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Author Topic: Hasselblad Acquired By DJI  (Read 59653 times)

Dustbak

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Re: Hasselblad Acquired By DJI
« Reply #80 on: January 06, 2017, 01:47:24 pm »

I assume this was a capital injection (probably needed to ramp up production) from a party that is already a shareholder and a strategical partner? In that case this is non-news and certainly not worth so much attention...
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Rob C

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Re: Hasselblad Acquired By DJI
« Reply #81 on: January 06, 2017, 03:30:44 pm »

I personally don't care who owns Hasselblad.  What matters to me is whether or not they continue to make a professional quality camera that I want to use and enjoy using. I loved my 500cm.  I loved using it.  I loved the images we produced together.  After seeing and holding the X1D I really want to go out and shoot with it.  I want to see if we can develop the synergy of a productive working relationship that is enjoyable.  I want to be able to choose between systems.  Right now I've been lusting after the Phase One xf 100mp.  But I like this camera.  Since I could use H lenses with xid I wouldn't have to have two different systems and two sets of lenses.  If DJI helps Hasselblad continue making excellent equipment then wonderful for all of us... we have a choice of systems and Phase has competition.  It just might be a good thing for all of us.


I think that holds for every one of us who had them (and the 500C before it) but I can't see that emotion will be reflected in digital cameras, whoever makes them... It's a visceral, tactile thing about weight, solidity and finish. It's a basic emotion, pretty much as basic as were those delightful cameras. Once you understood them, they never got in the way. Nobody can feel like that about a computer. Can they? God, I hope not.

Rob

SCFrieze3

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Re: Hasselblad Acquired By DJI
« Reply #82 on: January 06, 2017, 04:52:25 pm »

Rob C
Judging by the way people act on different forums it seems that they take it very personally if you critique their favorite camera or system.  I know I for one feel as if my D810 is more and more a part of me.  But it is not the same as using a film 500cm or Leica Mxx.  I would love to have an experience with a modern digital camera that is similar to the synergy felt with film Hasselblads and Leicas. (At a price point a simple country pastor can afford. I don't claim to be a pro.  just an enthusiast who never went to art school, has spent much time with friends who are professionals, sells or publishes an occasional image, and loves photography.  I'm really pretty ignorant but having fun.). 
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Tony Jay

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Re: Hasselblad Acquired By DJI
« Reply #83 on: January 06, 2017, 05:09:17 pm »

Having being involved with mergers myself, I'm sure DJI sees synergy that will be beneficial for both companies and having a controlling share is essential. Sometimes such synergy does not really become reality for many reasons both inside and outside the company. Only time will tell. MF is not in my interest, but I find it interesting with the evolution that has happened in this space over the recent years despite all the expectations for MF to become extinct soon.
Thanks for the reply Hans.

It is my opinion but I think the predicted demise of medium format is a little premature.
While the winds of change are most definitely blowing through the industry as a whole it is interesting to note the differences in  different market segments.
Although MF has been relegated to a niche market from everything that I can glean it is relatively stable.
There have even been new players in this market recently.
I don't question that both P1 and Hasselblad, as obvious examples, have had their issues but the market for MF remains.
I agree with you that recent events at Hasselblad don't necessarily guarantee their success but doing nothing was clearly not an option.

But, I think, for the moment at least, it is P1 where the most concern should probably be directed.
In common though, with the rest of the photographic market, the manufacturers who offer the best price/value combination will probably survive.
Prosperity though, apart from one notable exception, is something that is probably a distant and elusive goal for almost every major player in every market segment.

Tony Jay
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Tony Jay

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Re: Hasselblad Acquired By DJI
« Reply #84 on: January 06, 2017, 05:30:57 pm »

DJI have not acquired Hasselblad.

What they have done is increased their shareholding and will sit on the board alongside Ventizz Capital (existing owners).

DJI have a great deal of technical know how and this is a good thing for Hasselblad.
I hope I am not pointing out the blindingly obvious but having a majority shareholding in a company gives that entity, by definition, control of that company.
That control may be exerted in a rather benign fashion with a lot of due deference to minority shareholders but ultimately they do control this company, and at a board level, nothing can happen without DJI's approval.

