This time around we're going to be covering the definitive agreement, which is a key part of any M&A process, any M&A deal, at least any M&A process that results in an actual closed deal.

這次我們要討論的是最終協議，這是任何併購過程、任何併購交易，至少是任何最終達成交易的併購過程的關鍵部分。

And to go through it, we're going to be looking at a case study, or a mini case study really, of this $10.4 billion Amgen Onyx deal in the pharmaceutical industry.

接下來，我們將通過一個案例，或者說是一個小型案例，對製藥行業價值 104 億美元的安進公司 Onyx 交易進行分析。

So I have up on screen a link to the actual agreement.

是以，我在螢幕上顯示了實際協議的鏈接。

They call this agreement a plan of merger, but really it is a definitive agreement between Onyx, the seller, and then Amgen, the buyer.

他們稱這份協議為合併計劃，但實際上是賣方 Onyx 與買方安進之間的最終協議。

So we're going to be using that as our case study.

是以，我們將以此為案例進行研究。

Now just to remind you, why does this matter?

現在提醒大家，這有什麼關係？

What is important about this?

這有什麼重要的？

Well, the definitive agreement spells out the finalized key deal terms.

最終協議闡明瞭最終確定的主要交易條款。

So the price, the form of transaction, if there's cash involved versus stock, if there is cash versus debt, if it's a cash deal, what the treatment of options is, what the treatment of RSUs, restricted stock units, is.

是以，價格、交易形式、是否涉及現金而不是股票、是否涉及現金而不是債務、是否是現金交易、如何處理期權、如何處理 RSU（限制性股票組織、部門）。

So it spells out all those key terms and it directly impacts the effective purchase price of the deal.

是以，它闡明瞭所有這些關鍵條款，並直接影響到交易的實際購買價格。

Now the reason why you have to care about this, if you're going into investment banking or private equity or something else where you're buying and selling entire companies, is that often you will have to create summaries that get passed around to your team that summarizes these key deal terms and keep everyone in the loop.

如果你要從事投資銀行、私募股權投資或其他買賣整個公司的業務，那麼你就必須關注這一點，因為你經常需要創建一些摘要，傳給你的團隊，總結這些關鍵的交易條款，讓每個人都瞭解情況。

Also if you are running a merger model or a valuation of a deal, for example, you need to look at the agreement and look at the exact share counts, the treatment of options and RSUs in the agreement in order to get all the numbers accurate.

此外，如果您要運行合併模型或對交易進行估值，您需要查看協議，瞭解協議中確切的股份數量、期權和 RSU 的處理方式，以便獲得準確的數字。

So it is important.

是以，這一點很重要。

Lawyers do handle a lot of it, but even if you are on the finance side, you still need to understand these types of agreements, how to read them, and how to extract the key information.

律師會處理很多事務，但即使你是財務人員，你仍然需要了解這些類型的協議，如何閱讀它們，以及如何提取關鍵資訊。

Now how do you read a definitive agreement?

現在你如何閱讀最終協議？

What do you do?

你是做什麼的？

Where do you find them?

你在哪裡找到它們？

Well, for U.S. based companies, you can go to the EDGAR site, so I have a link in this Excel file, and if you go here you can just search by company name and bring up filings for companies.

對於美國公司，您可以訪問 EDGAR 網站，我在 Excel 文件中提供了一個鏈接。

Now what I've already done here is in a separate window, I've already brought up all the filings for Onyx Pharmaceuticals, and what you want to do here is look for anything that is labeled 8K for U.S. based companies, and the 8K filings will be the ones that actually contain the definitive agreement in most cases.

現在，我已經在一個單獨的窗口中調出了 Onyx Pharmaceuticals 的所有文件，你要做的就是在這裡查找任何標有美國公司 8K 的文件，在大多數情況下，8K 文件將是真正包含最終協議的文件。

So there are a bunch of other filings whenever a company announces an acquisition, but that's usually the one that you want to be looking for.

是以，每當一家公司宣佈收購時，都會有很多其他申報文件，但這通常是你要尋找的文件。

For non-U.S. based companies, you'll have to go to the investor relations section of their site and look there for these types of agreements.

對於非美國公司，您必須訪問其網站的 "投資者關係 "部分，查找此類協議。

Now when you actually get the agreement, so after you've gone through this, you've clicked on a couple of these links, checked out the 8Ks, and actually found the one that contains the definitive agreement, sometimes it takes a bit of guesswork because you might see something like this pop up, and it's not immediately clear from this if this one actually has the definitive agreement or not.

