Bristol-Myers’ big Celgene buyout showers $187M-plus on Morgan Stanley

百时美施贵宝( Bristol-Myers )收购新基(Celgene)的交易对摩根士丹利( Morgan Stanley )的估值达到1.87亿美元以上

2019-04-05 08:10:08 ENDPOINTS NEWS

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Anyone looking to see why investment bankers love big time M&A so much should check out Bristol-Myers Squibb’s new SEC filing Thursday evening. In the leadup to its megamerger with Celgene, the pharma giant has been peppered by a slate of lawsuits from unhappy investors. And to settle one that threatened to possibly delay their deal— now facing a crucial shareholder vote next week that Bristol-Myers is widely expected to win — the Bristol-Myers team agreed to spell out the $187 million-plus in fees they’re paying to Morgan Stanley, which offered their opinion on the fairness of the buyout pact. Morgan Stanley’s advisory services and fairness opinion is worth $82 million — $15 million of that up front and the rest when the deal goes through. Morgan Stanley is also handling part of the financing as well as liability services, which nets them a cool $100 million. Then there’s $5.3 million for an interest rate swap option. Their fairness opinion related only to what Bristol-Myers was paying. And here’s what they said: Based on and subject to the foregoing, we are of the opinion on the date hereof that the Consideration to be paid by the Buyer pursuant to the Merger Agreement is fair from a financial point of view to the Buyer. There’s more money to come, but the payback can’t be calculated yet. Bristol-Myers has set up Morgan Stanley to act as a dealer in an accelerated share repurchase program for after the deal closes. But that has yet to happen. And then Bristol-Myers also indemnified Morgan Stanley for any liabilities that could arise as a result of their participation. However the shareholders make out in this deal, and there are clearly many aside from their lead investor Wellington who are none too happy, Morgan Stanley will do fine. In case you were wondering.
任何想了解投资银行家为何如此热衷于大型并购的人,都应该在周四晚上查阅百时美施贵宝( Bristol-Myers Squibb )提交给美国证交会的新文件。 在与新基(Celgene)的大规模合并的失败中,这家制药巨头被一系列不满意的投资者提起的诉讼搅得焦头烂额。为了解决可能会推迟交易的问题,百时美(Bristol-Myers)时美施贵宝的团队同意列出他们向摩根士丹利支付的1.87亿美元以上的费用,摩根士丹利就收购协议的公平性发表了自己的意见。 摩根士丹利的咨询服务和公平意见价值8200万美元,其中1500万美元是前期的,其余则是交易完成时的价值。摩根士丹利也在处理部分融资和债务服务,这让它们获得了1亿美元的收入。然后是530万美元的利率互换期权。 他们的公平观点只与百时美施贵宝支付的价格有关。他们说的是: 基于以上所述,在此日期,我们认为买方根据合并协议支付的对价从财务角度对买方是公平的。 还有更多的钱要来,但回报还不能计算。百时美施贵宝( Bristol-Myers )已成立摩根士丹利( Morgan Stanley ),作为交易完成后加快股票回购计划的交易商。但这还没有实现。然后,百时美施贵宝还赔偿了摩根士丹利因参与而可能产生的任何债务。 然而,股东们在这笔交易中做出了让步,除了他们的主要投资者惠灵顿外,显然还有很多人不太高兴,摩根士丹利( Morgan Stanley )也会做得很好。万一你想知道。

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