Billionaire Leon Black Is The Short Seller Killer Of 2016
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What is he doing now?
1. Leon Black offers $11 bln for Paramount's Hollywood studio Mar.20.2024
2. The agreement is a renegotiation of the deal Credit Suisse had reached with the U.S. buyout fund in the Swiss banking group's last-ditch attempts at a revamp to avoid collapse.
"This mutually beneficial agreement aligns with UBS's strategy of winding down and simplifying its non-core and legacy portfolio," UBS said on Wednesday. Mar.22.2024
What did he do 2016?
1. Black got off to an acquisitive start this year by striking a $6.9 billion deal in February to buy ADT, which on the eve of 2016 was one of the most heavily shorted companies in the Standard & Poor’s 500 index. The home security company had become a target for short sellers who believed big cable companies like Comcast could leverage their relationships with homeowners and take ADT’s business. Apollo had been rolling up home security companies like Protection 1 and ASG Security and folded them into ADT. Apollo bought ADT for $42 a share, a 56% premium over ADT’s closing price on the last trading day before the deal was announced.
2. In June, Apollo put together a deal to buy Diamond Resorts International for $2.2 billion, which represented a 26% premium over where the company’s shares closed before the announcement. The stock had changed hands for less than $20 in May and Apollo paid $30.25 a share when the deal closed in September. The shares of the time-share resort company had a large short interest and some thought its business model was faulty and premised on overly aggressive sales tactics in an already sketchy industry.
3. Next up, Apollo shocked the shorts in July by entering into an agreement to buy Outerwall in a $1.6 billion deal. The owner of Red Box DVD rentals was the third-most shorted stock in America with short interest making up 46% of its public float. As a result of a shareholder push for a sale and Apollo’s purchase, shares of Outerwall are up 42% this year.
4. Finally, Apollo agreed at the end of August to buy Rackspace Hosting for $4.3 billion. Short sellers had bet heavily that larger companies like Amazon and Microsoft would continue to eat the lunch of the cloud-services company. Rackspace’s shares once changed hands for more than $80. Apollo agreed to buy them for $32 a share, which still represented a 38% premium to the level they closed at before reports of a potential deal surfaced in August.
1. Leon Black offers $11 bln for Paramount's Hollywood studio Mar.20.2024
2. The agreement is a renegotiation of the deal Credit Suisse had reached with the U.S. buyout fund in the Swiss banking group's last-ditch attempts at a revamp to avoid collapse.
"This mutually beneficial agreement aligns with UBS's strategy of winding down and simplifying its non-core and legacy portfolio," UBS said on Wednesday. Mar.22.2024
What did he do 2016?
1. Black got off to an acquisitive start this year by striking a $6.9 billion deal in February to buy ADT, which on the eve of 2016 was one of the most heavily shorted companies in the Standard & Poor’s 500 index. The home security company had become a target for short sellers who believed big cable companies like Comcast could leverage their relationships with homeowners and take ADT’s business. Apollo had been rolling up home security companies like Protection 1 and ASG Security and folded them into ADT. Apollo bought ADT for $42 a share, a 56% premium over ADT’s closing price on the last trading day before the deal was announced.
2. In June, Apollo put together a deal to buy Diamond Resorts International for $2.2 billion, which represented a 26% premium over where the company’s shares closed before the announcement. The stock had changed hands for less than $20 in May and Apollo paid $30.25 a share when the deal closed in September. The shares of the time-share resort company had a large short interest and some thought its business model was faulty and premised on overly aggressive sales tactics in an already sketchy industry.
3. Next up, Apollo shocked the shorts in July by entering into an agreement to buy Outerwall in a $1.6 billion deal. The owner of Red Box DVD rentals was the third-most shorted stock in America with short interest making up 46% of its public float. As a result of a shareholder push for a sale and Apollo’s purchase, shares of Outerwall are up 42% this year.