現在，當你真正拿到協議時，你點擊了其中的幾個鏈接，查看了 8K 文件，並真正找到了包含最終協議的文件，有時這需要一些猜測，因為你可能會看到像這樣的彈出窗口，而從這裡並不能立即看出這個文件是否真的包含最終協議。

So it takes a bit of trial and error, but you can find it without too much effort if you look for 8Ks issued around the date of the deal announcement, so usually a day or two after that.

是以，這需要一些嘗試和錯誤，但如果在交易公告發布日期前後（通常是在公告發布後一兩天）查找 8K 文件，不費吹灰之力就能找到。

So once you've brought up the definitive agreement here, how do you actually read through it?

那麼，一旦你在這裡提出了最終協議，你該如何真正讀懂它呢？

Now as you can see, it's pretty massive.

如你所見，它非常巨大。

If you turn this into a PDF, it is about 100 pages, and if you just go to the table of contents, you can see it's around 74 pages here.

如果將其轉換成 PDF 格式，大約有 100 頁，如果只看目錄，可以看到這裡大約有 74 頁。

So the last thing you want to do is actually try to read through all this from beginning to end, unless you secretly want to be a lawyer or you are really bored and you actually like this type of exercise.

是以，你最不願意做的事情就是從頭到尾讀完這些內容，除非你暗地裡想成為一名律師，或者你真的很無聊，而且你確實喜歡這類練習。

It's pretty mind-numbing.

真讓人頭疼。

A lot of this is very much boilerplate language taken from other templates, so there are not that many sections that are actually relevant to what you do in the finance industry.

其中很多內容都是從其他模板中摘錄的模板語言，是以與你在金融行業的工作實際相關的部分並不多。

So let's go through this, and what I'm going to do here is in the accompanying blog post to this video tutorial, I have a lot of the key terms that you see in the definitive agreement laid out and explained, and what we're going to do in this mini case study is just go through this and show how they apply to this particular deal.

是以，讓我們來回顧一下，我要做的是，在本視頻教程的配套博文中，我列出並解釋了你在最終協議中看到的許多關鍵術語，而我們在這個迷你案例研究中要做的就是回顧這些術語，並展示它們如何適用於這一特定交易。

So the first piece of important information, the buyer, the seller, the price, the type of transaction, this is almost always listed in the beginning in the section that says the offer right here.

是以，第一條重要資訊，即買方、賣方、價格、交易類型，幾乎總是列在開頭的 "報價 "部分。

So let's just scroll down quickly and take a look at this.

讓我們快速向下滾動，看看這個。

And by the way, as we go through this, we're going to be using CTRL-F or CMD-F on the Mac to find things in this agreement easily.

順便說一下，在閱讀過程中，我們將使用 CTRL-F 或 Mac 上的 CMD-F，以便輕鬆查找協議中的內容。

We're also going to be making use of this table of contents to more quickly locate information.

我們還將利用這個目錄來更快地查找資訊。

So let's go take a look down, and you can see here that they spell out the parent, that's the buyer, and then the company, that stands for the seller, Onyx Pharmaceuticals.

讓我們往下看，你可以看到這裡寫的是母公司，也就是買方，然後是公司，代表賣方 Onyx Pharmaceuticals。

And then you can see here that they are acquiring all of the outstanding shares of the company's stock for $125 per share of company common stock.

然後你可以看到，他們將以每股 125 美元的價格收購該公司所有已發行股票。

So this is telling you a couple important things just in the single line.

是以，這一行就告訴了你幾件重要的事情。

First off, it is a deal for 100% of another public company.

首先，這是對另一家上市公司 100%股權的交易。

They're acquiring all the common stock.

他們正在收購所有的普通股。

It is a stock purchase as opposed to an asset purchase because they're not just acquiring selected assets and assuming certain liabilities.

這是一種股票購買，而不是資產購買，因為他們不只是收購選定的資產和承擔某些債務。

They're acquiring everything, including on balance sheet and off balance sheet assets, liabilities, and other obligations.

他們正在收購一切，包括資產負債表內外的資產、負債和其他義務。

They're paying $125 per share in cash for that.

他們為此支付每股 125 美元的現金。

And above this, they mention that it is a cash tender offer, meaning that essentially the shareholders all vote on it and they submit the information.

在這上面，他們提到這是一個現金要約收購，也就是說，基本上所有股東都要投票表決，然後他們提交資料。

And once a sufficient number vote in favor of it, then the deal goes through.

一旦有足夠多的人投贊成票，交易就會通過。

So just that one paragraph is already telling you a lot of important information.

