In a share-for-share deal, the number of the buyer's shares that one share of the target converts into.
换股比例
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | Why a chip designer paid $115 billion for a laser maker 换股比例 · 第 2 张术语卡 | Here it is 4.5 to 1. Because the ratio is fixed, the dollar value of the offer moves with Marvell's share price every day until the deal closes. 换股比例一旦固定，报价的「价值」就成了浮动变量——买方股价跌，卖方实际拿到的就少。所以这类交易里卖方常要求一个上下限区间把价值锁住；这笔交易公告中没有提到这种安排，等于卖方从签约那天起就持有了买方的股票。 |
| — | Kimberly-Clark offers bonds to help fund Tylenol maker takeover 换股比例 · 第 5 张术语卡 | 0.14625 Kimberly-Clark shares plus $3.50 cash for each Kenvue share. 换股比例固定、股价浮动，意味着卖方在交割前一直暴露在买方股价之下——这叫「对价风险」。487 亿美元变成 360 亿美元，不是 Kenvue 变差了，而是金佰利的股价跌了。实务中卖方常要求「领子」（collar）：股价超出区间就调整比例。本案没有领子，Kenvue 股东实际上承担了这段跌幅。 |
“Here it is 4.5 to 1. Because the ratio is fixed, the dollar value of the offer moves with Marvell's share pri…”
“0.14625 Kimberly-Clark shares plus $3.50 cash for each Kenvue share.”