收购“皮爷咖啡”后股价暴跌，美国饮料巨头KDP被迫向PE求助，阿波罗和KKR计划联手投资70亿美元

华尔街见闻10-28

收购“皮爷咖啡”后股价重挫，美国饮料巨头Keurig Dr Pepper（KDP）向阿波罗与KKR寻求70亿美元注资以应对危机。 10月27日周一，KDP宣布，私募巨头阿波罗与KKR计划向其联手注入70亿美元资金。此举被视为对市场担忧的直接回应。这笔交易的直接背景是，KDP宣布以157亿欧元收购欧洲咖啡制造商JDE Peet’s（皮爷咖啡）的举动引发股东剧烈批评，导致其股价暴跌约四分之一。投资者...

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Peet’s（皮爷咖啡）的举动引发股东剧烈批评，导致其股价暴跌约四分之一。投资者普遍认为，该收购以及随后的公司分拆计划将给KDP的资产负债表带来过高债务，且缺乏战略协同效应。\n作为对这笔“白衣骑士”投资的积极回应，市场信心得到提振。KDP股价在周一早盘交易中应声大涨约10%，股价回升至近30美元，截至收盘涨超7%。\n\n应对收购余波与激进投资者\n据分析，此次融资的核心目的，是解决KDP在宣布收购JDE Peet’s后所面临的双重压力：市场对其财务杠杆的担忧，以及激进投资者的潜在挑战。8月份的收购公告发布后，投资者用脚投票，导致公司市值大幅缩水。\n另外，据知情人士透露，在KDP股价重挫后，激进对冲基金Starboard Value乘虚而入。Starboard Value已在KDP建立了约2.7亿美元的头寸，持股比例约为1%。\n而引入阿波罗和KKR的投资，部分考量正是为了抵御Starboard及其他潜在激进投资者可能对公司发起的变革要求。不过，另一位知情人士表示，KDP早在9月初便开始寻求融资，时间点在Starboard与公司接触之前。\n此举也凸显了一个日益增长的趋势：曾经被视为“门口的野蛮人”的私募资本，如今正越来越多地扮演“白衣骑士”的角色，帮助上市公司管理层抵御外部挑战。KKR此前就曾在Henry Schein和Box等公司面临激进投资者压力时提供过类似支持。\n管理层调整与未来计划\n在宣布获得巨额融资的同时，KDP还披露了其管理层的最新调整计划。公司将为其咖啡子公司寻找一位新的首席执行官，这与8月份宣布的计划有所不同。现任首席执行官Tim Cofer将负责领导分拆后独立的饮料业务部门。\n根据公司规划，在完成对JDE 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