【評論】Luminent宣布取消收購華工正源

an lang="EN-US">an">2006an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年an>an lang="EN-US">an">5an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月an>an lang="EN-US">an">23an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">日an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">，an>an lang="EN-US">an">MRV Communicationsan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">（納斯達(dá)克交易代碼：an>an lang="EN-US">an">MRVCan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">）旗下全資子公司an>an lang="EN-US">an"> Luminent Inc.an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">宣布同意收購和華工科技產(chǎn)業(yè)股份有限公司旗下子公司華工正源光子技術(shù)有限公司。根據(jù)協(xié)議，an>an lang="EN-US">an">Luminent an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">將以an>an lang="EN-US">an">4000an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">萬美元現(xiàn)金外加an>an lang="EN-US">an"> Luminent an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">即將在這次收購結(jié)束時發(fā)行的普通股的an>an lang="EN-US">an">15%an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">這樣的價格來收購華工正源。

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an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">一個多月過去了an>an lang="EN-US">an">……

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an lang="EN-US">an">2006an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年an>an lang="EN-US">an">7an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月an>an lang="EN-US">an">19an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">日an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">，an>an lang="EN-US">an">MRVan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">子公司an>an lang="EN-US">an">Luminentan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">公司今天宣布他們已經(jīng)和華工科技正源光子取消原定的收購合作。根據(jù)《框架協(xié)議》關(guān)于解約條款之規(guī)定，an>an lang="EN-US">an">G an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工于an>an lang="EN-US">an">2006 an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年an>an lang="EN-US">an">7 an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月an>an lang="EN-US">an">1an>an lang="EN-US">an">9 an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">日與an>an lang="EN-US">an">MRVan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">、an>an lang="EN-US">an">Luminent an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">及華工正源簽署了一份終止函，同意協(xié)議終止《框架協(xié)議》，且任何一方均不就該種終止對任何其它方承擔(dān)任何義務(wù)或責(zé)任。

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an lang="EN-US">an">5an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月，an>an lang="EN-US">an">Gan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工轉(zhuǎn)讓華工正源一事已經(jīng)被國內(nèi)外市場廣泛關(guān)注。an>an lang="EN-US">an">7an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月協(xié)議的終止，業(yè)界鬧得沸沸揚(yáng)揚(yáng)的“an>an lang="EN-US" style="mso-bidi-font-size: 10.5pt">ank" >an style="color: windowtext; text-decoration: none; text-underline: none">an">Gan>an lang="EN-US" style="color: windowtext; font-family: 宋體; text-decoration: none; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'; text-underline: none">an lang="EN-US">華工an>an>an style="color: windowtext; text-decoration: none; text-underline: none">an">(000988)an>an lang="EN-US" style="color: windowtext; font-family: 宋體; text-decoration: none; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'; text-underline: none">an lang="EN-US">有意將華工正源分拆上市an>an>an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'">”的預(yù)測也都泡湯。an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">　而an>an lang="EN-US">an">Gan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工此前預(yù)計(jì)，這筆交易如果成交，將給公司帶來約an>an lang="EN-US">an">1.43an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">億元人民幣轉(zhuǎn)讓收益an>an lang="EN-US">an">,an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">并直接影響公司an>an lang="EN-US">an">2006an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年凈利潤。an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: 'Times New Roman'">美好的預(yù)想終成幻影。而股票市場也馬上有了反映，an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">收購協(xié)議終止當(dāng)天，an>an lang="EN-US">an">Gan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工股價下跌an>an lang="EN-US">an">3.85%an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">，以an>an lang="EN-US">an">5.75an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">元收盤。an>

an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">原因：an>an lang="EN-US">an"> an>

an lang="EN-US">an">Gan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工：盡職調(diào)查過程中，對現(xiàn)有客戶資源的界定存在分歧。an>an lang="EN-US">an">

