<p>对斯凯奇交易提价的对冲基金提起诉讼</p>
<p>斯凯奇股价在 3G 资本交易前下跌了 30%</p>
<p>格林伯格家族批准合并，无需股东投票</p>
<p>作者：汤姆·哈尔斯</p>
<p>特拉华州威尔明顿，11 月 20 日（路透社）——持有数百万股鞋类巨头斯凯奇（SKX.MX）股票的投资公司正在提起诉讼，要求获得比 3G 资本以每股 63 美元收购该公司的交易更好的价格，交易总额为 94 亿美元，依据法庭记录。</p>
<p>包括 AQR 资本管理公司附属机构在内的对冲基金已在特拉华州的衡平法院对该公司提起诉讼，试图通过所谓的评估诉讼获得更高的股票价格。投资公司 3G 资本在 5 月宣布了斯凯奇交易，价格比交易前的股票价格溢价约 30%。</p>
<p>自 9 月 12 日合并完成以来，至少已提起五起独立案件，涉及超过 1000 万股的评估，依据法庭文件。</p>
<p>据知情人士透露，斯凯奇与评估索赔方已讨论和解条款，但尚未达成协议。</p>
<p>斯凯奇和 3G 资本拒绝置评，评估索赔方的律师也未立即回应置评请求。3G 交易是在斯凯奇股价今年下跌近 30% 后宣布的，因为该公司在 4 月撤回了年度业绩预测，并警告特朗普总统施加的关税带来的影响。</p>
<p>该交易获得了斯凯奇独立董事委员会的批准，但股东没有机会对合并进行投票。相反，该交易得到了控制约 58% 投票股票的创始格林伯格家族的书面同意，依据证券文件。特拉华州公司法通常允许股东在收购中寻求股票评估，前提是他们反对该交易并满足其他条件。尽管在评估案件中曾有一些裁决授予大额赔偿，但特拉华州法官通常将交易价格视为在良好销售过程中股票的公平价格。大约十年前，对冲基金曾短暂利用 “评估套利” 策略，在合并交易关闭前迅速买入股票，以便提起诉讼要求更高的交易价格。特拉华州立法者通过改变争议股票的利息累积方式结束了这一交易。</p>
<p>此外，针对公司董事会的至少一起集体诉讼挑战合并交易，代表所有斯凯奇的少数投资者。投诉称，该交易的结构并不是为了获得斯凯奇股票的最佳价格，而是为了让格林伯格家族兑现部分股票并继续留在公司的管理层。</p>

斯凯奇

<p>投资公司正在起诉 3G Capital 以提高其对 Skechers 的 94 亿美元收购价格，声称每股 63 美元低估了该公司。该合并已获得 Greenberg 家族的批准，无需股东投票，但在特拉华州衡平法院面临评估诉讼。在交易达成之前，Skechers 的股价已下跌 30%，而和解讨论尚未达成协议。一项集体诉讼也对该合并提出挑战，声称该合并偏袒了 Greenberg 家族的利益</p>

