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微软酝酿二度收购Yahoo! (转载)阿里巴巴来西雅图招收人了
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话题: yahoo话题: said话题: alibaba话题: microsoft话题: people
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1 (共1页)
h***o
发帖数: 1494
1
北京时间10月20日消息,据华尔街日报报道,消息人士透露,微软拟联合私募股权机构
银狐以及加拿大退休金计划投资委员会(Canada Pension Plan Investment Board,以
下简称CPPI)共同收购雅虎。
据透露,方微软将会提供几十亿美元的资金,以及银行安排的额外融资。其余少部分的
资金将由银狐和CPPI提供。
知情人士还表示,上述三家机构购并不能确定这项收购方案能否继续下去,如果融资计
划失败或是交易太过繁琐都可能导致此次方案的流产。
包括银狐在内,至少有9家私募股份公司在研究收购雅虎的可能性。雅虎在最近几周也
在斟酌自己的战略选择。
该知情人士还透露,自从微软2008年收购雅虎计划失败后,微软不再愿意靠一己之力来
竞购,但是它还是希望能够保持对雅虎未来的影响。微软此次参与竞购主要是为了保护
并加强他们之间网络搜索广告的合作关系。根据此次竞购方案,完成收购交易后,买家
们将会分拆雅虎的亚洲资产。
知情人士称,一些私募股份的公司预计雅虎的收购价格为每股16-18美元。雅虎周三收
盘时股价15.94美元,市场总值为200亿美元。
H**********k
发帖数: 2158
2
By ANUPREETA DAS And GINA CHON
Private-equity firm Silver Lake Partners is working with one of its
investors, the Canada Pension Plan Investment Board, and Microsoft Corp. to
put together a proposal to buy Yahoo Inc., people familiar with the matter
said.
Under the proposal being discussed, Microsoft would put up several billion
dollars of funding, with additional financing being arranged by banks, the
people said. Silver Lake and the CPP Investment Board would kick in the rest
of the amount, which would be less than what Microsoft contributes, the
people said.
Enlarge Image
YAHOO
YAHOO
Bloomberg News
Co-founder Jerry Yang, center, has watched Yahoo's share of display ads slip.
More
AllThingsD: Yahoo's Jerry Yang and Rose Tsou at AsiaD
This is one of various combinations that potential bidders for Yahoo are
discussing, according to the people familiar with the matter. The firms
haven't yet determined whether they will proceed with such an offer and
could abandon it if, for example, the financing plan falls through or the
deal turns out to be too complex, the people said.
At least nine private-equity firms, including Silver Lake, have been
studying a potential buyout of Yahoo, which has been weighing its strategic
options in recent weeks. In any bid, several investment firms are expected
to band together.
The deal is potentially tantalizing. Private-equity investors are attracted
to the global audience of nearly 700 million people who visit Yahoo sites
such as Yahoo News, Yahoo Finance and Yahoo Sports every month. That traffic
dwarfs the number of people who visit other popular sites such as those
owned by Twitter Inc. and eBay Inc.
But investors are daunted by the challenge of revving up returns for Yahoo's
core U.S. business of selling online display advertising, which has lost
market share to nimbler rivals. Since Yahoo rebuffed a $44.6 billion
takeover offer from Microsoft in 2008, its shares have lost nearly 44% in
value.
Microsoft has been less willing to make a solo run for Yahoo ever since the
failed bid, people familiar with the matter said, but it wants to maintain
influence over Yahoo's future. Its participation in the discussions is
mainly driven by its interest in protecting and enhancing an Internet search
-advertising partnership it struck up with Yahoo after its bid, they added.
Under the proposal being discussed, the buyers would spin off Yahoo's Asian
assets after a takeover, people familiar with the matter said.
Some private-equity firms expect a deal for Yahoo can be done around $16 to
$18 per share, the people said. The Internet company's shares closed
Wednesday at $15.94 on the Nasdaq Stock Market, giving it a market
capitalization of $20 billion.
Silver Lake and the CPP Investment Board were co-investors in Skype, the
Internet telephony company that Microsoft bought earlier this year for $8.5
billion.
CPP Investment Board, which manages Canada's national pension fund, the
Canada Pension Plan, had about $150 billion in assets under management as of
June 30. The fund has been an active investor, putting in money alongside
private-equity firms, in whose funds CPPIB also invests.
Silver Lake, which has roughly $14 billion in assets, also recently invested
in Alibaba Group Holding Ltd., the Chinese Internet company in which Yahoo
owns a 40% stake.
Wall Street analysts say most of Yahoo's market value is tied up in its
Alibaba stake because of Alibaba's immense growth prospects. Alibaba Chief
Executive Jack Ma has publicly expressed interest in buying Yahoo; at the
very least he would like to buy back the 40% stake. Thursday, he said
Alibaba would start talking to private-equity firms about possibly buying
the search giant in coming weeks.
"So many PEs [private-equity firms] are talking to us, and we will start to
talk to them in the next few weeks," Mr. Ma said at Asia D, a conference
hosted by All Things Digital, an online publishing partner of The Wall
Street Journal. Mr. Ma also the company is ready to buy back the Yahoo stake
as another option.
Yahoo co-founder Jerry Yang said Wednesday that the company hasn't ruled out
a possible sale to Alibaba's Mr. Ma or to private equity firms.
"There are plenty of options," Mr. Yang said at Asia D.
Mr. Yang said Microsoft is a "very important partner for us," without
elaborating.
Another deal scenario being discussed by interested parties is a complex,
multipart bid for Yahoo led by Alibaba, where the Chinese company gets back
Yahoo's 40% stake and sells Yahoo's U.S. assets to private equity, according
to people familiar with the matter. A transaction can be structured in a
way that avoids heavy tax bills on a sale of assets, they added.
Yahoo's board recently authorized its bankers to send financial information
to prospective buyers, as part of the company's strategic review. But before
the bankers can provide this information, potential buyers are required to
sign a "non-disclosure agreement," which would prohibit them from talking to
each other after they sign it, the people familiar with the matter said.
Bankers often restrict would-be bidders from talking to each other so they
can exert control over the bidding process.
Some buyout firms plan to hold out on signing until the last minute, given
that the company is well covered by analysts and there is already a lot of
financial information publicly available, the people said.
—Loretta Chao and Yun-Hee Kim contributed to this article.
Write to Anupreeta Das at a***********[email protected] and Gina Chon at gina.chon@
wsj.com
Read more: http://online.wsj.com/article/SB10001424052970204618704576641350008919750.html#ixzz1bIOr52Qr

