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专栏 - 从华尔街到硅谷

CEO静默期放炮,Groupon上市受阻

Dan Primack 2011年09月08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。
Goupon推迟了备受期待的首次公开募股。

    团购网站Groupon公司这两天将向其180万定户发放新一期的优惠券,订户有机会买到从邮购巧克力糕饼到攀岩课在内形形色色的商品和服务。但是,有一样东西Groupon迄今还没能卖出去的:那就是它自己。

    《华尔街日报》(The Wall Street Journal)周二报道称,这家总部位于芝加哥的公司在三个月前首次发布7.5亿美元的募资计划后,目前正在“重新评估”其首次公开募股计划。更具体地说,它已经取消了原定于下周举行的公开路演,并正在“以周为周期”重新评估其上市时机。

    据称,这一计划搁浅部分要归咎于股市行情的波动,尤其是欧洲股市的动荡。但是,更严重的问题可能来自于美国证券交易委员会(SEC)对Groupon公司首席执行官安德鲁•梅森近期所发一封电子邮件进行的调查。梅森在这封写给公司员工的信中反驳了媒体的负面报道。这封邮件遭遇泄密——梅森对此一定早有预料——导致公司违反了证券交易委员会对此类“公开”信息交流的禁令,但这一说法也不无争议。

    今天早些时候,我提出观点,建议证券交易委员会取消针对Groupon等处于上市准备阶段公司的静默期规定。证券交易委员正在就现行法规征求公众意见,也许我会提交我的这个建议。

    话说回来,现行规定就是……嗯,就是规定。如果违反规定,就不会有好下场。对Groupon来说,它意味着IPO无限期延后。我当然不相信这起IPO会流产,华尔街那些银行都还等着从这起上市中大赚一笔呢。再说,Groupon已经拒绝了谷歌公司(Google)60亿美元的收购提议,很难想象它会重回并购市场(有人告诉我,收购失败部分原因是双方没能就交易用现金还是股票的问题达成一致)。

    不管怎么说,正如Groupon自己说,我们还是等着瞧吧……

    最新消息:熟悉进展的消息人士透露,《华尔街日报》的报道并不准确。麻烦多挖出些细节吧……

    译者:清远

    Groupon tomorrow will send out new daily deals to its 1.8 million subscribers, offering them the chance to buy everything from mail-order brownies to rock-climbing lessons. But it seems there is one thing Groupon still isn't able to sell: Itself.

    The Wall Street Journal today reports that the Chicago-based company is "reevaluating" its IPO plans, three months after first filing for a $750 million offering. More specifically, it has canceled next week's planned roadshow and is reassessing its timing on a "week by week basis."

    Part of the delay reportedly is due to volatility in the public equities markets, particularly in Europe. A bigger issue, however, is likely an SEC inquiry into a recent email that Groupon CEO Andrew Mason sent to company employees to rebut negative press coverage. The email was leaked -- as Mason must have known would happen -- and arguably violates the SEC's prohibition on such "public" communications.

    Earlier today, I argued that the SEC should simply eliminate its quiet period rules for pre-IPO companies -- like Groupon. And maybe I'll submit it under today's blanket request for comment on existing regulations.

    At the same time, however, the current rules are... well, they're the rules. If you don't follow them, bad things can happen. For Groupon, that means an indefinite IPO delay. I don't happen to believe there will be a cancellation, particularly given how much money virtually every Wall Street bank stands to make on the offering. Plus, it's hard to imagine Groupon re-enters the acquisition market, after having rebuffed Google's $6 billion offer (due, in part, to a cash vs. stock issue, I'm told).

    But, as Groupon is saying, let's wait and see...

    UPDATE: Source familiar with the situation says that the WSJ story is inaccurate. Trying to get more details...

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