各界怎麼看默多克放棄收購時代華納

21st Century Fox this afternoon announced that it has withdrawn its $85 billion takeover offer for Time Warner , instead launching a $6 billion stock buyback. Seems that Rupert Murdoch wasn’t too pleased with how his company’s stock price has slumped since the deal was first announced, while Time Warner’s shares had climbed.

21世紀福克斯（21st Century Fox）週二宣佈，公司已撤回對時代華納（Time Warner）850億美元的收購要約，取而代之的是一項60億美元的股票回購計劃。在收購提案宣佈伊始，21世紀福克斯的股票曾大跌，而時代華納的股票則應聲上漲，看起來默多克對這個結果不太滿意。

Three immediate thoughts:

我馬上想到了三點：

1. This is not the end

1. 好戲應該還在後面

People like Rupert Murdoch do not base massive strategic decisions on short-term stock fluctuations. There is nothing in Fox’s statement that precludes Murdoch from making a future bid, at whatever price. Don’t be surprised if this is just a negotiation ploy.

像默多克這樣的人物不會僅憑短期股票波動來制定公司的重大戰略方針。至於在未來會不會再次提出收購要約或以什麼樣的價格收購，福克斯在聲明中隻字未提。要說這次的事只是一種談判策略，也沒什麼好大驚小怪的。

2. Time Warner must be spooked

2. 時代華納想必是坐臥不寧

Time Warner shares are cratering in the aftermarket, down nearly 12% as of this writing to just $75 per share. That’s nearly $9 billion in market cap. It’s still above the $71 or so that it was trading at prior to the Fox bid leaking, but this is a giant message to the Time Warner board that investors were bidding up based on the takeover offer, not the underlying story. Fox stock, for what it’s worth, is going in the opposite direction — up more than 8% on the news.

在福克斯撤回收購要約之後，時代華納的股價狂跌，在本文撰寫時跌了近12%，至每股僅75美元，相當於近90億美元的市值蒸發，但這一價格仍高於收購消息泄露之前時代華納71美元的交易價。然而，這對時代華納董事會來說卻是一個異常沉重的消息：投資者紛紛搶籌的原因在於公司要被默多克收購，而不是公司本身有多麼吸引人。不管怎麼樣，新聞一出，福克斯股票反其道而行之，漲幅超過了8%。

3. He can’t lose

3. 傑夫o布克斯穩賺不賠

If Time Warner CEO Jeff Bewkes really is playing poker with Rupert Murdoch, he is in a pretty sweet position. After all, who else can get snookered at the table and walk away with nearly $80 million?

如果時代華納首席執行官傑夫o布克斯真的願與默多克較勁的話，那麼局勢對他來說還是相當有利的。畢竟，就算輸了，他還能拿到近8,000萬美元的分手費。