<p>對斯凱奇交易提價的對沖基金提起訴訟</p>
<p>斯凱奇股價在 3G 資本交易前下跌了 30%</p>
<p>格林伯格家族批准合併，無需股東投票</p>
<p>作者：湯姆·哈爾斯</p>
<p>特拉華州威爾明頓，11 月 20 日（路透社）——持有數百萬股鞋類巨頭斯凱奇（SKX.MX）股票的投資公司正在提起訴訟，要求獲得比 3G 資本以每股 63 美元收購該公司的交易更好的價格，交易總額為 94 億美元，依據法庭記錄。</p>
<p>包括 AQR 資本管理公司附屬機構在內的對沖基金已在特拉華州的衡平法院對該公司提起訴訟，試圖通過所謂的評估訴訟獲得更高的股票價格。投資公司 3G 資本在 5 月宣佈了斯凱奇交易，價格比交易前的股票價格溢價約 30%。</p>
<p>自 9 月 12 日合併完成以來，至少已提起五起獨立案件，涉及超過 1000 萬股的評估，依據法庭文件。</p>
<p>據知情人士透露，斯凱奇與評估索賠方已討論和解條款，但尚未達成協議。</p>
<p>斯凱奇和 3G 資本拒絕置評，評估索賠方的律師也未立即回應置評請求。3G 交易是在斯凱奇股價今年下跌近 30% 後宣佈的，因為該公司在 4 月撤回了年度業績預測，並警告特朗普總統施加的關税帶來的影響。</p>
<p>該交易獲得了斯凱奇獨立董事委員會的批准，但股東沒有機會對合並進行投票。相反，該交易得到了控制約 58% 投票股票的創始格林伯格家族的書面同意，依據證券文件。特拉華州公司法通常允許股東在收購中尋求股票評估，前提是他們反對該交易並滿足其他條件。儘管在評估案件中曾有一些裁決授予大額賠償，但特拉華州法官通常將交易價格視為在良好銷售過程中股票的公平價格。大約十年前，對沖基金曾短暫利用 “評估套利” 策略，在合併交易關閉前迅速買入股票，以便提起訴訟要求更高的交易價格。特拉華州立法者通過改變爭議股票的利息累積方式結束了這一交易。</p>
<p>此外，針對公司董事會的至少一起集體訴訟挑戰合併交易，代表所有斯凱奇的少數投資者。投訴稱，該交易的結構並不是為了獲得斯凱奇股票的最佳價格，而是為了讓格林伯格家族兑現部分股票並繼續留在公司的管理層。</p>

斯凱奇

<p>投資公司正在起訴 3G Capital 以提高其對 Skechers 的 94 億美元收購價格，聲稱每股 63 美元低估了該公司。該合併已獲得 Greenberg 家族的批准，無需股東投票，但在特拉華州衡平法院面臨評估訴訟。在交易達成之前，Skechers 的股價已下跌 30%，而和解討論尚未達成協議。一項集體訴訟也對該合併提出挑戰，聲稱該合併偏袒了 Greenberg 家族的利益</p>

<p>Hedge funds sue for higher price in Skechers deal</p>
<div class="lb-trans"><p>對斯凱奇交易提價的對沖基金提起訴訟</p>
</div><p>Skechers shares dropped 30% before 3G Capital deal</p>
<div class="lb-trans"><p>斯凱奇股價在 3G 資本交易前下跌了 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併，無需股東投票</p>
</div><p>By Tom Hals</p>
<div class="lb-trans"><p>作者：湯姆·哈爾斯</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>特拉華州威爾明頓，11 月 20 日（路透社）——持有數百萬股鞋類巨頭斯凱奇（SKX.MX）股票的投資公司正在提起訴訟，要求獲得比 3G 資本以每股 63 美元收購該公司的交易更好的價格，交易總額為 94 億美元，依據法庭記錄。</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 資本管理公司附屬機構在內的對沖基金已在特拉華州的衡平法院對該公司提起訴訟，試圖通過所謂的評估訴訟獲得更高的股票價格。投資公司 3G 資本在 5 月宣佈了斯凱奇交易，價格比交易前的股票價格溢價約 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 日合併完成以來，至少已提起五起獨立案件，涉及超過 1000 萬股的評估，依據法庭文件。</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>據知情人士透露，斯凱奇與評估索賠方已討論和解條款，但尚未達成協議。</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>斯凱奇和 3G 資本拒絕置評，評估索賠方的律師也未立即回應置評請求。3G 交易是在斯凱奇股價今年下跌近 30% 後宣佈的，因為該公司在 4 月撤回了年度業績預測，並警告特朗普總統施加的關税帶來的影響。</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>該交易獲得了斯凱奇獨立董事委員會的批准，但股東沒有機會對合並進行投票。相反，該交易得到了控制約 58% 投票股票的創始格林伯格家族的書面同意，依據證券文件。特拉華州公司法通常允許股東在收購中尋求股票評估，前提是他們反對該交易並滿足其他條件。儘管在評估案件中曾有一些裁決授予大額賠償，但特拉華州法官通常將交易價格視為在良好銷售過程中股票的公平價格。大約十年前，對沖基金曾短暫利用 “評估套利” 策略，在合併交易關閉前迅速買入股票，以便提起訴訟要求更高的交易價格。特拉華州立法者通過改變爭議股票的利息累積方式結束了這一交易。</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，針對公司董事會的至少一起集體訴訟挑戰合併交易，代表所有斯凱奇的少數投資者。投訴稱，該交易的結構並不是為了獲得斯凱奇股票的最佳價格，而是為了讓格林伯格家族兑現部分股票並繼續留在公司的管理層。</p>
</div>

投資者對 3G 資本收購斯凱奇的交易價格面臨的挑戰不斷增加