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an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">據(jù)an>an lang="EN-US">an">Gan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工公告稱，在簽署上述協(xié)議之前，由于an>an lang="EN-US">an">Luminentan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">對該項(xiàng)交易比較積極，并未對華工正源進(jìn)行前期的盡職調(diào)查。而在該協(xié)議簽署后的盡職調(diào)查過程中，雙方對華工正源現(xiàn)有的某些主要客戶的界定存在分歧。如an>an lang="EN-US">an">Luminentan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">不認(rèn)同新增加尚處于小規(guī)模送樣期間的客戶；同時，按照美國慣例，主要客戶會在年初下達(dá)全年訂單，而華工正源國內(nèi)客戶大多在月初下達(dá)當(dāng)月訂單。因此an>an lang="EN-US">an">Luminentan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">認(rèn)為華工正源未來銷售收入存在不確定性，雙方最終未能達(dá)成一致。

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an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">國外報道稱：an>an lang="EN-US">an">The termination is based on current market valuations of comparable companies and further due diligence.an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">主要原因?yàn)槟壳翱杀容^公司市場價值的變化和盡職調(diào)查問題。

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an>an">(Due diligence：盡職調(diào)查an>an>an">: 交易完成之前對收購目標(biāo)、公司供應(yīng)商或其他潛在的業(yè)務(wù)伙伴的財務(wù)狀況和經(jīng)營狀況所作的詳細(xì)調(diào)查。也指承銷新發(fā)行證券的券商或向投資者推銷這些證券的經(jīng)紀(jì)人對發(fā)行機(jī)構(gòu)可信度的調(diào)查，發(fā)行機(jī)構(gòu)、主承銷商以及與發(fā)行機(jī)構(gòu)有關(guān)的其他機(jī)構(gòu)之間可能會因此召開一個盡職審查會議。)

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an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">也有論壇人事報料：“聽內(nèi)行人說，是價格問題導(dǎo)致失敗，主要是an>an lang="EN-US">an">MRVan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">公司砍價，結(jié)果華工不同意，說是一分也不能少，就這樣結(jié)束了。”

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an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">不管誰說的有理，這一宗影響國內(nèi)外的收購案就這樣被吹了，總有些讓人惋惜，在惋惜的同時更多的是思考。an>

an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">影響：an>an lang="EN-US">an"> an>

an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">轉(zhuǎn)讓協(xié)議已告終止，an>an lang="EN-US">an">G an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工表示，公司將繼續(xù)積極發(fā)展光通信器件業(yè)務(wù)，同時承諾自公告之日起至少an>an lang="EN-US">an">6an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">個月內(nèi)不出售所持華工正源的股權(quán)。

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an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">同時an>an lang="EN-US">an">G an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工特別提醒，公司曾預(yù)計(jì)該項(xiàng)交易獲得的轉(zhuǎn)讓收益將約為an>an lang="EN-US">an">1.43 an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">億元人民幣，交易項(xiàng)下的轉(zhuǎn)讓收益可能使公司an>an lang="EN-US">an">2006 an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年凈利潤較上一年度有顯著增加?，F(xiàn)在由于協(xié)議終止，公司將不能獲得該轉(zhuǎn)讓收益。由于對該項(xiàng)交易的不確定性和風(fēng)險性未能進(jìn)行充分揭示，公司由此向廣大投資者致歉。an>an lang="EN-US">an">

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an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">　an>an lang="EN-US">an style="mso-spacerun: yes">an">     an>an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">這次an>an lang="EN-US">an">G an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工宣布該項(xiàng)轉(zhuǎn)讓告吹，主要的影響將表現(xiàn)在收益方面。數(shù)據(jù)顯示，截至an>an lang="EN-US">an">2006an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年an>an lang="EN-US">an">3an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月an>an lang="EN-US">an">31an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">日，an>an lang="EN-US">an">G an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工未經(jīng)審計(jì)的凈利潤為an>an lang="EN-US">an">1018.86an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">萬元。an>an lang="EN-US">an">G an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">華工an>an lang="EN-US">an">5an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">月份在披露該項(xiàng)轉(zhuǎn)讓時曾預(yù)計(jì)，該項(xiàng)交易項(xiàng)下的轉(zhuǎn)讓收益可能使公司an>an lang="EN-US">an">2006an>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">年凈利潤較上一年度有顯著增加。公司預(yù)計(jì)將能從an>an lang="EN-US">an">luminentan>an style="font-family: 宋體; mso-hansi-font-family: 'Times New Roman'; mso-ascii-font-family: 'Times New Roman'">未來的上市中獲得進(jìn)一步的收益。an>

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