I want to be a giant of Hong Kong Island

Chapter 582 [Second Quotation]

After Disney management received the acquisition offer, it is natural to investigate the acquirer and make recommendations on the board of directors;

As for whether to accept or not, a vote of the board of directors is required!

Soon the information of Star Media was placed in front of the board of directors, and even the information of Metro Group behind Star Media was also placed in front of everyone.

disney board of directors
Chairman Don Tatum took the lead in saying: "Although this company has strong funds, it is not a good target for Disney! At the same time, their quotation is too low, which is an insult to Disney!"

After Don Tatum received the acquisition offer, he was naturally extremely uncomfortable;
Being acquired by others means that one has to give up the position of chairman of the board to others;

So, Don Tatum has to block this takeover.

Since the death of Roy Disney in 1971, Don Tatum was elected as chairman and president by the board of directors because he was Disney's legal counsel, vice president, and Roy Disney's administrative assistant.

Later, he gave the president to his supporter Cad Walker to avoid being criticized.

Don Tatum also knew that if it wasn't for Roy Disney's son and Walt Disney's son-in-law, both of them would not have enough qualifications, and there would be no outsider to serve as chairman and president;

In order to hold Disney for a long time, Don Tatum is currently planning to drive Roy Disney’s son Roy E. Disney out of Disney;

The reason is that the product department in charge of Roy E. Disney has been declining in quality over the years!
As for Walt Disney's son-in-law, Ron Miller, if it doesn't work, Cad Walker can step aside and take up the post of president.

Don Tatum's reasoning, obviously has everyone's support!
However, the reason for most shareholders' support is simple, that is, this is the first round of quotations!
Therefore, many shareholders still want to sell their shares;
After all, Disney has been losing money for two or three years!
"In this case, then issue a notice, the reason is that the quotation is too low!" said a shareholder.

The potential meaning of this sentence is to let the initiator increase the price!

Sure enough, after the shareholder finished speaking, he got the approval of many shareholders;

But the four opponents, Don Tatum, Cad Walker, Roy E. Dish, and Ron Miller, remained silent and united the front;
The reason is simple. As the top two managers, Don Tatum and Cad Walker naturally don't like changing bosses, let alone there is no boss yet;

Roy E. Diss and Ron Miller, the two members of the Disney family, don't like Disney becoming someone else's. After all, this is the family property. I know that as long as the two are alive, they have a chance to become the head of Disney, and the chances are very high.

However, the four people's shares do not add up to 10%, so at the shareholders' meeting, once the other shareholders agree, the four people can't control it.

If you are a founder, even if you own 10% of the shares, its appeal is self-evident;

Unfortunately, the two founders of Disney are dead!

In the end, Don Tatum still said: "Well, just reject them because the offer is too low!"

Don Tatum thought, shareholders are greedy, even if the premium is 40%, everyone’s opinions may not be unified;

But Star Media may not be willing to pay this price!
When Wu Xianlei's team and the Goldman Sachs team received the rejection, there was no surprise;
The first quotation itself is a kind of temptation and a kind of courtesy;
Before the first quotation, the acquisition team did not contact the shareholders of the acquirer, but greeted with a quotation first;
This is a manifestation of good faith acquisition!
in the conference room
Goldman Sachs President Wen Gebo said: "Next, we will send a team to persuade Disney's shareholders! Then for the second offer, we suggest a 30% premium. I believe we will get a lot of shares soon!"

Wu Xianlei did not answer, but looked at Jonas;
Jonas is Wu Guangyao's personal M&A consultant, but he has retired and enjoys life in the United States;

This time, he was entrusted by Wu Guangyao to help Wu Xianlei complete this epic acquisition.

At the same time, Jonas also got some important information from Wu Guangyao;

Jonas smiled and said: "President Wengerbo, the second premium, I suggest 25%!"

Wen Gebo heard Jonas's words, and dared not take a peek;
In the 60s, Jonas enjoyed a certain reputation in the world, especially for Lenovo Electric's acquisition of Motorola's TV business, which is even more classic;

That battle cut off the future of the TV business in the United States!