【在 h***o 的大作中提到】
: 北京时间10月20日消息,据华尔街日报报道,消息人士透露,微软拟联合私募股权机构
: 银狐以及加拿大退休金计划投资委员会(Canada Pension Plan Investment Board,以
: 下简称CPPI)共同收购雅虎。
: 据透露,方微软将会提供几十亿美元的资金,以及银行安排的额外融资。其余少部分的
: 资金将由银狐和CPPI提供。
: 知情人士还表示,上述三家机构购并不能确定这项收购方案能否继续下去,如果融资计
: 划失败或是交易太过繁琐都可能导致此次方案的流产。
: 包括银狐在内,至少有9家私募股份公司在研究收购雅虎的可能性。雅虎在最近几周也
: 在斟酌自己的战略选择。
: 该知情人士还透露,自从微软2008年收购雅虎计划失败后,微软不再愿意靠一己之力来

H**********k
发帖数: 2158
3
$16-18的价格不靠谱。少说也得20。

【在 h***o 的大作中提到】
: 北京时间10月20日消息,据华尔街日报报道,消息人士透露,微软拟联合私募股权机构
: 银狐以及加拿大退休金计划投资委员会(Canada Pension Plan Investment Board,以
: 下简称CPPI)共同收购雅虎。
: 据透露,方微软将会提供几十亿美元的资金,以及银行安排的额外融资。其余少部分的
: 资金将由银狐和CPPI提供。
: 知情人士还表示,上述三家机构购并不能确定这项收购方案能否继续下去,如果融资计
: 划失败或是交易太过繁琐都可能导致此次方案的流产。
: 包括银狐在内,至少有9家私募股份公司在研究收购雅虎的可能性。雅虎在最近几周也
: 在斟酌自己的战略选择。
: 该知情人士还透露,自从微软2008年收购雅虎计划失败后,微软不再愿意靠一己之力来

1 (共1页)
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相关话题的讨论汇总
话题: yahoo话题: said话题: alibaba话题: microsoft话题: people