Tony Jay
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NickT

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Re: Hasselblad Acquired By DJI
« Reply #85 on: January 06, 2017, 06:38:33 pm »

I hope I am not pointing out the blindingly obvious but having a majority shareholding in a company gives that entity, by definition, control of that company.
That control may be exerted in a rather benign fashion with a lot of due deference to minority shareholders but ultimately they do control this company, and at a board level, nothing can happen without DJI's approval.

Tony Jay

Hi Tony
I wonder if you could point out where I said "majority".

Thanks so much.
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Wayne Fox

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Re: Hasselblad Acquired By DJI
« Reply #86 on: January 06, 2017, 08:09:38 pm »

I assume this was a capital injection (probably needed to ramp up production) from a party that is already a shareholder and a strategical partner? In that case this is non-news and certainly not worth so much attention...
Assuming it was a capital injection and not just a corporate loan, any such injection by shareholders will dilute the value of any shareholders which do not match the funds.  Obviously this course of action must be agreed to by a majority of the investors, but it certainly appears that DJI is moving to acquire the company and based on current information the cash infused into the company certainly means they could now be the majority shareholder.

AS any new controlling partners can have a major impact on a company, it certainly qualifies as newsworthy.  It could mean anything from disaster to a resounding hasselblad comeback.  However, I do believe without the investment, disaster was more likely than it is now, in that light it can only be seen as a positive step.  Time will tell if it ends up a positive step.
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Michael Erlewine

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Re: Hasselblad Acquired By DJI
« Reply #87 on: January 06, 2017, 09:08:25 pm »

I have been a software engineer since the 1970s, and later an Internet pioneer-entrepreneur, creating large enterprise-level sites, etc. In my experience, the most difficult problem with these kinds of projects is scaling. I would guess this is the problem with the X1D; Hasselblad was forced to scale by the demand for the product, but perhaps had not thought out scaling-process as well as was required. They were overwhelmed and this forced the cash infusion.

It is usual, not unusual, for a company with the needed cash to buy into (and even take over) a smaller company that is struggling with a scale or fail situation. Unless the larger company has no integrity, they can bring all kinds of good things to the table, like what is needed to succeed, given the situation. They do usually alter things too.

Since DJI seems to be hip and tech-smart, my guess is we should be happy this has taken place. Otherwise, the whole X1D project might have stalled out. That being said, and since I have my X1D on order, I am going to (perhaps) order the Fuji GFX system when pre-orders are opened, against the case that Hasselblad stumbles in some really serious manner. I am confident that the Fuji GFX will be integral and the delivery process (lenses, etc.) will be smooth. Yet, who knows? I also really want a Nikon D810 successor with 54 Mpx. I have read enough posts by Kevin Raber that I believe he has the right information (and probably more), and I am glad he shared it.
« Last Edit: January 06, 2017, 09:11:59 pm by Michael Erlewine »
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SCFrieze3

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Re: Hasselblad Acquired By DJI
« Reply #88 on: January 07, 2017, 12:14:20 am »

Kevin looking forwardto the full review of the X1D.
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Tony Jay

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Re: Hasselblad Acquired By DJI
« Reply #89 on: January 07, 2017, 12:50:19 am »

Hi Tony
I wonder if you could point out where I said "majority".

Thanks so much.

No Nick you didn't - quite right - but Kevin did, and assuming, of course, that he is correct, then the facts outlined in my post stand.

Tony Jay
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Tony Jay

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Re: Hasselblad Acquired By DJI
« Reply #90 on: January 07, 2017, 01:17:25 am »

I have been a software engineer since the 1970s, and later an Internet pioneer-entrepreneur, creating large enterprise-level sites, etc. In my experience, the most difficult problem with these kinds of projects is scaling. I would guess this is the problem with the X1D; Hasselblad was forced to scale by the demand for the product, but perhaps had not thought out scaling-process as well as was required. They were overwhelmed and this forced the cash infusion.

It is usual, not unusual, for a company with the needed cash to buy into (and even take over) a smaller company that is struggling with a scale or fail situation. Unless the larger company has no integrity, they can bring all kinds of good things to the table, like what is needed to succeed, given the situation. They do usually alter things too.

