伯里在科恩大手笔竞购eBay后清仓游戏驿站：切勿把负债当作创新_老虎社区_美港股上老虎

伯里在科恩大手笔竞购eBay后清仓游戏驿站：切勿把负债当作创新

环球市场播报05-05

迈克尔・伯里出席《大空头》纽约首映礼。　　在游戏驿站高调出价收购 eBay 之后，迈克尔・伯里彻底清仓了所持全部游戏驿站股票。他表示，这笔交易高杠杆负债的做法，彻底打破了他长期看好该公司的投资逻辑。　　伯里周一晚间在 Substack 专栏发文称：“我已卖出全部游戏驿站持仓。” 　　“无论从哪个角度测算，我所秉持的‘即时版伯克希尔’投资逻辑，都无法接受债务 / 息税折旧摊销前利润超过 5 倍，...

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专栏发文称：“我已卖出全部游戏驿站持仓。”\n　　“无论从哪个角度测算，我所秉持的‘即时版伯克希尔’投资逻辑，都无法接受债务 / 息税折旧摊销前利润超过 5 倍，也绝不能容忍利息保障倍数低于 4 倍…… 因此，这是我开设 Substack 专栏以来首次做出减持卖出操作。”\n　　游戏驿站向 eBay 发起主动非约束性收购邀约，报价每股 125 美元现金加股票，对 eBay 整体估值约555 亿美元。该报价较 eBay 近期股价大幅溢价，但也令市场对交易融资方式产生巨大质疑。\n　　目前游戏驿站自身市值不足120 亿美元。\n　　收购消息公布后，游戏驿站周一股价大跌约 10%，反映出投资者普遍质疑交易可行性，以及此举可能给公司资产负债表带来的巨大压力。\n　　伯里投资逻辑破裂\n　　因《大空头》闻名的迈克尔・伯里，原本认为游戏驿站可以通过一系列并购重组，转型成为小型伯克希尔哈撒韦式投资控股公司，即他提出的 “即时版伯克希尔” 理念。\n　　但此次收购计划带来的资本结构与负债水平，彻底背离了这一核心逻辑。\n　　伯里写道：“即时版伯克希尔的设想，从未考虑过 5 倍以上的高杠杆。永远不要把举债加杠杆，错当成商业模式创新。”\n　　他测算，按此次收购报价落地，游戏驿站债务 / 息税折旧摊销前利润杠杆将高达 7.7 倍，已濒临陷入财务困境的风险区间。\n　　他以Wayfair、Carvana、Bath & Body Works为例，指出这些企业都曾背负类似高负债压力，经营举步维艰；能熬过来的只是少数幸存者。\n　　收购融资存巨大缺口\n　　游戏驿站此次收购 eBay 采用现金与股票各占一半的支付结构，公司已从多伦多道明银行拿到 200 亿美元融资意向函。\n　　但可用资金与收购估值之间仍存在巨大资金缺口，交易落地方式充满不确定性。\n　　游戏驿站首席执行官瑞安・科恩周一接受 CNBC 采访时态度强硬、回避细节，仅表示相关信息以公司公告为准。他称公司具备增发股票完成交易的灵活空间，但并未给出明确融资方案。\n　　eBay 周一发布声明，确认已收到收购邀约，并表示董事会将对该提案进行评估审议。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：郭明煜","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}