Negotiating Valuation and Offer Terms

商定估值和收购条款

Key representatives from both sides engage in intensive negotiations over the valuation of the target company, the proposed offer price, payment structure (cash, stock, or mix), and other key financial terms.

双方的关键代表就目标公司的估值、拟议报价、支付结构（现金、股票或混合）以及其他关键财务条款进行密集的谈判。

对话

聆听并跟进对话

Acquirer Lead Negotiator (Male)

Good morning, everyone. Let's get straight to the crux of the matter. We've reviewed your latest financial projections, and while we appreciate the significant growth you've demonstrated, our valuation models still place your company at closer to 850 million, not the 1 billion you're requesting. There's a notable gap to bridge.

大家早上好。我们开门见山吧。我们已经审查了你们最新的财务预测，虽然我们赞赏你们所展现的显著增长，但我们的估值模型仍将你们公司的估值定在接近8.5亿，而不是你们要求的10亿。这里有一个显著的差距需要弥补。

Target Company CEO (Female)

Andrew, thank you for your candor. While we understand your perspective, our valuation of 1 billion isn't pulled out of thin air. It accounts for our patented technology's future potential, synergies with your existing portfolio, and our strong customer retention rates, which your models might be underweighting. We believe it's a fair reflection of our true market value and growth trajectory.

安德鲁，谢谢你的坦诚。虽然我们理解你的观点，但我们10亿的估值并非空穴来风。它考虑了我们专利技术的未来潜力、与你们现有产品组合的协同效应，以及我们强大的客户保留率，这些可能是你们模型中低估的部分。我们相信，这是我们真实市场价值和增长轨迹的公平体现。

Acquirer Lead Negotiator (Male)

We acknowledge those points. However, regarding the payment structure, we're proposing a 70% cash, 30% stock split. This provides immediate liquidity for your shareholders while still allowing them to benefit from the upside of the combined entity. What are your thoughts on that mix?

我们承认这些观点。然而，关于支付结构，我们建议采用70%现金、30%股票的比例。这为你们的股东提供了即时流动性，同时仍然允许他们从合并后的实体中受益。你们对这种组合有什么看法？

Target Company CFO (Male)

Thank you, Andrew. We were hoping for a higher stock component, perhaps closer to 40-45%, to align long-term interests more closely. Our shareholders are keen on the growth prospects of your company post-acquisition. Can you elaborate on the rationale behind the 70/30 split?

谢谢你，安德鲁。我们原本希望股票部分的比例能更高一些，或许接近40-45%，以便更紧密地对齐长期利益。我们的股东对贵公司收购后的增长前景非常看好。你能详细说明70/30比例的理由吗？

Acquirer Lead Negotiator (Male)

The 70/30 split aims to balance immediate shareholder returns with our desire to minimize dilution for our existing shareholders. It’s a standard approach for deals of this size, ensuring capital preservation while still offering upside potential. Let's consider a path forward. If we were to meet you closer to 920 million, would a 75% cash, 25% stock offer be more palatable?

70/30的比例旨在平衡即时股东回报与我们现有股东稀释最小化的愿望。对于这种规模的交易来说，这是一种标准方法，确保了资本保值，同时仍提供了上涨潜力。我们来考虑一个前进的方案。如果我们能接近9.2亿，那么一个75%现金、25%股票的报价会更容易接受吗？

Target Company CEO (Female)

That's an interesting shift, Andrew, and it narrows the valuation gap significantly. However, reducing the stock component below 30% might be a sticking point for our board, especially considering the long-term value we see in the combined entity. Could we explore a scenario where the total consideration is 950 million, with a 65% cash, 35% stock split? That would be a strong signal to our investors.

安德鲁，这是一个有趣的转变，它显著缩小了估值差距。然而，将股票成分降到30%以下可能会成为我们董事会的症结所在，特别是考虑到我们从中看到的长期价值。我们能否探讨一个总对价为9.5亿，以65%现金、35%股票分割的方案？那将是对我们投资者的一个强烈信号。

Acquirer Lead Negotiator (Male)

950 million is a substantial increase from our initial position. And 35% stock is higher than we had budgeted. Let me confer with our board. What other key financial terms are non-negotiable for your side, beyond valuation and payment structure?

9.5亿比我们最初的立场有了显著的提高。35%的股票也超出了我们的预算。我需要和我们的董事会商议一下。除了估值和支付结构之外，对于你们而言，还有哪些关键的财务条款是不可谈判的？

Target Company CFO (Male)

Beyond those, the earn-out clause based on next year's performance would be critical. We're looking at a 12-month period, with specific revenue and EBITDA targets. It provides an incentive for our team to ensure a seamless transition and continued growth, aligning our interests perfectly.