4. Finally, Apollo agreed at the end of August to buy Rackspace Hosting for $4.3 billion. Short sellers had bet heavily that larger companies like Amazon and Microsoft would continue to eat the lunch of the cloud-services company. Rackspace’s shares once changed hands for more than $80. Apollo agreed to buy them for $32 a share, which still represented a 38% premium to the level they closed at before reports of a potential deal surfaced in August.
Ghi chú
誰是Leon Black？掌櫃著6000億美元資產的Apollo投資基金老闆，個人財富高達144億美元。在資本市場縱橫40年，進行過無數的戰鬥。目前最令我關注的是他在2016年進行的幾宗收購案，無一例外都是針對空頭進行的逼空行動，而且他成功了。現在Apollo基金再次出手，捲入被强力做空的公司的業務中。2016年：
今年 2 月份，Black 以 69 億美元的價格收購了 ADT，開啟了今年的收購之旅，ADT 在 2016 年前夕是標準普爾 500 指數中做空最嚴重的公司之一。 這家家庭安全公司已成為賣空者的目標，他們相信像康卡斯特這樣的大型有線電視公司可以利用他們與房主的關係來奪取 ADT 的業務。 Apollo 一直在整合 Protection 1 和 ASG Security 等家庭安全公司，並將它們併入 ADT。 Apollo 以每股 42 美元的價格收購了 ADT，較交易宣布前最後一個交易日 ADT 的收盤價溢價 56%。
6 月，Apollo 達成了一項以 22 億美元收購 Diamond Resorts International 的交易，較該公告發布前該公司的收盤價溢價 26%。 該股票 5 月以不到 20 美元的價格易手，9 月交易結束時，Apollo 支付了每股 30.25 美元。 這家分時度假公司的股票有大量空頭，有些人認為其商業模式有缺陷，並且以在本已不完善的行業中過於激進的銷售策略為前提。
接下來，Apollo 在 7 月簽署了一項以 16 億美元收購 Outerwall 的協議，震驚了空頭。 Red Box DVD Rentals 的所有者是美國第三大做空股票，空頭權益佔其公眾持股量的 46%。 由於股東推動出售和 Apollo 的收購，Outerwall 的股價今年上漲了 42%。
最終，Apollo 在 8 月底同意以 43 億美元收購 Rackspace Hosting。 賣空者押注亞馬遜和微軟等大公司將繼續蠶食這家雲端服務公司的午餐。 Rackspace 的股票一度以超過 80 美元的價格易手。 Apollo 同意以每股 32 美元的價格收購它們，這仍較 8 月潛在交易報告浮出水面之前的收盤價溢價 38%。
2024年他的公司再次出手與空頭有千絲萬縷聯係的公司談判收購業務，包括：
1. 3 月20 日（路透）—據一位知情人士透露，私募股權公司阿波羅全球管理公司（APO.N）已向派拉蒙全球公司（PARA.O）提供110 億美元收購派拉蒙影業電影製片廠。週三，增加了對該媒體集團的收購興趣。
2. 瑞銀（UBS）週三表示，Apollo 將購買 80 億美元的“高級擔保融資設施”，並補充稱，預計 2024 年第一季將從該交易中獲得約 3 億美元的淨收益。
該協議是瑞士信貸銀行與美國收購基金達成的協議的重新談判，這是該瑞士銀行集團為避免崩潰而進行的最後一次重組嘗試。
新聞來源：
《Billionaire Leon Black Is The Short Seller Killer Of 2016》
forbes.com/sites/nathanvardi/2016/09/08/billionaire-leon-black-is-the-short-seller-killer-of-2016/?sh=6710747872db
《Apollo offers $11 bln for Paramount's Hollywood studio, source says》
reuters.com/markets/deals/apollo-offers-11-billion-paramounts-hollywood-studio-wsj-reports-2024-03-20/
《UBS sells $8 billion of Credit Suisse assets to Apollo》
msn.com/en-ca/money/topstories/ubs-sells-8-billion-of-credit-suisse-assets-to-apollo/ar-BB1kDlXD
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