these entities, effectively selling those holdings. ????Yahoo is expected to keep a 15 percent stake in Alibaba, allowing it to hold onto a piece of the fast-growing Chinese Internet company, one of these people said. The proposal values Yahoo's entire Alibaba stake at about $12 billion and its stake in Yahoo Japan at about $5 billion. ????Were Yahoo to reject the deal, then Alibaba and Softbank may proceed with a previously-discussed bid to buy all of Yahoo, in concert with private equity firms Bain Capital and The Blackstone Group (BX). It also may accept one of two competing minority stake offers led by Silver Lake Partners and TPG Capital. ????But back to the dollar amount. Is it really possible that Yahoo would be valued the same as company that generate half the revenue? Can a company's non-core assets be worth 17x their core business? We should know soon. In the meantime, Yahoo shares have spiked more than 6% on the report. ????Update: Some readers have pointed out that Yahoo currently has $2.11 billion of cash sitting on its balance sheet. Does that somehow make the value of its U.S. assets negative? Something seems very wrong here... |
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