除了这些，基于明年业绩的盈利支付条款将是关键。我们正在考虑一个12个月的期限，有具体的收入和EBITDA目标。它激励我们的团队确保无缝过渡和持续增长，完美地协调了我们的利益。

词汇

对话中的必备词汇和短语

crux

The most important or central part of a problem or issue; use it in discussions to focus on the main point, like 'the crux of the negotiation'.

问题或议题的最重要或中心部分；在讨论中使用它来聚焦于主要点，例如 'the crux of the negotiation'。

valuation

The estimated monetary worth of a company or asset; common in business talks about buying or selling, such as 'company valuation'.

公司或资产的估计货币价值；在关于买卖的商业讨论中常见，例如“公司估值”.

projections

Forecasts or predictions of future financial results; useful in planning or negotiations to discuss expected growth.

未来财务结果的预测或预报；在规划或谈判中讨论预期增长很有用。

synergies

Benefits or efficiencies gained from combining two companies; often used in merger talks to highlight advantages of a deal.

通过合并两家公司获得的益处或效率；常用于并购谈判中，以突出交易的优势。

liquidity

The ease of converting assets into cash; in negotiations, it refers to providing quick money to shareholders.

将资产转换为现金的容易程度；在谈判中，指向股东提供快速资金。

dilution

A reduction in the value of shares due to issuing more stock; important in deals to discuss impact on current owners.

由于发行更多股票而导致股票价值减少；交易中讨论对当前所有者的影响很重要。

palatable

Acceptable or agreeable; use in negotiations to ask if a proposal is easier to accept, like 'more palatable terms'.

可接受或令人同意的；在谈判中使用，以询问提案是否更容易被接受，例如 'more palatable terms'。

sticking point

An issue that causes difficulty or disagreement; helpful in talks to identify problems blocking progress.

引起困难或分歧的问题；在讨论中帮助识别阻碍进展的问题。

earn-out

Additional payment in a deal based on future performance; used to align interests after a merger.

基于未来表现的交易额外付款；用于在并购后对齐利益。

EBITDA

Earnings Before Interest, Taxes, Depreciation, and Amortization; a key financial metric to measure company profitability without non-cash expenses.

息税折旧及摊销前利润；一项关键的财务指标，用于衡量公司扣除非现金支出后的盈利能力。

关键句型

需要记住和练习的重要短语

Let's get straight to the crux of the matter.

This is a direct way to start a discussion by focusing on the main issue; useful in meetings to save time and be professional. It uses 'get straight to' for immediacy.

这是一个直接开始讨论的方式，通过聚焦主要问题；这在会议中很有用，可以节省时间并保持专业。它使用 'get straight to' 来表示即时性。

There's a notable gap to bridge.

Refers to a significant difference that needs to be resolved; practical in negotiations to acknowledge disagreements politely. 'Bridge the gap' is an idiom for closing differences.

指需要解决的重大差异；在谈判中实用，用于礼貌地承认分歧。“弥合差距”是一个习语，表示消除差异。

It isn't pulled out of thin air.

Means something is not made up without basis; use it to defend your position with real reasons. This idiom shows evidence-based arguments in business talks.

意思是某事不是毫无根据地编造出来的；用它来用真实理由维护你的立场。这个成语展示了商务谈判中基于证据的论据。

We're proposing a 70% cash, 30% stock split.

Suggests a specific deal structure; helpful for offering terms clearly. 'Proposing' is formal for suggestions, and percentages describe proportions.

建议具体的交易结构；有助于清楚地提供条款。'Proposing' 是建议的正式说法，百分比描述比例。

What are your thoughts on that mix?

Asks for someone's opinion on a proposal; very useful in negotiations to invite feedback and keep dialogue open. 'Thoughts on' is a common phrase for seeking views.

询问某人对提案的意见；在谈判中非常有用，可以邀请反馈并保持对话开放。'Thoughts on' 是一个常见的短语，用于征求观点。

Can you elaborate on the rationale behind the 70/30 split?

Requests more details on the reasons for a decision; good for clarifying points in discussions. 'Elaborate on' means to explain in more detail, and 'rationale' means logical reason.

请求更多关于决策理由的细节；适合在讨论中澄清要点。'Elaborate on' 意为更详细地解释，'rationale' 意为逻辑理由。

Would a 75% cash, 25% stock offer be more palatable?

Proposes a compromise and checks acceptability; useful for advancing talks. It's a conditional question ('would...be') to suggest alternatives politely.

提出妥协方案并检查可接受性；有助于推进谈判。这是一个条件问题（'would...be'），用于礼貌地建议备选方案。

That would be a strong signal to our investors.

Indicates that an action would send a positive message; practical in business to explain benefits to stakeholders. 'Strong signal' is a metaphor for clear indication.

表明某项行动将发送积极信息；在商业中用于向利益相关者解释利益很实用。“Strong signal”是明确指示的隐喻。