谷歌（Google）斥资125亿美元现金收购摩托罗拉移动公司（Motorola Mobility Solutions），消息一出，很多人弹冠相庆，投资大亨卡尔•伊坎就是其中的一个。这笔收购的溢价达到63%，这意味着在上周五股市收盘后，伊坎持有的摩托罗拉移动公司股份升值了3.65亿美元，总价值已达10.7亿美元。此外，伊坎七月份时曾督促摩托罗拉为它的专利另谋出路。这笔收购的结果也证明了伊坎的确高瞻远瞩。
Count Carl Icahn as among those celebrating Google's (GOOG) agreement to buy Motorola Mobility Solutions (MMI) for $12.5 billion in cash. The 63% premium means Icahn's stake in MMI appreciated by more than $365 million since Friday's market close, for a total of $1.07 billion. Moreover, it validates Icahn's July agitation for MMI to explore alternatives to extract value from its patent portfolio.
In a brief statement today, Icahn said:
This is a great outcome for ALL shareholders of Motorola Mobility, especially in light of today's markets. In the past three years we have fought long and hard to separate Motorola Mobility from Motorola Solutions, as well as bring Sanjay Jha., as co-CEO. Additionally, we have been strong proponents of the company exploring multiple ways to enhance the value of its patent portfolio. Motorola is activism at its best and we applaud management and the Board for acting so responsibly.
Icahn today also has gained more than $12 million in paper value on his position in Motorola Solutions Inc. (MSI), which has gained about a percentage point as of mid-day trading.
Overall, however, this is looking like more of a save for Icahn than a win.
According to a Bloomberg report last December, Icahn had invested around $3.42 billion in Motorola beginning in January 2007. He already had sold around $1 billion worth of shares as of the article's publication. Motorola then split this past January, since when Icahn does not appear to have purchased or sold shares of either MMI or MSI.
Based on Google's $40 per share acquisition price, Icahn's MMI stake currently is valued at around $1.07 billion. His MSI position is at around $1.23 billion. If we add that to the $1 billion in earlier disposals, Icahn has realized or holds around $3.3 billion in Motorola and its successor companies. That's just 3.5% below Icahn's original investment -- or $120 million -- compared to the double-digit percentage losses he previously was facing. For example, he was down more than $700 million when Bloomberg did its math.
Again, not anything to crow about from an ROI perspective, but not close to the disaster it could have been. Particularly if MSI can return to the levels it was trading before the recent market volatility...