华纳兄弟探索公司董事会拒绝了派拉蒙天舞修订后的收购要约，对派拉蒙千亿杠杆收购的可行性存疑。 周三华纳兄弟董事会在致股东信中表示，相比Netflix以每股27.75美元现金加股票收购其影视和流媒体业务的方案，派拉蒙的提议存在重大风险和 不确定性。 尽管亿万富翁Larry Ellison承诺个人担保404亿美元股权融资，支持派拉蒙以每股30美元的现金发起敌意收购，但华纳兄弟怀疑派拉蒙能否完成交 易，依旧选择拒绝修订后的收购要约。 华纳兄弟第七大股东Pentwater资管公司警告称，董事会若不与派拉蒙接洽是在"犯错"，并威胁在下次选举中反对所有董事会成员并投票反对 Netflix合并。 华纳兄弟股价周三涨0.33%至28.55美元，仍低于派拉蒙的报价。 融资结构引发交易风险担忧 派拉蒙的融资安排仍是关键症结。 华纳兄弟董事会重申了对超过500亿美元借款要求的担忧。据华纳兄弟在信中所述，市值约140亿美元的派拉蒙正在尝试一项需要946.5亿美元债务 和股权融资的收购，几乎是其总市值的七倍。 华纳兄弟表示： 如此巨额的债务融资以及派拉蒙报价的其他条款加剧了交易失败风险，尤其是与Netflix合并的确定性相比。目标公司或 ...

华纳兄弟探索公司(WBD.US)判定，派拉蒙天舞(PSKY.US)修订后的收购要约劣于其已与奈飞(NFLX.US) 达成的现有交易，并敦促其股东不要向这位"介入者"转让股份。 华纳兄弟的董事会在周三致股东的一封信中表示，派拉蒙的要约提供的价值不足，且公司怀疑派拉蒙是 否有能力完成交易。派拉蒙曾于12月22日提出一份修正要约，重申了以每股30美元收购股份的计划，但 增加了更高的"分手费"，并由亿万富翁拉里·埃里森承诺将为支持该交易的404亿美元股权融资提供个人 担保。 华纳兄弟董事会再次对派拉蒙交易中超过500亿美元的借款要求表示担忧，并将其定性为"历史上规模最 大的杠杆收购"。 公司表示："与奈飞合并的确定性相比，派拉蒙天舞要约中巨额的债务融资及其他条款加剧了交易失败 的风险。目标公司或收购方在业绩或财务状况上的变化，以及行业或融资环境的变化，都可能危及这些 融资安排。" 奈飞在一份声明中表示："奈飞将继续致力于与华纳兄弟探索、监管机构及所有利益相关者密切合作， 以确保交易顺利圆满完成。" 争论的焦点很大程度上集中在TNT和CNN等华纳兄弟有线电视网络的价值上，随着消费者转向流媒 体，这些网络正在流失观众和广 ...

1月5日，曼联官方公告宣布主帅鲁本.阿莫林正式离任。至此，葡萄牙人也成为弗格森爵士2013年退休后，俱乐部 13年间送走的第7位正式主教练。值得一提的是，这位任期仅14个月的教头，带着39%的胜率黯然离场，却并非是 对他个人能力的终极审判，反而像一面棱镜，折射出美国格雷泽家族治下，昔日"红魔"深陷系统性溃败的绝望窘 境。 13年七帅折戟不是巧合 从莫耶斯的"40天仓促下课"，到范加尔的"夺冠仍遭解雇"；从穆里尼奥的"更衣室控制权争夺战"，到索尔斯克亚 的"童话破碎"；再到朗尼克的"临时主帅实验"、滕哈格的"两冠后快速陨落"，直至如今阿莫林的"权责之争败 北"，13年间曼联的主帅席位成为足坛最烫手的位置，平均任期不足2年。这些主帅中不乏冠军教头与战术大师， 却无一能逃过"中途下课"的命运，核心症结早已超越个人能力范畴。 在所有人中，阿莫林的遭遇更能展现如今曼联的管理混乱与权力斗争。这位曾率葡萄牙体育夺冠的少帅，上任后 始终未能获得完整的建队主导权。他与足球总监威尔科克斯长期因战术体系、引援策略产生分歧，甚至曾公开表 态"我是曼联的经理(manager)而非教练(coach)"，试图争取应有的权责边界。但俱乐部高 ...

