Chapter 581 [Second Offer]

  After receiving the takeover offer, Disney’s management naturally needs to initiate an investigation on the acquirer and make recommendations on the board of directors;

  As for whether to accept or not, you need to vote by the board of directors!

   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 and said: "Although this company has strong funds, it is not a good target for running Disney! At the same time, their price is too low, which is an insult to Disney!"

  Don Tatum was naturally extremely uncomfortable after receiving the tender offer;

  Acquisition by someone means that you have to give up your position as chairman of the board;

  So, Don Tatum must stop this acquisition.

  Since Roy Disney’s death 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 Card Walker to avoid being criticized.

  Don Tatum also knew that if it were not for Roy Disney’s son and Walt Disney’s son-in-law, neither of them had enough seniority, nor would it be possible for an outsider to serve as chairman and president;

  In order to control 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 Roy E·Disney is responsible for the product department, and the quality has been declining over the years!

  As for Walt Disney’s son-in-law Ron Miller, it’s really not good enough. You can let Card Walker give way to the post of president.

  Don Tatum’s reason is obviously supported by everyone!

  However, the reason most shareholders support is simple, that is, this is the first round of quotations!

  So, many shareholders still want to sell their shares;

  After all, Disney has been losing money for two or three years!

   "If this is the case, then issue a notice, the reason is that the price is too low!" said a shareholder.

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

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

  Four opponents, Don Tatum, Card Walker, Roy E. Dishe, and Ron Miller, were silent and unified the front;

  The reason is very simple. As the top two managers, Don Tatum and Card Walker naturally don’t like to change bosses, not to mention there is no boss yet;

Roy E. Dishes and Ron Miller, two members of the Disney family, do not like Disney becoming someone else. After all, this is a family asset. Although the two have not become Disney’s heads for the time being, the two of them Knowing 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 shares of the four people do not add up to 10%. Therefore, at the general meeting of shareholders, once the opinions of other shareholders are unified, the four of them cannot control it.

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

  Unfortunately, the two founders of Disney are dead!

  Finally, Don Tatum said: "Well, I will reject them at the low price!"

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

  And Star Media may not be willing to pay this price!

  When Wu Xianlei’s team and Goldman Sachs team received the rejection, there was no surprise;

  The first quotation is a temptation and politeness in itself;

  Before the first quotation, the acquisition team will not contact the acquirer’s shareholders, and first greet them with the quotation;

  This is a manifestation of a good faith acquisition!

  In the meeting room

  Goldman Sachs President Wengerberg said: “Next, we will send a team to persuade a large number of Disney shareholders! Then for the second offer, we suggest a premium of 30%. I believe that we will soon be able to reap a lot of shares!”

  Wu Xianlei did not answer, but looked at Jonas;

  Jonas is Wu Guangyao’s private M&A consultant, but has retired to enjoy life in the United States;

  This time was commissioned by Wu Guangyao to help Wu Xianlei complete this epic acquisition.

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

  Jonas said with a smile: "President Wengerberg, the second premium, I suggest 25%!"

  Wingerberg heard what Jonas said, and did not dare to peek;

  Jonas enjoyed a certain reputation in the world in the 1960s, especially for Lenovo’s acquisition of Motorola’s TV business, which is a classic;

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

   Wengerberg said modestly: “A 30% premium will help to reach an agreement with Disney’s shareholders more quickly, and the probability of a successful acquisition will be higher!”

  In this era, the proportion of premium acquisitions will not be too high, because it is not the age of the Internet, and you always look at the future and prospects;

  In this era, acquisitions look at value. Brand value, asset value, technical value, and cultural value are comprehensive values.

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

  Yes, Jonas got Wu Guangyao’s tips and tricks;

  That is to know from Wu Guangyao that under the oil crisis and the decline in the quality of Disney's own products, Disney's downturn will continue, and the company's value will depreciate!

  Wu Xianlei heard it and reacted, and his father also told himself that at this time next year, Disney will further depreciate.

"Mr. Wengerberg, since this acquisition is a well-intentioned acquisition, then I have made long-term preparations! At the same time, I am not optimistic about the development of Disney in these two or three years; therefore, even if it is four bids in three years, I All are willing to wait."

Wengerberg nodded and said: "According to the general acquisition case, the longer the acquisition process is, the lower the probability of success! But you are also right, Disney may not have outstanding results in a short time, and there is a possibility of devaluation. It’s very sexual! Therefore, we will make another acquisition at a premium of 25%; in the next time, we will hand it over to Goldman Sachs, and we will have a good talk with Disney’s shareholders."

   Wengerberg added: “We don’t have to buy the stocks in the secondary market first, so as not to cause violent stock volatility!”

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

  If you wait for the second offer to be rejected, the decline of Disney’s stock will become a foregone conclusion, and then you can save a lot of money by slowly acquiring the part.

  Wu Xianlei nodded, he was not in a hurry to buy, 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 the Disney party;

It is necessary to communicate with the management and labor union in advance, including the financial 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, everyone agrees, and the follow-up operation is much simpler. .

  Even if you disagree this time, there will be gains, and it will lay a foundation for the next acquisition!

  Wu Guangyao handed the outline of "Beauty and the Beast" and "Pocahontas" to Wu Xianlei when he was preparing to return to Hong Kong;

  As for the outline of "The Lion King", Wu Guangyao left behind, because with the current technology and market, it is a bit out of date.

  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 US cable television channel. Of course, I will keep communicating with you at any time.”

  Wu Xianlei said moved, "Thank you father for your help!"

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

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

  Wu Xianlei nodded earnestly, his father has been worrying about the family business all his life, so he naturally wants to join!

  Star Media’s second quotation still did not reach a deal;

  However, it has also achieved great success. In this quotation, after investigation, half of the shareholders are willing to trade the stocks in their hands;

  However, this kind of determination of the company’s fate is only valid through a vote of Disney’s board of directors;

  This kind of voting requires at least 67% of the shareholders to agree before the tender offer can be reached.

  In order not to be a hostile takeover, and a series of **** after the takeover;

  So, Star Media temporarily stopped continuing the acquisition.

  Fight again next year!

  (End of this chapter)