<p>Hedge funds sue for higher price in Skechers deal</p>
<div class="lb-trans"><p>对斯凯奇交易提价的对冲基金提起诉讼</p>
</div><p>Skechers shares dropped 30% before 3G Capital deal</p>
<div class="lb-trans"><p>斯凯奇股价在 3G 资本交易前下跌了 30%</p>
</div><p>Greenberg family approved merger without shareholder vote</p>
<div class="lb-trans"><p>格林伯格家族批准合并，无需股东投票</p>
</div><p>By Tom Hals</p>
<div class="lb-trans"><p>作者：汤姆·哈尔斯</p>
</div><p>WILMINGTON, Delaware, Nov 20 (Reuters) - Investment firms holding millions of shares of footwear giant Skechers (SKX.MX) are suing for a better deal than the $63 per share price paid by 3G Capital to take over the company in a $9.4 billion deal, according to court records.</p>
<div class="lb-trans"><p>特拉华州威尔明顿，11 月 20 日（路透社）——持有数百万股鞋类巨头斯凯奇（SKX.MX）股票的投资公司正在提起诉讼，要求获得比 3G 资本以每股 63 美元收购该公司的交易更好的价格，交易总额为 94 亿美元，依据法庭记录。</p>
</div><p>Hedge funds including affiliates of AQR Capital Management have filed suits against the company in Delaware’s Court of Chancery in a bid to get a higher price for their stock in what is known as an appraisal action. Investment firm 3G Capital announced the Skechers deal in May, which was priced at about a 30% premium to the stock’s price prior to the deal.</p>
<div class="lb-trans"><p>包括 AQR 资本管理公司附属机构在内的对冲基金已在特拉华州的衡平法院对该公司提起诉讼，试图通过所谓的评估诉讼获得更高的股票价格。投资公司 3G 资本在 5 月宣布了斯凯奇交易，价格比交易前的股票价格溢价约 30%。</p>
</div><p>At least five separate cases have been filed since the merger closed on September 12 with more than 10 million shares being appraised, according to court filings.</p>
<div class="lb-trans"><p>自 9 月 12 日合并完成以来，至少已提起五起独立案件，涉及超过 1000 万股的评估，依据法庭文件。</p>
</div><p>Skechers and the appraisal claimants have discussed settlement terms without reaching a deal, according to a person familiar with the discussions.</p>
<div class="lb-trans"><p>据知情人士透露，斯凯奇与评估索赔方已讨论和解条款，但尚未达成协议。</p>
</div><p>Skechers and 3G Capital declined to comment and an attorney for appraisal claimants did not immediately respond to a request for comment. The 3G deal was announced after Skechers shares had dropped nearly 30% this year as the company withdrew its annual results forecast in April and warned of the fallout from tariffs imposed by President Donald Trump.</p>
<div class="lb-trans"><p>斯凯奇和 3G 资本拒绝置评，评估索赔方的律师也未立即回应置评请求。3G 交易是在斯凯奇股价今年下跌近 30% 后宣布的，因为该公司在 4 月撤回了年度业绩预测，并警告特朗普总统施加的关税带来的影响。</p>
</div><p>The deal was approved by a committee of independent Skechers directors, but shareholders were not given an opportunity to vote on the merger. Instead, it was approved by written consent of the founding Greenberg family, which controlled around 58% of the voting stock, according to a securities filing. Delaware corporate law generally allows for shareholders to seek appraisal for their stock in buyouts, provided they vote against the deal and other conditions. While there have been some decisions awarding large payouts in appraisal cases, Delaware judges often view the deal price as the fair price of the stock in a well-run sale process. Around a decade ago, hedge funds briefly seized upon an “appraisal arbitrage” strategy in which they swooped in just before a merger deal closed to buy shares so they could sue for a higher deal price. Delaware lawmakers ended the trade by changing the way interest accrued on the disputed shares.</p>
<div class="lb-trans"><p>该交易获得了斯凯奇独立董事委员会的批准，但股东没有机会对合并进行投票。相反，该交易得到了控制约 58% 投票股票的创始格林伯格家族的书面同意，依据证券文件。特拉华州公司法通常允许股东在收购中寻求股票评估，前提是他们反对该交易并满足其他条件。尽管在评估案件中曾有一些裁决授予大额赔偿，但特拉华州法官通常将交易价格视为在良好销售过程中股票的公平价格。大约十年前，对冲基金曾短暂利用 “评估套利” 策略，在合并交易关闭前迅速买入股票，以便提起诉讼要求更高的交易价格。特拉华州立法者通过改变争议股票的利息累积方式结束了这一交易。</p>
</div><p>There is also at least one class action case against the company’s board challenging the merger deal on behalf of all minority investors in Skechers. The complaint alleges that the deal was structured not to get the best price for Skechers stock, but to allow the Greenbergs to cash out of some of their stock and to remain part of the company’s management.</p>
<div class="lb-trans"><p>此外，针对公司董事会的至少一起集体诉讼挑战合并交易，代表所有斯凯奇的少数投资者。投诉称，该交易的结构并不是为了获得斯凯奇股票的最佳价格，而是为了让格林伯格家族兑现部分股票并继续留在公司的管理层。</p>
</div>

投资者对 3G 资本收购斯凯奇的交易价格面临的挑战不断增加