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????電子零售商百思買（Best Buy）處境艱難,，公司創(chuàng)始人,、前任CEO迪克?舒爾策現(xiàn)在有很大機(jī)會(huì)買下這家公司,。但要在2012年收購百思買，似乎仍然困難重重,。

????位于明尼波利斯市的百思買于今天上午宣布，公司允許舒爾策獲得某些盡職調(diào)查信息,，同時(shí)組建一個(gè)投資集團(tuán)（明尼蘇達(dá)法律明令禁止這樣的做法）,。之前，雙方進(jìn)行了長達(dá)數(shù)周的拉鋸式談判，其中大部分都通過媒體進(jìn)行,。

????可問題在于,，一旦舒爾策開始盡職調(diào)查，他就只剩下60天時(shí)間,，用來提出一份融資得到完全保障的最終收購方案,。當(dāng)然，到時(shí)候他肯定能得到一些私募股權(quán)的支持,，包括聯(lián)合投資基金,，但要說服銀行卻并不容易。要知道,，我們討論的百思買可是一家負(fù)債高達(dá)50-60億美元的公司,。有知情人士向筆者透露，貸款方希望至少能看到公司在節(jié)日季初期的銷售數(shù)據(jù),，之后才能決定是否提供貸款,。

????可就連萬圣節(jié)（它還算不上知情人士眼中的節(jié)日季）距離現(xiàn)在也只不過60天。當(dāng)然,，舒爾策有權(quán)要求延期30天,，也就是說他必須在11月23日，周五提出收購要約,。這樣的話,，他還有可能向銀行提供黑色星期五前幾個(gè)小時(shí)的銷售情況，并在下午五點(diǎn)提交要約,。

????還是那句話,，舒爾策及時(shí)找到資金并非全不可能，但可能性極低,。

????而且,，這個(gè)時(shí)間的確定絕非偶然。百思買并不希望在至關(guān)重要的節(jié)日購物季進(jìn)行收購談判,，因?yàn)楣緭?dān)心它可能會(huì)分散員工的精力,。

????所以，我對(duì)未來的預(yù)測是：要么舒爾策在2012年不提交符合條件的收購要約,，要么提交的要約中包含與節(jié)日銷售相關(guān)的重大不利變動(dòng)（MAC）條款,。不論哪種方式，都會(huì)遭到百思買董事會(huì)的拒絕,。這樣,，舒爾策也就有機(jī)會(huì)等到2013年1月再提出一份修改后的收購要約，屆時(shí)如果依然無法獲得董事會(huì)批準(zhǔn),，舒爾策可能會(huì)直接將要約披露給公司股東,。

????公司與舒爾策達(dá)成協(xié)議的消息傳出后,，百思買股票上漲超過了6%。希望新買家在2012年沒有退出的計(jì)劃,。

????譯者：劉進(jìn)龍/汪皓

????Best Buy founder and former CEO Dick Schulze now has an opportunity to buy the troubled electronics retailer. But it's still going to be very difficult to do so in 2012.

????Minneapolis-based Best Buy (BBY) this morning announced that it has agreed to let Schulze see the company's books, and to put together an investor group (something otherwise prohibited by Minnesota law). This comes after weeks of back-and-forth negotiations, much of which has taken place via press release.

????The problem, however, is that Schulze still has just 60 days to present a fully-financed deal to Best Buy once he begins due diligence. He should be able to get private equity sponsors on board by then -- including co-investments -- but the banks could be a tougher sell. Remember, we're probably talking about $5 billion to $6 billion in debt here, and sources tell me that lenders are likely to want at least some earlier holiday sales data before committing.

????Sixty days, however, won't even bring Schulze to Halloween (not exactly the holiday my sources were talking about). He may be entitled to a 30-day extension, meaning that his offer would have to be submitted on Friday, November 23. Perhaps he can get access the first few hours of Black Friday figures to the bankers, and send in his offer at 5pm.

????Again, it's possible that Schulze pulls the financing together in time. But the likelihood is low.

????By the way, do not think this timing is coincidental. Best Buy has been very clear about not wanting to negotiate throughout the critical holiday season, fearing that it would distract employees.

????So here's my guess as to what happens: Schulze either doesn't submit a qualified offer in 2012, or submits one that includes certain material adverse change (MAC) terms related to holiday sales. Either way, Best Buy's board will probably reject the offer, thus setting the stage for Schulze to submit a revised offer in January 2013 -- possibly bringing it directly to shareholders if unable to receive board approval.

????Best Buy stock is up more than 6% today, on news of the Schulze agreement. I hope the new buyers aren't planning to get taken out in 2012.