bite off more than one can chew #2

The Economistでは、ソフトバンクについての記事がありました。やはりアメリカのSprintの買収に関しての記事です。赤字で示したbite off more than it can chewは「手に余ること(大仕事)を目論む(に手を出す)」という意味のイディオムです(『リーダーズ英和辞典』研究社)。LDOCEによれば“to try to do more than you are able to do”とあります。すなわちbite off more than one can chewとは、「無理なことをやってみる」という意味です。(Othello)

Cf．bite off more than you can chew - 田邉祐司ゼミ 常時英心：言葉の森から

The market is not so exuberant. Softbank’s shares have plummeted in the last two trading days on fears that it is biting off more than it can chew—and that new shares will have to be issued to acquire the 70% of Sprint that Softbank wants. Mr Son, in a compelling presentation, sought to lay to rest those fears by answering two questions: Will the investment pay off? And can Softbank repay the new debt?

In answer to the first question, he noted that Softbank has bought and rescued three ailing businesses in Japan (Japan Telecom, Vodafone Japan and Willcom); that Sprint’s turnaround has already started; and that it can generate synergies by combining Softbank and Sprint’s purchases of smartphones and network gear. He noted that Softbank has the fastest network in Japan and sells by far the most smartphones.

As for the balance-sheet question, Mr Son said the deal would be financed by debt and cash in hand, with no new equity issuance. He sought to convince the market that the acquisition would only increase net debt to 2.7 times earnings before interest, tax, depreciation and amortization—compared with a whopping 5.6 times when Softbank bought Vodafone Japan in 2006. It repaid that debt seven years ahead of schedule. The interest rate charged on debt used in the Vodafone acquisition was 4%. On debt financing the Sprint deal it will be 1.7%, he said, claiming that this time the banks asked him if he wanted to borrow even more.

http://www.economist.com/blogs/schumpeter/2012/10/softbank-and-sprint-1