獨家：黑石盡職調查，戴爾全額報銷
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????財富》雜志（Fortune）獲悉，如果黑石集團（Blackstone Group）打算全盤收購戴爾公司（Dell Inc.）并進行盡職調查，戴爾公司將為它支付相關費用。 ????據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“詢價期”退出。戴爾特別委員會最終表示同意，相信此舉將增加公司獲得更優競價的概率。 ????不過，特別委員會的一些人也曾提出，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，這兩方聯合出價244億美元收購戴爾。說到底，將來最終勝出的收購方要支付這筆費用（雖然不是直接支付）。 ????銀湖資本同意了這個要求，原因可能是相比一旦被訴妨礙競爭性出價，辯護費用可能會比報銷盡職調查的費用還要高得多。但銀湖資本還附加了一條，除了雙方早已達成的交易失敗終止費，銀湖資本和邁克爾?戴爾的此類交易成本也應得到報銷，兩項協議的補償限額為2,500萬美元。戴爾特別委員會同意了。 ????卡爾?伊坎沒有提出、也沒有獲得類似的條款。 ????這樣的補償安排非同尋常，但也不是絕無僅有。有時候，這樣的條款是基于競爭性買家(即黑石)正式出價，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競價，拿出2,500萬美元似乎并不算多，”一位未參與戴爾交易的私募股權行業高管表示。 ????另外一位收購專業人士表示，支付了會計師、律師和第三方咨詢研究的費用后，私募股權公司在這樣一項復雜交易上的支出很容易就會達到2500萬美元。他補充說：“這基本上是給了黑石更多的時間來做出決定，而且一毛錢都不用付。完全是免費的選擇。” ????黑石、銀湖資本和戴爾特別委員會的發言人們都拒絕發表評論。（財富中文網） |
????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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