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万豪提高报价,与安邦竞购喜达屋

更新时间:2016-3-23 11:18:55 来源:纽约时报中文网 作者:佚名

Marriott Raises Bid for Starwood
万豪提高报价,与安邦竞购喜达屋

Marriott International sweetened its bid for Starwood Hotels and Resorts Worldwide with more cash, greater synergies and a higher breakup fee. That still may not be enough to deter the Anbang Insurance Group of China and its co-investors from making a counteroffer — yet again.

万豪国际(Marriott International)提高对喜达屋酒店及度假村国际集团(Starwood Hotels& Resorts Worldwide)的报价,增加了现金支付额、提出了更深入的协同计划并调高了违约金。但这可能还是不足以阻止中国安邦保险集团及其共同投资人再次提价。

Anbang, with the New York private equity firm J. C. Flowers and the China-based Primavera Capital, swooped in with a bid for Starwood last week, as the hotel operator was finishing the deal it signed with Marriott in November. That set Marriott in motion, with a new offer disclosed on Monday.

就在喜达屋与万豪去年11月签署的协议即将完成之际,安邦与纽约私募股权公司J.C.Flowers,以及总部位于中国的春华资本集团(Primavera Capital Group)组成的财团上周提出竞购喜达屋。这促使了万豪国际采取行动,在周一公布了新要约。

“The proposal we signed last night is not as good for us as the deal we signed and announced in November,” said Arne Sorenson, president and chief executive of Marriott, in an interview with CNBC on Monday. “The deal we got in November, in retrospect, maybe was just too good a deal.”

“昨晚签订的方案对我们来说不如11月签署并宣布的协议理想,”万豪国际总裁兼首席执行官阿尔内·索伦森(Arne Sorenson)周一接受CNBC采访时说。“回想起来,我们11月拿到的交易可能太优惠了。”

Starwood deemed Marriott’s new proposal as superior to the one brought last week by a consortium led by Anbang. Shareholders would receive $21 a share in cash and 0.80 share of Marriott for each share of Starwood, valuing Starwood at $79.53 a share, or $13.6 billion, as of the market close on Friday.

喜达屋认为万豪国际的新方案胜过安邦领衔的财团上周提出的收购要约。股东们将获得每股21美元现金,外加每股喜达屋股票换0.80股万豪股份。周五收盘时,这个报价相当于喜达屋的估值为每股79.53美元,总额达到136亿美元。

In the agreement that Marriott reached with Starwood in November, Starwood shareholders were to receive 0.92 share of Marriott stock as well as $2 in cash a share. Based on Friday’s close, that initial offer would have been worth $11.7 billion, or 16 percent lower.

在万豪国际去年11月与喜达屋达成的协议中,喜达屋股东将会获得每股2美元现金加0.92股万豪国际股票。根据周五收盘时的价格计算,这一初始方案的价值为117亿美元,比新方案低16%。

Last week’s offer by the Chinese consortium of $78 a share, would be worth about $13.2 billion.

中国牵头的财团上周提出了每股78美元的报价,总额达到132亿美元。

Marriott’s proposed deal may not be on the table for long. The Chinese insurer and its co-investors may come back with another offer, analysts say, as they seek to diversify outside of China by buying assets in the United States. Morningstar said Anbang and its private equity partners would have to offer around $86 a share to be competitive with Marriott’s latest proposal.

万豪国际的新报价可能不会被讨论太久。分析人士表示,安邦集团及其共同投资人可能会提出另一项方案。它们希望通过在美国购买资产实现在中国以外的地方多元化发展的目标。晨星研究公司(Morningstar)表示,安邦及其私募股权合作伙伴需要提出大约每股86美元的报价才能与万豪国际的最新方案竞争。

The structure of the new bid does not do much to deter a rival suitor, analysts said. Starwood agreed to increase the value of the breakup fee payable to Marriott to only $450 million from the $400 million from the original agreement. Starwood also agreed to reimburse Marriott for its financing-related costs, up to $18 million.

分析人士称,新方案并没有设置多少阻止竞争对手的策略。喜达屋同意提高支付给万豪国际的违约金,但仅从初始协议的4亿美元增至4.5亿美元。喜达屋还同意补偿万豪国际与融资有关的费用,最多可达1800万美元。

“The breakup fee leaves the door open,” said Dan Wasiolek, an analyst at Morningstar, in a phone interview. “Starwood, that’s what they have to do on behalf of their shareholders, is leave the door open the best they can until the process is complete.”

“违约金留有空间,”晨星分析师达恩·瓦斯勒克(Dan Wasiolek)接受电话采访时说。“喜达屋尽可能地保留可能性,直到交易完成,这是公司代表股东必须要做的事情。”

On CNBC, Mr. Sorenson said that he did not tell Starwood that Monday’s offer was the final one. But Marriott does not have much room to stretch.

索伦森接受CNBC采访时表示,他没有告诉喜达屋周一的报价是最终报价。但万豪国际并没有太多加价的空间。

It is unable to offer much more cash because it wants to keep its investment-grade rating, said Mr. Wasiolek of Morningstar. It can increase its bid a little bit, but it is going to have to come from equity, he said. This is close to the final offer, he said.

晨星分析师瓦斯勒克表示,该公司无法提供更多现金,因为它希望保持投资级评级。他表示,万豪可以稍微提高报价,但会是以股票的形式。他认为,目前的要约接近最终报价。

“We’re in overtime in the March Madness competition here for the Starwood title, with a minute or two left on the clock,” Mr. Wasiolek said.

“我们在有关喜达屋的疯狂3月竞争中已经进入了加时赛,还剩下一两分钟,”瓦斯勒克说。

A representative for the Chinese consortium declined to comment on Marriott’s revised bid.

中国财团的一名代表拒绝就万豪国际的新报价置评。

A combination of Marriott and Starwood, whose brands include Westin and Sheraton, would create the largest hotel company in the world, with more than 5,500 owned or franchised hotels and 1.1 million rooms around the world. The deal is expected to be neutral to adjusted earnings per share in 2017 and 2018.

喜达屋拥有威斯汀(Westin)和喜来登(Sheraton)等品牌,而它与万豪国际的合并会创立全球最大的酒店集团,旗下拥有逾5500家直营或特许经营酒店,在世界各地共有110万个房间。这项交易在2017年及2018年不会增益减损调整后的每股收益。

Over the weekend, Starwood signed up to manage two hotels in Cuba, becoming the first American company to do so in more 50 years. Mr. Sorenson was also in Cuba on Monday, alongside President Obama on his historic visit. It was there that he took the conference call with analysts to discuss the deal on Monday, and was met with a unique set of technical difficulties, as the line kept cutting out.

周末期间,喜达屋签订了经营古巴两家酒店的合约,成为50多年来第一家进军古巴市场的美国公司。周一,奥巴马总统对古巴进行历史性访问的时候,索伦森也在随行人员之列。正是在那里,索伦森周一与分析师们召开了电话会议,讨论这宗交易。期间他们遇到了当地特有的技术困难,电话不断出现掉线的情况。

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