Core Viewpoint - Qiteng Robotics aims to acquire controlling interest in Shengtong Energy through a combination of "agreement transfer + partial tender offer" [1][23] - Concerns arise regarding Qiteng Robotics' financial strength and the potential instability of the controlling interest due to the involvement of private equity firms [1][11] - Shengtong Energy has been confirmed by regulators to have inaccurate financial data, raising questions about the impact on the transaction [1][14] Group 1 - Shengtong Energy's stock price surged 213.97% from December 12 to December 29, leading to a suspension for investigation due to abnormal trading [3][25] - The original controlling shareholder of Shengtong Energy plans to transfer 29.99% of shares to Qiteng Robotics at a price of 13.28 yuan per share, while also making a partial tender offer for an additional 15% of shares [4][26] - The total funding required for the acquisition is approximately 1.72 billion yuan, with Qiteng Robotics needing to secure this capital [6][28] Group 2 - Qiteng Robotics has a total asset scale of 1.55 billion yuan, with a net asset of only 513 million yuan, raising concerns about its ability to finance the acquisition [7][32] - The acquisition structure involves private equity firms contributing 40% of the funding, while Qiteng Robotics covers 60% [9][29] - The private equity firm Shanghai Chengyi has seen a significant reduction in its management scale, which may affect the stability of the controlling interest [11][32] Group 3 - Shengtong Energy has received regulatory measures due to violations in revenue recognition, which could lead to further scrutiny and impact the acquisition [14][35] - The company must submit a written rectification report to the regulatory authority within 30 days following the administrative measures [18][38] - The potential adjustments to Shengtong Energy's financial data remain uncertain, which could affect the acquisition's viability [19][39]

Core Viewpoint - Medline, a global healthcare company, has successfully gone public on NASDAQ, marking the largest IPO in the U.S. this year with a market capitalization exceeding $54 billion, providing substantial returns for its private equity backers [4][7][10]. Company Background - Medline was founded in 1966 by Jim and John Mills, inspired by their grandfather's sewing workshop in Chicago, initially focusing on manufacturing medical garments [8][9]. - The company briefly went public in 1972 but was privatized five years later, remaining a family-owned business until a private equity consortium acquired a majority stake in 2021 [9][13]. IPO Details - Medline's IPO raised approximately $6.26 billion by issuing 216 million shares at $29 each, with significant oversubscription, including cornerstone investments from entities like Singapore's GIC [10][12]. - The IPO not only surpassed the previous largest IPO of CATL in Hong Kong but also set a record for the largest private equity-backed IPO in history [10][13]. Financial Performance - Since the acquisition by private equity firms, Medline's revenue has surged nearly 50%, from $17.5 billion in 2020 to an estimated $25.5 billion in 2024 [13][14]. - The company has maintained a compound annual growth rate of 18% in sales since its inception, showcasing a remarkable growth trajectory [12]. Shareholder Gains - Major shareholders, including Blackstone, Carlyle Group, and Hellman & Friedman, collectively hold significant voting rights and have seen their investments appreciate substantially, with the value of Medline increasing by over $20 billion since the acquisition [15][16]. - Blackstone has already begun to realize profits from the IPO, selling approximately 13.46 million shares for about $382 million [15]. Future Outlook - Blackstone has several upcoming IPO projects, indicating a strong pipeline for future exits, with expectations of achieving one of its largest issuance years [16].

来源：环球市场播报 2025 年是首次公开募股（IPO）与并购交易的强势回归之年。华尔街乐观预计，这一增长势头将延续至 新的一年。 本文作者：迈克尔・J・德拉梅西德 安德鲁速评：突发消息 —— 派拉蒙 - 天空之舞影业刚刚宣布修改对华纳兄弟探索公司的收购报价。本 次调整的核心内容包括：由拉里・埃里森支持的 404 亿美元出资部分，将由其个人提供担保，不再纳入 可撤销信托计划。此举旨在打消华纳兄弟董事会对派拉蒙收购资金稳定性的疑虑，此前这一疑虑正是华 纳倾向于接受网飞收购要约的关键原因之一。此外，派拉蒙还将监管审批失败导致交易终止的违约金， 从 50 亿美元提高至 58 亿美元，与网飞给出的条款持平。 此外，米特・罗姆尼发表了一篇颇具看点的评论文章，提议通过取消附带权益税收优惠、改革遗产税等 方式，对高收人群体加税。这篇文章值得一读。他提出的税改思路，与我此前在专栏中阐述的部分观点 不谋而合，读者可点击此处阅读原文。 今早，《交易簿》记者迈克尔・J・德拉梅西德将为读者深度复盘过去一年的交易市场，并展望 2026 年 的行业前景。 交易市场强势反弹 2025 年初，华尔街便有充分理由期待这将是交易大年。市场普遍认 ...