Wengber said modestly: "The 30% premium will help reach an agreement with Disney shareholders faster, and the probability of successful acquisition is higher!"

In this era, the proportion of premium acquisitions will not be too high, because it is not yet the Internet era, and we always look at the future and prospects;
In this era, acquisitions are based on value. Brand value, asset value, technology value, and cultural value are comprehensive values.

Jonas smiled and said: "To be honest! We are not optimistic about the future development of Disney, which means that by this time next year, Disney's losses will increase. Moreover, the 30% premium cannot satisfy the appetite of all shareholders. The completion of the acquisition It may not be 100%. In addition, we are buying in good faith; therefore, the process of chasing is very important and a kind of enjoyment!"

Yes, Jonas got Wu Guangyao's trick up his sleeve;
That is, I learned from Wu Guangyao that under the oil crisis and the decline in the quality of Disney's own products, Disney's low tide will continue, and the company's value will also depreciate!
Wu Xianlei also reacted after hearing this. His father also told himself that by this time next year, Disney will further depreciate.

"Mr. Wengerber, since this acquisition is a good intention acquisition, I have already made long-term preparations! At the same time, I am not optimistic about the development of Disney in the past two or three years; therefore, even if it is four offers in three years, I Everyone is willing to wait."

Wen Gebo nodded and said: "According to the general acquisition case, the longer the acquisition process is delayed, the lower the possibility of success! But you are also right, Disney may not have outstanding results in a short time, and the possibility of devaluation The potential is huge! Therefore, we proposed another acquisition at a premium of 25%; in the next period of time, we will hand it over to Goldman Sachs, and we will have a good discussion with Disney’s shareholders.”

Wen Gebo said: "We don't need to buy the stocks in the secondary market first, so as not to cause violent fluctuations in the stocks!"

At this time, Disney's stock is in a sensitive period. Once someone finds out that Star Media is secretly accumulating funds, Disney's stock will skyrocket;

If you wait for the second offer to be rejected, Disney's stock price will fall, and you can save a lot of money if you buy some parts slowly.

Wu Xianlei nodded, he was not in a hurry to buy, and naturally he was not in a hurry to buy that little stock in the stock market.

After this meeting, the two parties started contact with Disney;

It is necessary to communicate with the management and the labor union in advance, including the financing situation of the acquisition, the future development direction of the company, the arrangement of management personnel, whether to lay off employees, etc. After the negotiation is completed, everyone agrees, and the follow-up operation will be much simpler. .

Even if you don't agree this time, you still have something to gain, laying a foundation for the next acquisition!

When Wu Guangyao was preparing to return to Hong Kong, he handed over the outlines of "Beauty and the Beast" and "Pocahontas" to Wu Xianlei;
As for the outline of "The Lion King", it was left by Wu Guangyao, because it is a bit out of date with the current technology and market.

Of course, in addition to the two outlines, Wu Guangyao also said: "In addition to these two works, you can also consider investing in a Disney World in Tokyo and entering the American cable TV channel. Of course, I will keep in touch with you about these."

Wu Xianlei said emotionally: "Thank you father for your help!"

Wu Guangyao patted his son on the shoulder and said, "You are my child, so I will help you of course! By the way, let me hold my grandson earlier and learn from your elder brother!"

Fang Susu gave birth to a son for Wu Xianshuo in August this year, and Wu Guangyao has also been upgraded to a grandparent!

Wu Xianlei nodded seriously. His father has been worrying about the family business all his life, so he naturally wants to join in!
Star Media's second offer still failed to reach a deal;
However, it has also achieved great success. In this quotation, after investigation, half of the shareholders are willing to trade their stocks;
However, this kind of thing that determines the fate of the company must be voted by the Disney board of directors to be effective;
For such a vote, at least 67% of the shareholders must agree to reach a takeover offer.

In order not to be a hostile takeover, and a series of wrangling after the takeover;
Therefore, Star Media temporarily stopped continuing the acquisition.

Fight again next year!

(End of this chapter)