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--  作者：admin --  发布时间：2012/9/7 10:54:29 --  顶住做空压力 分众传媒股价上涨 当中国分众传媒控股有限公司(Focus Media Holdings Ltd.)被作空机构浑水公司(Muddy Waters LLC)盯上时，人们很难相信这家广告公司的股价在不到一年后会上涨，且该公司会成为中国迄今为止最大规模杠杆收购的对象。 相关报道虽然目前中国经济增速放缓、股市低迷，但分众传媒最大的外部股东竟要求提高收购价格。 去年11月，浑水公司有关中国股票报告的幕后主使、投资人布洛克(Carson Block)说，分众传媒不仅将其广告屏数量夸大了50%，还在收购中故意支付过高价格。分众传媒的股价当天应声大跌了39%。该公司从事的是液晶显示屏业务，即通过在中国各地的电梯和超市里安装这些显示屏来播放广告。 之后，分众传媒的股票开始回涨。今年8月，公司董事局主席江南春(Jason Jiang)与凯雷投资集团(Carlyle Group LP)等私募股权投资公司提出以37亿美元收购该公司时，分众传媒的股价再次大涨。数据提供商Dealogic表示，这将是除日本外亚洲地区规模最大的杠杆收购交易。受该收购提议的影响，分众传媒目前的股价较第一份浑水公司报告发布前上涨了6%。 但分众传媒的股东、英国保诚集团(Prudential PRU.LN )旗下管理着200亿美元资产的子公司瀚亚投资(Eastspring Investments)认为，收购价应至少达到每股30美元。这一数字比江南春财团的报价高出3美元。而该财团提出的报价已较当时分众传媒的股价高出15%。 瀚亚投资驻新加坡首席投资长高耶尔(Ashish Goyal)说，分众传媒每年的营业额为2亿到2.5亿美元，目前根据未来12个月预期收益计算的市盈率仅为8倍，而且该公司目前有5亿美元现金，没有任何负债。 高耶尔说：分众传媒的股价以前很低，现在我们仍觉得它很便宜。 当然，在几乎所有管理层发起的收购案中，外部股东都会抱怨说股价太低。但瀚亚投资是对分众传媒忠心耿耿的长期投资者，它持有该公司8%的股份，是继江南春和上海复星国际有限公司(Fosun International Ltd.)之后的第三大股东。在浑水公司发布有关分众传媒的报告之前，瀚亚投资曾以后者股价过高为由抛售了其持有的大部分股票。 股价大幅下跌后，高耶尔聘请调查人员清点分众传媒的屏幕数量，并对该公司进行更广泛的调查。一个月后，瀚亚投资以低于浑水公司报告发布前的价格买入了600多万股分众传媒股票。 高耶尔说：我们认为浑水公司夸大了部分问题。 总部设在上海的分众传媒曾两次否认浑水公司指出的问题。该公司拒绝为本文置评。 浑水公司一位发言人说，公司维持以往说法不变。 收购还有另一重障碍。江南春及其合作伙伴可能需要借款15亿到16亿美元才有足够的收购资金。他的合作伙伴包括凯雷集团的附属公司，以及中国私募股权投资公司方源资本(FountainVest Partners)、中信资本直接投资基金(CITIC Capital Partners)、鼎晖投资(CDH Investments)和中国光大控股有限公司(China Everbright Ltd.)。 知情人士说，江南春的财团已安排花旗集团(Citigroup Inc)、瑞士信贷集团(Credit Suisse Group AG)和新加坡星展银行(DBS Bank Ltd.)提供融资。 知情人士说，由于收购方案还没有得到分众传媒董事局支持，上述银行还没有承销这笔贷款。但分众传媒的一份声明说，这些银行向公司提供了一份函件，表示“高度相信”它们能够承销这笔贷款。一位知情人士说，银行正在以分众传媒产生现金的能力以及它在液晶显示屏广告市场的主导地位为依据，争取通过内部信贷团队的审核。 若承销这笔贷款，就等于银行表态说，如果不能以银团贷款的方式安排这笔贷款（即通过出售部分贷款来分摊风险），那么它们就将自己负责提供这笔贷款。 问题在于，在西方银行害怕承担风险的时候，它们对一笔至少15亿美元的贷款能有多少热情。更何况现在是一家被做空机构盯上的中国公司。但一些银行家说，很多资本充足的亚洲银行愿意部分买入向一家拥有充足现金流、居市场领导地位的公司提供的贷款。 知情人士说，贷款必须等到分众传媒董事局批准收购交易之后才会发放，这中间可能需要耗时两个月。

--  作者：admin --  发布时间：2012/9/7 10:55:35 --   When China\'s Focus Media Holdings Ltd. landed in the cross hairs of short seller Muddy Waters, it would have been hard to believe that less than a year later, the advertising company\'s shares would be trading higher and the company would be the subject of China\'s biggest leveraged-buyout offer ever. Now the company\'s largest outside shareholder is demanding an even higher price for the proposed buyout, even as the Chinese economy slows and Chinese stocks languish. Focus Media\'s shares fell 39% on the November day after Carson Block, the investor behind Muddy Waters\' reports on Chinese stocks, said the company had overstated the number of advertising screens it had by 50% and deliberately overpaid for acquisitions. Focus Media operates liquid-crystal displays that show ads in elevators and supermarkets across China. The shares subsequently rallied and got another boost in August when Focus Media Chairman Jason Jiang and big private-equity firms including Carlyle Group LP offered to buy the company for $3.7 billion, which would be the biggest deal of its kind in Asia outside of Japan, according to Dealogic. The offer pushed Focus Media\'s shares 6% above where they stood before the first Muddy Waters report. But Focus Media shareholder Eastspring Investments, the $20 billion asset-management arm for the U.K.