资产管理机构今年发行的杠杆贷款抵押证券数量创下纪录，从投资者对高收益贷款的强劲需求中获利。 彭博新闻社汇编数据显示，2025年担保贷款凭证（CLO）发行量已达到2015亿美元，打破去年2012亿美 元所创历史最高纪录。随着美联储预期降息可能降低杠杆收购成本并产生更多贷款，美国 CLO 新发行 的热潮预计将延伸至2026年。 ...

沙特阿拉伯主权财富基金正在完成对全球知名游戏公司艺电（Electronic Arts）的收购，最新文件显示 其将持有被收购公司93.4%的股份，这意味着这笔有史以来最大的杠杆收购几乎完全由沙特单独买单。 此举令外界意外，因为在传统收购交易中，主权财富基金通常只扮演少数股东角色。 根据向巴西反垄断监管机构提交的文件，沙特公共投资基金（PIF）需要为这笔总价值550亿美元（含债 务）的交易投入约290亿美元新资金。该基金联合专注科技投资的私募股权公司Silver Lake以及Jared Kushner旗下的Affinity Partners于去年9月宣布了这项收购。 值得一提的是，这笔巨额投资正值沙特财政日趋紧张之际。该国2025年预算赤字预计将增加一倍以上， 达到GDP的5.3%，为2020年疫情以来的最高水平。与此同时，PIF正面临国内众多大型项目的资金压 力。 这一高度集中的持股结构凸显了沙特在这笔交易中承担的巨大财务风险，尤其是考虑到该基金同时还是 Silver Lake和Affinity基金的重要投资者，进一步增加了投资失败的敞口。 沙特主导收购架构 在这笔交易中，收购财团将投入364亿美元股权资金，并 ...

Financing Decision Dimensions - M&A financing decisions typically consider seven dimensions, including financing type combinations, maturity, yield basis, currency, innovative clauses, control, and issuance methods [4][6][7][8][9][10]. - The optimal financing combination usually starts with internal financing, followed by debt financing, and finally equity financing, aiming for maximum company value [6]. Financing Channels - M&A financing channels can be classified into internal and external categories. Internal channels include retained earnings and tax liabilities, while external channels encompass bank loans, non-financial institution funds, and foreign capital [10]. - External financing is characterized by speed and flexibility but comes with higher costs and risks [10]. Special Financing Methods - M&A funds pool third-party capital for acquisitions, often involving private equity funds and listed companies, leveraging both financial tools and platform resources [15]. - Leveraged buyouts (LBOs) utilize financial leverage to acquire companies with minimal upfront capital, relying on the target's assets and future cash flows for repayment [16]. - Management buyouts (MBOs) involve company management acquiring shares, aligning ownership and management roles, typically in stable cash flow environments [17]. - Asset securitization transforms illiquid assets into liquid asset-backed securities, enhancing cash flow management [18]. Evaluating M&A Financing Plans - The evaluation of M&A financing plans should consider flexibility, risk, return, control, and timing [19]. - Comparing different financing options, such as debt versus equity, reveals trade-offs in liquidity, risk exposure, earnings per share, control dilution, and market perception [19][20].

Core Viewpoint - EA is set to be privatized for $55 billion, led by Saudi Arabia's Public Investment Fund (PIF), making it the second most expensive acquisition in gaming history, following Microsoft's acquisition of Activision Blizzard for $68.7 billion. However, this comes with a significant debt burden of $20 billion [4][22]. Group 1: EA's Market Position and Financial Performance - EA is likened to Adidas and Nike in the gaming industry, being a defining presence in various game categories such as sports and simulation games [4][10]. - EA's fiscal year 2025 net revenue is projected at $7.463 billion, with a cash flow of $2.079 billion, and is expected to maintain similar revenue levels in fiscal year 2026 [12]. - The company has faced stagnation in growth, with its online gaming business only growing by 1% in fiscal year 2024, leading to a significant drop in stock price [17][18]. Group 2: Reasons for the Acquisition - The acquisition is driven by EA's struggles in a post-pandemic market, where consumer engagement has shifted away from gaming, leading to operational pressures and layoffs [17][18]. - EA's heavy reliance on its flagship product, the FIFA series, has created vulnerabilities, as it accounted for half of the company's net bookings over the past five years [18]. - The company has attempted to diversify through acquisitions of potential game studios, but this strategy has proven costly and has diminished its bargaining power in the market [19][20]. Group 3: The Acquisition Structure and Implications - The acquisition will be financed with $35 billion in cash from the consortium, while $20 billion will be debt financed through Morgan Stanley, significantly increasing EA's debt from $2.2 billion to $22 billion [22]. - This transaction sets a new record for leveraged buyouts, raising concerns about EA's future financial stability and operational flexibility [22][23]. - The gaming industry has reacted negatively to the acquisition, drawing parallels to other companies that suffered after similar leveraged buyouts, indicating potential risks for EA's future [24].