所以，僅僅這一段話就已經告訴了你很多重要資訊。

And in terms of other things here, sometimes you see things like earnouts, callers, exchange rates, but in this case, it's just a 100% cash deal.

至於其他方面，有時你會看到收益、來電、匯率等情況，但在這種情況下，這只是一筆 100% 的現金交易。

So you don't have anything like that.

所以你沒有類似的東西。

It gets more interesting when you have private sellers or when you're using stock to fund the deal.

如果有私人賣家或使用股票作為交易資金，情況就更有趣了。

Now, one thing that's interesting to note here is that although they say $125 per share of company common stock, they're not telling us whether Amgen is using cash on hand or debt to finance this deal.

現在，值得注意的一點是，雖然他們說公司普通股每股 125 美元，但他們並沒有告訴我們安進公司是用手頭的現金還是債務來為這筆交易融資。

So it's going to take some more digging through the filings to figure that out.

是以，要想弄清這一點，還需要對文件進行更多的挖掘。

So that's just one interesting point to note here that they may not tell you everything that you need to know upfront like that.

是以，這只是需要注意的一個有趣的問題，他們可能不會告訴你所有你需要知道的事情。

They only have certain pieces of information in the very beginning.

他們只在一開始就掌握了某些資訊。

Let's keep going.

讓我們繼續前進。

So treatment of outstanding options, shares, RSUs, other dilutive securities.

對未行使期權、股票、RSUs 和其他稀釋性證券的處理。

So for this one, the easiest way to find it rather than scrolling through, what we want to do is go up to the top and look for terms like shares, options.

是以，對於這個問題，最簡單的查找方法不是滾動瀏覽，而是在頂部查找股票、期權等術語。

We have conversions of shares right here that looks promising.

我們這裡的股份轉換看起來很有希望。

And then as we go down, let's take a look.

接下來，讓我們一起來看看。

So I could just do this smart way and search for options.

所以，我可以用這種聰明的方法來搜索選項。

And sure enough, we see right there, company options, RSUs.

果然，我們在這裡看到了公司期權和 RSU。

So those are the two relevant sections there, and I found them just by looking for shares and options.

這就是相關的兩個部分，我是通過查找股票和期權找到它們的。

So let's look at conversion of shares first.

是以，我們先來看看股份轉換。

And they have it right here.

他們就在這裡。

So I just did a control F find to find this.

所以我做了一個控制 F 查找，找到了這個。

And this is really not saying anything too interesting.

這其實並沒有說什麼太有趣的事情。

This is just saying that all the shares get canceled and each shareholder receives $125, the offer price in cash instead.

這只是說，所有股票都被註銷，每個股東將獲得 125 美元的現金，即發行價。

Now the more interesting part is what happens to options.

現在更有趣的是，期權會發生什麼變化。

So let's go take a look at that.

那我們就去看看吧。

And what I want to do is find that.

我想做的就是找到它。

Okay, here we go.

好了，我們開始吧。

So company options, RSUs, let's take that, do a control F to find that.

是以，公司期權、RSUs，讓我們用 F 控制來查找。

And sure enough, here we go.

果然，我們來了。

Section 6.2.

第 6.2 節.

Now this is a lot of dense language, but basically what it's saying is that all the options, whether they are vested or unvested or exercisable or unexercisable, will effectively be cashed out.

雖然措辭繁瑣，但基本意思是，所有期權，無論是已歸屬或未歸屬的，還是可行使或不可行使的，都將被有效兌現。

Because look at this.

因為看看這個。

They'll be canceled and converted into the right to receive an amount in cash equal to the excess of the offer price over the exercise price of the company option.

這些期權將被註銷，並轉換成收取現金的權利，金額相當於要約收購價超過公司期權行使價的部分。

So any in-the-money option, in other words, is going to be cashed out.

換句話說，任何價內期權都會被兌現。

So if the strike prices on the options are $8 or $100, let's say, and the offer price is $125, well, each option holder there gets $25 in cash.

是以，如果期權的行權價是 8 美元或 100 美元，而要約價是 125 美元，那麼每個期權持有者都能獲得 25 美元的現金。

That's really all it's saying.

其實說的就是這些。

And they have some other terms for other things here.

在這裡，他們還用其他術語來表示其他事物。

Basically the long short of it is that any options that are not already vested will vest by December 15th, 2013, and they'll be paid out in cash by the end of 2013.

簡而言之，任何尚未歸屬的期權都將在 2013 年 12 月 15 日前歸屬，並在 2013 年底前以現金支付。

So a lot of dense looking language here, but that's the quick version of what this is saying.

