慧与科技(HPE)9月10日股价出现8.66%的较大跌幅,引发市场广泛关注。主要原因是公司宣布发行13.5亿美元强制可转换优先股,用于支付计划收购瞻博网络(Juniper Networks)140亿美元交易对价的相关费用。
消息一出,投资者对公司的财务风险和管理成本表示担忧。分析人士指出,这种优先股将于2027年9月1日强制转换为普通股,意味着现有普通股持有人的持股比例将被摊薄,引发了对公司股权结构变化的忧虑。此外,发行优先股将加大公司的杠杆率和股权融资规模。
虽然收购瞻博网络有助于增强慧与科技的人工智能产品线,但140亿美元的收购溢价较高,协同效益能否抵消风险仍待观察。更重要的是,如果收购最终成功实施,公司的债务水平将大幅上升,进一步加大了财务风险。因此,市场对该公司今后的发展前景存在较大担忧,导致股价出现大幅下跌。
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