鋼琴之王施坦威出售進(jìn)行曲再次變奏
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????頂級(jí)鋼琴生產(chǎn)商施坦威（Steinway & Co.）再一次達(dá)成私有化協(xié)議,。沒(méi)錯(cuò)，的確是再一次,。
????總部位于美國(guó)馬薩諸塞州沃爾薩姆市的施坦威公司本周宣布,，已和對(duì)沖基金保爾森（Paulson & Co.）達(dá)成總額約5.12億美元的收購(gòu)協(xié)議，合計(jì)每股40美元,。 ????此前,，施坦威已和私募資本科爾伯格（Kohlberg）達(dá)成每股35美元的收購(gòu)協(xié)議，新的收購(gòu)價(jià)足足上漲了14%,?？茽柌褚驯硎静粫?huì)再提高收購(gòu)金額（這家公司的報(bào)價(jià)已經(jīng)比施坦威當(dāng)時(shí)的成交價(jià)高出15%。）這意味著施坦威必須付給科爾伯格1,335萬(wàn)美元分手費(fèi),。 ????無(wú)疑,，交易者已經(jīng)猜測(cè)到將會(huì)有公司競(jìng)價(jià)。就在交易宣布當(dāng)天,，施坦威公司的股價(jià)就沖破了科爾伯格公司開出的每股35美元的收購(gòu)價(jià),，而且在之后的五個(gè)星期一直維持在這個(gè)價(jià)位。 ????但這個(gè)過(guò)程的結(jié)果應(yīng)該讓市場(chǎng)明白了,，私募股權(quán)投資公司其實(shí)也有價(jià)格上限,。 ????科爾伯格公司對(duì)此過(guò)程沒(méi)有發(fā)表評(píng)論，也沒(méi)有透露它原本是否會(huì)同保爾森剛開始給出的每股38美元收購(gòu)價(jià)展開競(jìng)價(jià),。但每股40美元的股價(jià)對(duì)位于紐約州基斯科山的科爾伯格來(lái)說(shuō)顯然是太貴了,。這家公司目前進(jìn)行投資的基金金額僅為16億美元,。共同基金經(jīng)理們似乎往往認(rèn)為，私募股權(quán)投資公司錢多人傻,，只要有一點(diǎn)點(diǎn)的外界壓力,，就會(huì)把價(jià)格規(guī)則都拋到腦后。 ????施坦威收購(gòu)案顯示,，情況顯然并非如此,。但愿保爾森基金沒(méi)有指望科爾伯格最后來(lái)當(dāng)冤大頭。（財(cái)富中文網(wǎng)） ????譯者：項(xiàng)航?? |
????Piano maker Steinway & Co. (LVB) has agreed to be taken private. Again. ????The Waltham, Mass.-based company announced this morning that it will be acquired for approximately $512 million, or $40 per share, by hedge fund manager Paulson & Co. ????That's around 14% higher than Steinway's previous $35 per share deal with private equity firm Kohlberg & Co., which has said that it will not increase its offer (which already represented a 15% premium to Steinway's most recent trading price). It also means that Steinway will be required to pay Kohlberg a $13.35 million termination fee. ????To be sure, traders had suspected a rival offer was coming. Steinway shares jumped past Kohlberg's $35 offer on the day it was announced, and had remained there throughout the past five weeks. ????But the result of this process should teach the market that private equity firms do have actual price ceilings. ????Kohlberg isn't commenting on the process, or if it would have rivaled the $38 per share that Paulson initially offered. But clearly $40 was too rich for the Mt. Kisco, N.Y.-based firm, which currently is investing out of a $1.6 billion fund. Mutual fund managers and others often seem to believe that private equity firms are bottomless capital pits whose price discipline can be extinguished by just the slightest of outside pressures. ????Not so in this case. Hopefully that isn't what Paulson was counting on. |
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