所以，這裡有很多看起來很密集的語言，但這就是快速版本的內容。

And then as you go down for the RSUs, restricted stock units, for other forms of equity awards here, basically all that's happening is they're all getting swapped out and replaced and paid out.

然後，隨著 RSU、限制性股票組織、部門和其他形式的股權獎勵的減少，基本上所有這些獎勵都會被交換、替換和支付。

And each award holder, each stockholder here is getting the $125 in cash is what all this language here is saying.

每位獎勵持有者、每位股東都將獲得 125 美元現金，這就是這些文字所表達的意思。

So this one is important to note because this is one of the terms, one of the few terms in the agreement that actually impacts your work as an analyst or associate or someone else in finance.

是以，這一點很重要，因為這是協議中的條款之一，是協議中少數幾個對你作為分析師、助理或其他財務人員的工作有實際影響的條款之一。

Because if options are cashed out, that's going to increase the effective cash purchase price for the company.

因為如果期權兌現，就會提高公司的實際現金購買價格。

Whereas if they're assumed, in other words, if they're converted into options on the buyer's stock or into buyer shares or something else like that, well, that's going to reduce the cash purchase price, but now they're going to have additional shares outstanding or additional options outstanding.

換句話說，如果它們被轉換成買方股票的期權或買方股票或其他類似的東西，那麼，這將會降低現金購買價格，但現在他們將有額外的流通股或額外的期權。

So it's important to just get this right, because if you want to be very precise with your merger model or with looking at this transaction in the future, and instead of transaction comps, for example, you need to know this kind of information because it's going to affect all the numbers.

是以，正確掌握這些資訊非常重要，因為如果你想非常精確地使用合併模型，或者在未來查看這筆交易，而不是交易對比，你就需要了解這些資訊，因為它會影響所有的數字。

There are also convertibles here, which I'm kind of skipping over because this is less interesting to look at, but to show you that really quickly, I'm just going to do a search for convertible senior notes.

這裡還有可兌換債券，我略過不看，因為看了也沒多大意思，但為了讓你看得更快，我打算搜索一下可兌換優先票據。

And you can see here, they're saying 5.8 million shares, 4% convertible senior notes worth about 230 million.

你可以看到這裡，他們說有 580 萬股 4% 的可轉換優先票據，價值約 2.3 億美元。

And with this one, they're not actually directly telling us here what happens, but they're saying on one of the supporting schedules here, they spell out the conversion price of those shares.

實際上，他們在這裡並沒有直接告訴我們會發生什麼，但他們說，在這裡的一個輔助附表上，他們詳細說明了這些股票的轉換價格。

So we need to look at that.

是以，我們需要對此進行研究。

They spelled the conversion price of those convertible notes.

他們拼出了這些可轉換票據的轉換價格。

So we would need to look at that to get all the information for that one.

是以，我們需要查看這些資訊，以獲得其中的所有資訊。

Now represent representations and warranties, covenants.

現在代表陳述和保證、契約。

So a few quick things to point out here.

是以，這裡有幾件事情需要快速指出。

This is these sections are less relevant to what you do as an analyst or associate, but I do want to still go through a few things.

雖然這些部分與你作為分析師或助理的工作不太相關，但我還是想說幾句。

Let's go up to the top and go through the table of contents again.

讓我們回到頂部，再次瀏覽目錄。

And you can see right here, representations and warranties of the company.

你可以在這裡看到公司的陳述和保證。

So for the seller, and then for the parent and purchaser, this section is a lot shorter for the parent and purchaser.

是以，對於賣方，以及父母和買方來說，這一部分對於父母和買方來說要短得多。

I'm not even going to show you what it looks like because this is really all legal boilerplate language.

我甚至不打算給你看它的樣子，因為這其實都是法律上的模板語言。

But essentially the parent and purchaser has to agree that they represent themselves properly, that they have the funding to do the deal and so on and so forth.

但從根本上說，母公司和買方必須同意，他們代表自己的方式是正確的，他們有足夠的資金進行交易，等等。

And then the seller has to represent and warrant a whole lot more here.

然後，賣方在這裡還需要代表和保證很多東西。

So they have to say that they're in compliance with the SEC, with their accounting, with taxes, with legal requirements, and so on and so forth.

是以，他們必須說，他們遵守了美國證券交易委員會、會計、稅務、法律要求，等等。

So you can go look at this yourself.

你可以自己去看看。

This is not particularly interesting, so I'm going to skip over this part of this agreement.

這一點並不特別有趣，所以我打算跳過協議的這一部分。

Now for the covenants, this gets a little bit more interesting.

現在，關於盟約，情況就變得有點有趣了。

I'm going to show you a few quick things here.

