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专栏 - 从华尔街到硅谷

黑石考虑加入争夺,戴尔权杖或将不保

Dan Primack 2013年03月22日

Dan Primack专注于报道交易和交易撮合者,从美国金融业到风险投资业均有涉及。此前,Dan是汤森路透(Thomson Reuters)的自由编辑,推出了peHUB.com和peHUB Wire邮件服务。作为一名新闻工作者,Dan还曾在美国马萨诸塞州罗克斯伯里经营一份社区报纸。目前他居住在波士顿附近。
黑石集团正在考虑竞购戴尔公司,而且很可能已经完成了初步的考察,正在筹集收购资金。黑石最希望看到的局面是戴尔公司创始人迈克尔•戴尔也能站在自己这边,但是如果他不买账,黑石就会找人来取代他,担任戴尔CEO。其中,惠普前CEO马克•赫德就是热门人选。

    迈克尔•戴尔正在设法让戴尔公司(Dell)从个人电脑制造商转型为处于世界领先水平的企业服务供应商,而他想要的只是让大家还他一个清静。因此他和私募股权公司银湖资本(Silver Lake Partners)合作,打算以244亿美元(1,529.88亿元人民币)的报价将戴尔私有化,这样就有希望让戴尔从投行分析师和电视新闻节目主持人的视线中消失。不过,他也可能因为这一重大举措而离开戴尔,只是这种可能性比较小。

    正如此前出现过的报道,一些公司和投资人也打算对戴尔发起收购,或者至少正在进行初步考察,其中包括黑石集团(The Blackstone Group)、著名投资人卡尔•伊坎、联想和惠普(Hewlett-Packard)。询价活动将在本周五截止。

    迈克尔•戴尔已经向戴尔特别委员会保证,他“仍将真心实意地和任何竞购对手进行合作”,而且他将“和中立股东一起对特别委员会推荐的任何更好的收购方案投出属于自己的一票,或者出于自己的选择对这样的方案投赞成票。”但不能保证他和竞购对手合作时真的会同意把戴尔股份换来的资金再换成戴尔的股份,或者继续担任首席执行官(CEO)。

    本刊已经了解到,黑石集团(Blackstone)正在认真考虑对戴尔提出收购,而且它希望迈克尔•戴尔能站在自己这一边。不过,如果他更愿意继续和银湖资本联手,黑石集团就会采用应急方案。也就是说秘密地找人取代迈克尔•戴尔的CEO职位。

    黑石集团的首选之一是惠普(Hewlett-Packard)前首席执行官,目前在甲骨文(Oracle)担任总裁兼董事的马克•赫德。还不清楚赫德是否显示出同样的兴趣,但据说黑石集团一直在“很积极”地开展这项非正式的招聘工作。

    此事牵涉到的另一个名字是迈克尔•卡佩拉斯,他曾是康柏电脑(Compaq Computer)和银行卡处理服务供应商第一资讯(First Data)的负责人,最近一份工作是在虚拟计算环境联盟【VCE,主要由思科(Cisco)和EMC出资设立】担任董事长。卡佩拉斯还是投资公司Kohlberg Kravis Roberts & Co.的高级顾问。该公司去年曾考虑收购戴尔,但中途退出。

    要说明的是,不能保证黑石集团会对戴尔提出正式收购,更不用说半敌意收购。但这家私募行业巨擘显然已经完成了初步考察工作,目前正在寻找资金来源。

    黑石集团拒绝就此发表评论。(财富中文网)

    译者:Charlie

    Michael Dell just wants everyone to leave him alone, while he tries to transform his eponymous PC company into the world's leading provider of enterprise services. So he partnered with private equity firm Silver Lake Partners on a $24.4 billion take-private bid, that would remove Dell from the regular purview of bank analysts and cable news talking heads. But there is a small chance that his power move could actually lead to his departure.

    As has been previously reported, several companies and financiers are at least kicking the tires on a rival bid for Dell Inc. (DELL), during a "go-shop" process that concludes this Friday. They include, but are not necessarily limited to, The Blackstone Group (BX), Carl Icahn, Lenovo (LNVGY) and Hewlett-Packard (HPQ).

    Michael Dell has promised Dell's special committee that he "will remain available to work in good faith with any competing bidder," and that he would "vote pro rata with the unaffiliated stockholders on any superior transaction recommended by the Special Committee or, at his option, in favor of such transaction." But there is no guarantee that he would actually partner with a rival bidder by agreeing to roll over his shares, or by sticking around as CEO.

    Fortune has learned that Blackstone is seriously considering a bid, and that it would prefer to have Michael Dell on its side. If he prefers to remain tied to Silver Lake, however, Blackstone is trying to make contingency plans. Namely, this means using back channels to reach out to potential CEO replacements.

    One of its top choices is Mark Hurd, the former Hewlett-Packard CEO who currently serves as president and a board member of Oracle (ORCL). Unclear if Hurd has reciprocated the interest, but Blackstone's informal recruiting effort is said to have been "aggressive."

    Another name mentioned has been Michael Capellas, the former Compaq Computer and First Data boss who most recently was chairman of virtual computing environment VCE (largely funded by Cisco and EMC). Capellas also serves as a senior advisor to Kohlberg Kravis Roberts & Co. (KKR), which last year had considered a Dell bid before dropping out of the process.

    To be clear, there is no guarantee that Blackstone will make a formal bid -- let alone a quasi-hostile one. But it appears that the private equity giant is past the tire-kicking stage, and is now in the process of pursuing drivers.

    Blackstone declined to comment.

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