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联考英语:边读材料边学单词
2016年01月11日 【我要咨询】 来源:清大在线

   Leveraged buy-outs and junk bonds 杠杆收购和垃圾债券

 
  In a leveraged buyout, or LBO, a company is acquired by a group of investors, often financed by heavy borrowing. The debt is then paid out of the target company's operating revenues or by selling its assets.
 
  The borrowing involved in LBOs is often high- risk debt called junk bonds.
 
  LBOs financed by junk were frequent in the 1980s and after an absence following the excesses of that period, they are now occurring again.
 
  Predators, raiders, and white knights 掠夺者、抢劫者和善意合作者
 
  The takeover process is often described in terms of one animal hunting another: a company or individual seeking to take over another company may be referred to as a predator, and the target company as the prey. Predators are also referred to as raiders or corporate raiders.
 
  A company wishing to resist, ward off, or fend off being taken over has a number of options. It may devise plans that give existing shareholders special rights, or it may make itself less attractive to bidders by selling off a valuable part of the company, or holding on to an unattractive one. Actions like these are poison pills.
 
  Or it may persuade a friendly partner, a white knight, to take a stake in the company, thus preventing a complete takeover by a hostile bidder. Bidders may agree to withdraw their bid if paid enough money for the shares they hold in the target company. This is green mail.
 
  注释:
 
  Predator 掠夺者(恶意吞并其它企业)
 
  Prey 猎物(被恶意并购的企业)
 
  Raider 掠夺者(恶意并购其它企业)
 
  Corporate raider 合伙掠夺者
 
  Fend off a bid 阻止收购
 
  Ward off a bid 阻止收购
 
  Poison bill
 
  毒药(公司通过给予股东某些特权、或卖掉部分有价值资产,而持有或购进价值不大的资产,从而减少自己对并购公司的吸引力)
 
  White Knight
 
  指购买公司部分股份以免遭兼并企业完全兼并的善意和或者。
 
  Greenmail 绿函交易
 
  指兼并企业以增加股票价值为条件撤回自己向标的企业投标的交易。

 


 

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