IBM-Sun: The Land Of The 100% Premium

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公司常常会哀叹：股价没有反映出我们真正的价值。这种说法在去年的金融海啸之前就经常出现。金融海啸让道琼斯指数从2007年10月时的14164.53点历史高点下跌了50%以上。Associated Press这在并购领域中的一个结果就是，溢价的提高令人瞠目结舌。最近的一个例子就是正在同IBM商谈出售事宜的太阳计算机系统有限公司(Sun Microsystems, 简称Sun)。这也是近来规模最大的一宗交易。据信商讨的价格约为65亿美元，比Sun周二4.97美元的收盘价高出了约一倍。（周四Sun股价收于8.63美元，下跌2.9%。）根据旧金山投行JMP Securities采用FactSet MergerStat数据为本栏编辑的高溢价交易列表，雅培制药(Abbott Lab)以13.6亿美元收购Advanced Medical Optics的报价比1月份宣布此项交易前一天Advanced Medical的股价高出了148%，比此前30个交易日的平均股价高出了286%。上个月，放射和医学成像公司Amicas提出以3,900万美元收购Emageon，溢价为142%。Emageon是一家为医院医疗卫生网络和成像设施提供IT系统的供应商。而Fieldpoint Petroleum提出以2,550万美元收购Basic Earth Sciences Systems相当于124%的溢价，不过后者已经拒绝了这个提议。JMP董事总经理雷曼(Mark Lehmann)说，我认为过去18个月里悲观气氛达到了顶点。各方在能证明自己清白前都是有罪的。收购方对中意公司的估值非常低。而管理层目前认为，如果他们的公司经营没有问题，其股价其实是被大大低估的，这样他们就不会轻易将公司卖出。如果没有得到想要的价格，他们就会继续经营他们的业务。收购方可能也愿意支付高一点的价格，这等于是承认它们想要购买的公司的股价实际是低于其真实价值的，或至少这样的溢价会令被收购目标的股东心动。律师事务所Clifford Chance的并购部门合伙人霍夫曼(Brian Hoffmann)说，收购方可能是看到了大大高出股价的价值，同时也愿意捕捉其中的一些价值。Hoffmann的公司代表International Petroleum Investment将后者以每股6美元的价格出售给了Nova Chemicals，这一价格是交易宣布前International Petroleum 1.34美元股价的5倍多。当然，可能只是旁观者才认为这样的溢价水平实在太高。在几乎所有并购案中，收购的报价都要低于被收购目标一年前的股价水平。比如，Sun在2008年3月18日创出了16.72美元的52周高点，较IBM目前的出价高出了很多。Heidi Moore相关阅读IBM属意Sun 科技业并购再起波澜 2009-03-19 本文涉及股票或公司document.write (truthmeter('2009年03月20日13:46', 'NCX'));NOVA Chemicals Corp.总部地点：加拿大(Canada)上市地点：纽约证交所股票代码：NCXdocument.write (truthmeter('2009年03月20日13:46', 'IBM'));International Business Machines Corp.总部地点：美国上市地点：纽约证交所股票代码：IBMdocument.write (truthmeter('2009年03月20日13:46', 'ABT'));雅培制药英文名称：Abbott Laboratories总部地点：美国上市地点：纽约证交所股票代码：ABTdocument.write (truthmeter('2009年03月20日13:46', 'JAVA'));Sun电子计算机公司（又名：升阳电脑)英文名称：Sun Microsystems Inc.总部地点：美国上市地点：纳斯达克股票代码：JAVAdocument.write (truthmeter('2009年03月20日13:46', 'EMAG'));Emageon Inc.总部地点：美国上市地点：纳斯达克股票代码：EMAGdocument.write (truthmeter('2009年03月20日13:46', 'AMCS'));AMICAS Inc.总部地点：美国上市地点：纳斯达克股票代码：AMCSdocument.write (truthmeter('2009年03月20日13:46', 'FPP'));FieldPoint Petroleum Corp.总部地点：美国上市地点：ALT股票代码：FPPdocument.write (truthmeter('2009年03月20日13:46', 'BSIC'));Basic Earth Science Systems Inc.总部地点：美国上市地点：纳斯达克场外电子交易系统股票代码：BSICdocument.write (truthmeter('2009年03月20日13:46', 'NCX.T'));Nova Chemicals Corp.总部地点：加拿大(Canada)上市地点：多伦多股票代码：NCX


It is an oft-heard company lament: the stock price doesn't reflect our true value. And that was before the financial maelstrom of the past year, in which stocks have fallen more than 50% from the DJIA record of 14164.53 hit in October 2007.In the world of mergers and acquisitions, one result as been the rise of the eye-popping premium. The latest example (and biggest deal) is Sun Microsystems (JAVA), which is in talks to sell itself to International Business Machines (IBM). The price being discussed was believed to be roughly $6.5 billion, or about a 100% premium over the Tuesday closing price of $4.97. (The stock closed Thursday at $8.63, down 2.9% on the Nasdaq Stock Market).Abbott Lab's $1.36 billion acquisition of Advanced Medical Optics represented a 148% premium over Advanced Medical's stock price the day before the agreement was announced in January and a 286% premium over where the stock had been trading for prior 30 trading days, according to a list of big-premium deals compiled for Deal Journal by San Francisco investment bank JMP Securities using FactSet MergerStat data.Last month, radiology and medical imaging concern Amicas's $39 million offer for Emageon represented 142% premium for the supplier of information technology systems for hospitals, health-care networks, and imaging facilities. While Fieldpoint Petroleum's $25.5 million offer for Basic Earth Sciences Systems represented a 124% one-day premium, an offer Basic Earth rejected.'I think that pessimism has reigned supreme in the past 18 months, and all parties are guilty until proven innocent,' said Mark Lehmann, a managing director with JMP. 'Valuations are quite low for interesting companies. Right now, managements believe that if they manage their companies properly, their stocks are well undervalued, and they're not going to give it away. If they don't get the price they want, they will just keep running their business.'Acquirers, too, may be willing to pay a bit more in an acknowledgment that the companies they are pursuing really are worth much more than the stock market dictates, or at least that such premiums will dazzle the target's shareholders. 'An acquirer may see value well in excess of the market price and be willing to capture some of that value,' said Brian Hoffmann, a partner in the mergers and acquisitions department of law firm Clifford Chance.Hoffmann's firm represented International Petroleum Investment in its $6-a-share sale to Nova Chemicals, more than a five times IPIC's $1.34 stock price before the deal was announced.Of course, flashy premiums may be in the eye of the beholder. In nearly all cases, the offer prices were a discount to where the target's stock was trading a year ago. Sun Microsystems, for instance, hit its 52-week high of $16.72 on March 18, 2008, making the IBM approach a sizable discount.Heidi Moore