Since DJI seems to be hip and tech-smart, my guess is we should be happy this has taken place. Otherwise, the whole X1D project might have stalled out. That being said, and since I have my X1D on order, I am going to (perhaps) order the Fuji GFX system when pre-orders are opened, against the case that Hasselblad stumbles in some really serious manner. I am confident that the Fuji GFX will be integral and the delivery process (lenses, etc.) will be smooth. Yet, who knows? I also really want a Nikon D810 successor with 54 Mpx. I have read enough posts by Kevin Raber that I believe he has the right information (and probably more), and I am glad he shared it.
Michael, I agree with a lot of what you have written, however I am not so sure that they caught out by poor planning.
Given what Kevin wrote it seems more likely to me that Hasselblad management were well aware of their capital requirements and took their request to the board.
It appears, to me anyway, that most (all) of the majority shareholder block were not prepared to pony up the cash required, but DJI, then a minority shareholder, offered to help.
However, it is likely that their position was, as a minority shareholder, that they unwilling to subsidize the majority shareholding.
Through negotiation most of the majority shareholders agreed to a payout, DJI picked up the shares, and Hasselblad got its cash injection.

I didn't get the impression that any of the players were riotously happy at the outcome but it seems that common sense prevailed.

Tony Jay
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Michael Erlewine

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Re: Hasselblad Acquired By DJI
« Reply #91 on: January 07, 2017, 02:20:55 am »

Michael, I agree with a lot of what you have written, however I am not so sure that they caught out by poor planning.

Tony Jay

The main idea I was suggesting was "scaling," the pathway how to ramp up production, with or without more money. Many very fine web sites, for example, have crashed and burned because the process involved in running the sites was not organized to grow, etc. Who knows. Perhaps it will gradually be revealed. Certainly, if they were assembling by hand, and needed to suddenly produce more by a huge factor, they may well have not been positioned to be able to easily scale that process, etc. 
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Manoli

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Re: Hasselblad Acquired By DJI
« Reply #92 on: January 07, 2017, 03:35:06 am »

I am not so sure ... it seems more likely ... It appears, to me anyway, ...

Rampant speculation and conjecture with zero factual input.

Through negotiation most of the majority shareholders agreed to a payout, DJI picked up the shares, and Hasselblad got its cash injection.

The above exemplifies that you have no idea of corporate financing. Firstly, that Ventizz sold shares to DJI does NOT mean that Hasselblad got a cash injection - only that Ventizz (if they were the seller of the shareholding) did.  It's not a payout, which would be a 'dividend', but a straight sale.

Secondly, IF Hassy were in need of extra cash, they would normally finance this via either a bank loan, a corporate bond issue or an increase in share capital. The last option being what you refer to as 'a cash injection'. If Hassy didn't have the muscle to make a bond issue attractive - DJI did/would.

I didn't get the impression that any of the players were riotously happy at the outcome but it seems that common sense prevailed.

Your impression, common sense ... ? Given that the ONLY fact you know is that DJI have increased their shareholding why comment at all until the company issue a statement. If they ever do. It's a private company, and anyway, they're too busy trying to get the X1D out of the door.

« Last Edit: January 07, 2017, 04:16:24 am by Manoli »
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Tony Jay

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Re: Hasselblad Acquired By DJI
« Reply #93 on: January 07, 2017, 04:23:04 am »

Rampant speculation and conjecture -  no factual content.

The above exemplifies that you have no idea of corporate financing. Firstly, that Ventizz sold shares to DJI does NOT mean that Hasselblad got a cash injection - only that Ventizz (if they were the seller of the shareholding) did.  It's not a payout, which would be a 'dividend', but a straight sale.

Secondly, IF Hassy were in need of extra cash, they would normally finance this via either a bank loan, a corporate bond issue or an increase in share capital. The last option being what you refer to as 'a cash injection'. If Hassy didn't have the muscle to make a bond issue attractive - DJI did/would.

Your impression, common sense ... ? Given that the ONLY fact you know is that DJI have increased their shareholding why comment at all until the company issue a statement. If they ever do. It's a private company, and anyway, they're too busy trying to get the X1D out of the door.
Of course it is speculation!
What my post was, was a plausible alternative analysis to another speculative comment.