\'s Prudential PRU.LN, believes the price should be at least $30 a share─$3 more than the Jiang consortium\'s proposal. The buyout offer was a 15% premium to Focus Media\'s share price when it was made. Ashish Goyal, the Singapore-based chief investment officer for Eastspring, says Focus Media generates $200 million to $250 million of cash every year, its shares trade at just eight times his estimate of earnings over the next 12 months and the company has $500 million in cash and no debt. \'It was a very cheap stock, and we still think that it\'s a cheap stock,\' Mr. Goyal says. To be sure, outside shareholders in nearly every management-led buyout complain that the price is too low. But Eastspring has been a loyal, longtime investor in Focus Media. Eastspring\'s 8% stake makes it Focus Media\'s third-largest shareholder, after Mr. Jiang and Shanghai conglomerate Fosun International Ltd. Eastspring had sold most of its shares before the Muddy Waters reports because Eastspring believed they were too expensive. After the stock tumbled, Mr. Goyal hired investigators to count the number of Focus Media screens and look into the company more broadly. After a month, Eastspring bought more than six million shares at less than where they stood before the Muddy Waters reports. \'We think Muddy Waters exaggerated some of the issues,\' Mr. Goyal says. Shanghai-based Focus Media twice has denied Muddy Waters\' attacks and declined to comment for this article. A Muddy Waters spokesman said the firm stands behind its statements. The buyout has another hurdle. To fund the acquisition, Mr. Jiang and his partners─affiliates of Carlyle and Chinese private-equity firms FountainVest Partners, CITIC Capital Partners, CDH Investments and China Everbright Ltd. ─likely would need to borrow between $1.5 billion and $1.6 billion. Citigroup Inc,Credit Suisse Group AG and Singapore bank DBS Bank Ltd. have been lined up by the Jiang consortium to arrange financing, according to people familiar with the matter. Because the buyout offer hasn\'t received the backing of Focus Media\'s board, according to the people, the loan hasn\'t been underwritten by the banks yet. But they provided Focus Media with a letter saying they were \'highly confident\' they could underwrite the deal, according to a statement from the company. The banks are getting approval from their internal credit teams to underwrite the debt based on Focus Media\'s ability to generate cash and its predominance in advertising through LCD screens, according to one of the people familiar with the matter. By underwriting financing, the banks would be saying they would cover the loan if they couldn\'t syndicate it, that is, sell portions of the loan to share the risk. The question is how much enthusiasm there is for a loan of at least $1.5 billion when Western banks are wary of taking on risk, in particular for a Chinese company targeted by a short seller. Some bankers say there are plenty of capital-rich Asian banks willing to buy part of a loan for a market-leading company with strong cash flow, however. The loan won\'t be issued until Focus Media\'s board approves the deal, which will likely take two months, the people familiar with the matter say.