2013年度最佳交易：戴尔私有化变得私人化

Things haven’t gone as planned since Michael Dell retook the reins as CEO of Dell, the personal computing giant he’d launched from his university dorm room in 1984. Six years after he set out to reinvent his namesake company in 2007, it still needs a face-lift. Buffeted by sliding profits as PCs give way to smartphones and tablets, Round Rock, Texas–based Dell has also lost its position as the world’s No. 1 computer maker, trailing U.S. rival Hewlett-Packard Co. and China’s Lenovo Group.

But entrepreneur Dell isn’t backing down: To avoid the public scrutiny that has thwarted previous restructuring efforts, he teamed up with Menlo Park, California–based private equity firm Silver Lake Partners to take the company private. The $24.9 billion stock buyback closed on October 29.

迈克尔•戴尔（Michael Dell）于2012年8月首次与他们接洽后，董事会成立了一个特别委员会，探讨管理层主导的收购方案的替代方案，聘请总部位于纽约的摩根大通（JPMorgan Chase&Co.）副董事长詹姆斯（James）（“Jimmy”）李（Lee Jr.）与同事科技、媒体和电信银行业务主管库尔特•西蒙（Kurt Simon）担任顾问。61岁的李开复被认为是银团贷款市场的先驱，他曾参与过许多轰动一时的交易，包括通用汽车公司（GeneralMotorsCo.）2010年230亿美元的首次公开募股（IPO）。

2013 Deals of the Year Jim Renwick & Team Barclays Antonio Weiss & Team 拉扎德 Christian Lesueur & Team UBS James ("Jimmy") Lee Jr. & Team JPMorgan Chase & Co. Marco Gonçalves & Team BTG Pactual Marisa Drew & Team 瑞信集团 杰弗里奥斯汀团队 Moelis & Co. 安东尼·诺托&团队 Goldman Sachs Group Adam Taetle & Team Barclays Kenneth Hirsch & Team Goldman Sachs Group

除摩根大通外，总部设在纽约的独立投资银行EvercorePartners的一个由董事长Roger Altman领导的小组也帮助戴尔权衡了自己的选择。李开复认为，收购是最佳选择，因为它将为股东提供最高的价格和最确定的完成，同时也确保迈克尔•戴尔（Michael Dell）继续担任董事长兼首席执行官。

The February 5 merger announcement included a cash offer of $13.65 per outstanding share, a 25 percent premium over its stock price on January 11, the day before news of a potential deal broke. An eight-month sparring match ensued, with special committee chairman Alex Mandl in one corner and Michael Dell and Silver Lake managing partner Egon Durban in the other. Activist investor Carl Icahn piled on by claiming that the initial offer seriously undervalued the company, whose stock rose to $14.51, its highest price since May 2012, after the proposed buyout was announced.

When a July 18 shareholder meeting failed to gather enough votes, the deal was postponed. With shareholders abstaining from voting, Michael Dell and Durban added sweeteners at the next two meetings; they got their way on September 12. The company paid $13.75 for each share of common stock, 9 cents below the October 29 closing price, and a special cash dividend of 13 cents per share. Michael Dell’s stake climbed from 16 percent to 75 percent. The absence of other bidders helped Dell seal the deal with a tiny increase in its original offer, but weary shareholders must also have feared a further decline for the stock, which had lost three quarters of its value since its March 2000 peak.

JPMorgan, Evercore and Goldman Sachs Group shared $52 million in fees for advising Dell; the nine banks that represented the buyers earned a total of between $30 million and $40 million.

Rank	Deal	Estimated 费用 （百万美元）*
1	U.K. bankBarclaysfollows a £5.8 billion ($9.1 billion) rights issue with a $2 billion hybrid bond offering.	$1832
2	Warren Buffett’sBerkshire Hathaway和Brazilian investment firm3G Capitalpay $27.4 billion to take ketchup makerH.J. Heinz Co.私人的。	$97–107
3	美国电信Verizon通信同意以1300亿美元收购沃达丰45%的股份Verizon Wireless.	$93–103
4	FounderMichael Dell和Silver Lake Partnersprivatize U.S. computer maker戴尔for $24.9 billion.1	$82–92
5	Brazilian phone company氧指数和Portugal Telecom同意以前者的名义进行157亿美元的合作。	$70–90
6	Cable giantLiberty Global购买英国Virgin Media255亿美元。	$882
7	Advertising firmsOmnicom Group和阳狮集团同意350亿美元的法美平等合并。	$50–70
8	社交媒体公司推特launches a $2.1 billion initial public offering on the New York Stock Exchange.	$682
9	China’sShuanghui International Holdingscloses a $7 billion buyout of U.S. pork producerSmithfield Foods.	$51–61
10	iPhone制造商苹果issues $17 billion worth of bonds.	$532
*估计unless otherwise noted. M&A totals only include advisory fees; debt and equity totals only include underwriting fees. 1 Deal value provided by Dell. 2 Publicly disclosed.
Source: Thomson Reuters/Freeman Consulting Services.