一个人说，他会以数百万美元的价格购买你不断贬值的房子，但要在房子审验之后才买。另外，他手头可能没有那么多钱，而且也无法确定他是否能获得贷款。这似乎就是Fairfax Financial Holdings签订的一纸收购黑莓(BlackBerry)"意向书"的实质。该意向书"考量"的是一笔黑莓股东将得到每股9美元的交易。但首先，Fairfax会仔细查看黑莓的账务。其次，它还需要有人为这笔收购提供资金支持。
A guy says he will buy your falling-down house for millions of dollars, but not until he gets it inspected. And, by the way, he might not have the cash to buy it. Nor is it certain he can get a mortgage.
事实证明，获得融资可能会很难。Fairfax拥有黑莓10%的股份，估值约为4.7亿美元。如果黑莓持有的全部26亿美元现金被用来购买其他持股方的股份，且Fairfax持有的黑莓股票得到展期，Fairfax仍将需要约16亿美元才能完成这笔交易。
That seems to be the essence of a 'letter of intent agreement' that Fairfax Financial Holdings has signed to buy BlackBerry. The letter 'contemplates' a deal where BlackBerry shareholders would get $9 a share. But first Fairfax will take a closer look at BlackBerry's books. Also, it needs someone to finance its offer.
鉴于黑莓手机业务崩溃和盈利前景黯淡，贷款机构对提供融资一事可能会犹豫不决。据S&P Capital IQ统计，预计黑莓2014年利息、税项、折旧、摊销前收益将从2013年的11亿美元降至2亿美元。
That last part may prove tough. Fairfax owns 10% of BlackBerry shares, valued at about $470 million. If all $2.6 billion of BlackBerry's cash was used to buy out other equity holders and Fairfax rolled over its own stake, it would still have to find roughly $1.6 billion to complete the deal.
不过，尽管Fairfax的收购要约面临一些看似很难逾越的障碍，但或许让现有股东们有了一个将黑莓股票脱手的机会。黑莓股票的交易价格现已跌至Fairfax提出的收购价以下。黑莓以前那些寻找收购方的努力皆以失败告终，日后出现其它竞购对手的可能性不大，所以黑莓股价的上涨空间或许有限。
Lenders might balk given the collapse of BlackBerry's handset business and diminished earnings prospects. Earnings before interest, taxes, depreciation and amortization are projected to fall to $200 million in 2014 from $1.1 billion in 2013, according to S&P Capital IQ.
然而，如果Fairfax的收购提议有所动摇，黑莓的股价可能会重新开始下跌。而且有充分的理由。虽然黑莓的知识产权可能具有一定的价值，但难以界定。可以轻松看到的是，在其最新一代产品未能让消费者感到兴奋的情况下，黑莓正快速成为下一个掌上电脑(PalmPilot)。
But while the Fairfax bid faces some seemingly high hurdles, it may have given current shareholders a window to get out of the stock. The shares are now trading just below the proposed takeover price. It is unlikely rival bidders will emerge given the company's previous efforts to find a buyer have failed. So there is probably limited upside.
Rolfe Winkler
- financial [fi´nænʃəl]
a.金融的，财政的 (初中英语单词) - intent [in´tent] a.专心致志的 n.意图 (初中英语单词)
- finance [´fainæns] n.财政；金融 vt.资助 (初中英语单词)
- emerge [i´mə:dʒ] vi.出现；显露；暴露 (初中英语单词)
- previous [´pri:viəs] a.先，前，以前的 (初中英语单词)
- mortgage [´mɔ:gidʒ] a.&vt.抵押 (高中英语单词)
- billion [´biljən] num.万亿 (高中英语单词)
- roughly [´rʌfli] ad.粗糙地；毛糙地 (高中英语单词)
- collapse [kə´læps] vi.&n.崩溃；病倒；衰败 (高中英语单词)
- limited [´limitid] a.有限(制)的 (高中英语单词)
- essence [´esəns] n.本质；要素；精华 (英语四级单词)
- blackberry [´blækbəri] n.黑莓 (英语四级单词)
- seemingly [´si:miŋli] ad.表面上；似乎 (英语四级单词)
- upside [´ʌpsaid] n.上边，上段，上部 (英语四级单词)
- equity [´ekwiti] n.公平；公正 (英语六级单词)
- earnings [´ə:niŋz] n.收益；报酬；获得 (英语六级单词)
- depreciation [di,pri:ʃi´eiʃ(ə)n] n.贬值；轻视 (英语六级单词)
- unlikely [ʌn´laikli] a.不像的；未必可能的 (英语六级单词)
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