在這裡，我將向你快速展示一些東西。

So certain covenants of the company, section five.

公司的某些契約，第 5 節。

Let's break it down and see what this has.

讓我們來分析一下，看看它有什麼特點。

So in this part, this first part, they're just saying that they'll provide proper access to conduct due diligence for the buyer in case anything else comes up.

是以，在這一部分，也就是第一部分，他們只是說，他們會提供適當的途徑，為買方進行盡職調查，以防出現其他情況。

And then here, what's interesting to note here is that you might expect that they have to agree to certain things, such as the fact that they'll continue operating the business.

然後，這裡值得注意的是，你可能會認為他們必須同意某些事情，比如他們將繼續經營業務。

But look at this.

但看看這個。

They're also restricting the dividends that they can issue, any stock issuances, repurchases, stock splits, things like that.

他們還限制發放股息、任何股票發行、回購、股票分割等。

And then also, if you keep scrolling down here, take a look at this.

然後，如果你繼續向下滾動，看看這個。

They're even restricting the capital expenditures the company can make.

他們甚至限制公司的資本支出。

So isn't this interesting?

這難道不有趣嗎？

They've already agreed in advance the capital expenditures.

他們已經提前商定了資本支出。

They have them on schedule.

他們按計劃進行。

It's not directly in the definitive agreement, but it is somewhere else.

最終協議中沒有直接寫明，但在其他地方寫明瞭。

It's on one of the supporting schedules.

它就在其中一個輔助日程表上。

And they're actually limiting the amount of CapEx that the seller can spend in this case.

在這種情況下，他們實際上限制了賣方的資本支出。

So you can see some of the numbers here.

是以，你可以在這裡看到一些數字。

Just interesting to look at because this is often something that you'll see in debt covenants if a company is raising debt.

這一點很有意思，因為在公司舉債時，你經常會在債務契約中看到這一點。

But here you also see it in the definitive agreement.

但在最終協議中也可以看到這一點。

So this could come up because, for example, if your financial model shows CapEx above a certain level for the combined company or for the seller, well, if it's in violation of this term of the agreement, you probably need to go back and rethink your assumptions there.

例如，如果你的財務模型顯示，合併後的公司或賣方的資本支出超過了一定水準，那麼，如果這違反了協議的這一條款，你可能需要回頭重新考慮你的假設。

Next thing to go through here, the solicitation clause.

接下來要看的是招標條款。

So let's go up.

那我們上去吧。

Now, when a buyer acquires a seller, of course, they don't want to be outbid.

現在，當買方收購賣方時，他們當然不希望出價比賣方高。

They want their price to be the best and final price for the deal.

他們希望自己的價格是交易的最佳和最終價格。

But what often happens is other people hear about the deal.

但經常發生的情況是，其他人聽說了這筆交易。

They submit bids and they try to outbid the buyer or submit a proposal that's superior in some way.

他們提交標書，試圖出價高於買方，或提交一份在某些方面更優越的提案。

And there's a question, can the company respond to those proposals?

還有一個問題，公司能否迴應這些建議？

Can the company go out and seek proposals or alternative bids on its own?

公司是否可以自己出去尋求建議或替代投標？

And this is what the solicitation clause is about.

這就是招標條款的內容。

So normally for public companies, for a standard deal between two corporate entities like this, so corporations, not private equity firms, usually the way it works is that a company can respond to other bids, but they can't go out and actively solicit them in most cases.

是以，通常情況下，對於上市公司來說，對於這樣的兩個公司實體之間的標準交易，即公司，而不是私募股權公司，通常的運作方式是，公司可以迴應其他競標，但在大多數情況下，他們不能出去主動招攬競標。

So this is called a window shop where they can respond to other offers, but they and they're required to share them with the buyer in this case, Amgen, but they cannot actually go out on their own.

是以，這就是所謂的櫥窗，他們可以對其他報價做出迴應，但他們必須與買方（在本例中為安進公司）分享這些報價，但實際上他們不能自己出價。

Now, sometimes what happens is it's more of a go shop situation where they actually can go out and do that, especially if there hasn't been a real market check.

現在，有時發生的情況是，他們實際上可以出去做，尤其是在沒有進行真正的市場檢查的情況下。

So if there hasn't been an auction process with a lot of other people bidding on the company, then in some cases they'll get 30 days, 60 days to go out and to do their own market check and verify that no other superior offers actually come in.

是以，如果在拍賣過程中沒有其他很多人競標該公司，那麼在某些情況下，他們會有 30 天或 60 天的時間進行市場調查，核實是否真的有其他更優的出價。