I don't know how accurate it will turn out to be - maybe not at all, but maybe close to the truth.
I absolutely used conditional language in my post precisely because it was speculation!

Your anger is misplaced.
Are you going to go and flame Michael Erlewine as well??
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Tony Jay

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Re: Hasselblad Acquired By DJI
« Reply #94 on: January 07, 2017, 04:34:40 am »

The main idea I was suggesting was "scaling," the pathway how to ramp up production, with or without more money. Many very fine web sites, for example, have crashed and burned because the process involved in running the sites was not organized to grow, etc. Who knows. Perhaps it will gradually be revealed. Certainly, if they were assembling by hand, and needed to suddenly produce more by a huge factor, they may well have not been positioned to be able to easily scale that process, etc.
Hi Michael, at the risk of being flamed again by third parties I will respond to your post.

I agree that your suggestions with respect to "scaling" are plausible.
My main bone of contention was the suggestion that they were caught out - taken by surprise as it were.
I am pretty sure that both their production engineers and managers as well as their financial people had an excellent handle on their financial needs. It seems (yes this IS speculation) as if they might just not have had the financial muscle - hence setting in motion events that culminate with DJI owning a controlling interest in Hasselblad.

For Manoli - yes this is speculation!

Tony Jay
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Manoli

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Re: Hasselblad Acquired By DJI
« Reply #95 on: January 07, 2017, 04:49:42 am »

Your anger is misplaced.
Are you going to go and flame Michael Erlewine as well??

Anger, flaming - ?? Nope.

Michael's post related to 'scaling' - yours indicated an erroneous understanding of how corporate financing works , which, allied to the only verifiable fact we know - that DJI have increased their shareholding ( and, yes, I'll take Nick-T's word on that) only serves to add FUD.

Edit:
Just looked at 'FUD' on wikipedia :  'FUD is generally a strategy to influence perception by disseminating negative and dubious or false information and a manifestation of the appeal to fear.'  Yup \..
« Last Edit: January 07, 2017, 05:01:01 am by Manoli »
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Tony Jay

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Re: Hasselblad Acquired By DJI
« Reply #96 on: January 07, 2017, 05:11:20 am »

Anger, flaming - ?? Nope.

Michael's post related to 'scaling' - yours indicated an erroneous understanding of how corporate financing works , which, allied to the only verifiable fact we know - that DJI have increased their shareholding ( and, yes, I'll take Nick-T's word on that) only serves to add FUD.
I take it that you have not read Kevin's article then.
I have no idea about its accuracy but it is there in black and white - DJI do now apparently have a majority shareholding in Hasselblad.
Nick-T seems apparently unaware of that.

In addition, again accuracy unverified, but if you read Kevin's article he mentions several issues that would make most of your suggestions unlikely.

I think if you have a serious problem re FUD perhaps you should interrogate Kevin instead.
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Manoli

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Re: Hasselblad Acquired By DJI
« Reply #97 on: January 07, 2017, 05:44:08 am »

I have no idea about its accuracy ..

Q.E.D.

I think if you have a serious problem re FUD perhaps you should interrogate Kevin instead.

I did, in post #11. We're still waiting ...
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Tony Jay

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Re: Hasselblad Acquired By DJI
« Reply #98 on: January 07, 2017, 05:46:36 am »

Q.E.D.
...
You got me here, I am not familiar with this abbreviation ??

Tony Jay
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Manoli

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Re: Hasselblad Acquired By DJI
« Reply #99 on: January 07, 2017, 05:50:19 am »

You got me here, I am not familiar with this abbreviation ??

Q.E.D. - an initialism of the Latin phrase 'quod erat demonstrandum', meaning  "thus it has been demonstrated" - but as you're a doctor, I'm sure you already knew that !

Think back to when you were around 10 years old .. all those school excercises in geometry involving Pythagoras' theorem (amongst others)  ..  ;)

Edit:
But I'll take it in the humorous context in which I'm sure it was written ...  Humour never did any harm!
« Last Edit: January 07, 2017, 06:03:33 am by Manoli »
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