Chapter 129 Changing Hands (4)

  According to the current stock price of 9 yuan, plus an overflow of 5 percentage points, the current market value of 17% of Zeng Guoye's shares is about 800 million Hong Kong dollars. If it becomes one billion Hong Kong dollars in three years, the growth rate will be about 25%, and the annualized rate will be a little more than 8%. To be honest, this figure is not too much.

  You must know that many funds now have double-digit average annual returns. Even the share price of Huade Real Estate once exceeded the price of twelve yuan at its peak. At that time, Zeng Guoye's net worth exceeded one billion Hong Kong dollars.

Zeng Guoye knew very well that the market value of stocks is one thing, but it is another thing to actually exchange them for cash. Moreover, there is no fund in Hong Kong that can accept an investment of nearly 800 million Hong Kong dollars at a time, unless it is those hedge funds in the United States. Funds, but how can these vigorous hedge funds easily accept external investors?

   "Mr. Zeng, I hope you will think about it carefully." After Lin Li left such a sentence, he left.

  To be honest, Lin Li's attitude towards visiting was almost rude, but Zeng Guoye didn't care about it at all at this time, he was still thinking about the authenticity of what Lin Li said earlier.

  If the country mentioned by Lin Li is about to take action against the overheated real estate phenomenon in South China Sea Island, then Zeng Guoye is obliged to remind Zhao Shixiong to let Huade Real Estate withdraw from South China Sea Island as soon as possible. But Zhao Shixiong, who has always been headstrong, couldn't listen to him, and based on Zeng Guoye's understanding of him, he even suspected that Zeng was behind some conspiracy. In case what Lin Li said today is true, at some point in the future, Huade Real Estate will fall into an abyss of destruction.

  The financial report for the first quarter will be released soon, and I believe the market will react soon. If Zeng Guoye does not apply for a temporary suspension of trading, then Zeng Guoye's current net worth of more than 800 million Hong Kong dollars will further shrink.

  Whether to go or stay, Zeng Guoye fell into a moment of confusion.

  …

  In the hall of the Zhao family, Zhao Shixiong was lying powerlessly on the sofa with a helpless expression on his face. After Zhao Jiajie told the whole story, he was similarly shocked. It was just a humiliating act at the party that brought "annihilation" to his family. What happened to this world, or was it the world he knew?

The three major note-issuing banks are all trying to curry favor with the guy who wants to buy, spending billions of cash in one go to buy a listed company. It is not clear whether he wants to get an absolute controlling stake or buy it outright, but no matter where it is As a result, the Zhao family will inevitably be marginalized and kicked out of the board of directors step by step.

  Seeing that his father seemed to have aged several years in an instant, Zhao Jiajie felt remorse, but now is not the time to regret. The most urgent task now is to find financial advisors and white knights for mergers and acquisitions.

"Dad, let's look for the white knight? These things should be handled by professionals. I believe that as long as we find another company willing to take over, we can still retain part of the shares." Regardless of the burning pain on his face, Zhao Jiajie said quickly .

   "What, what white knight?" Zhao Shixiong asked in a daze.

White knight generally means that when a hostile merger occurs, the company's management has to find another "friendly" company for equity merger in order to prevent the formation of a hostile takeover. Of course, the management and the white knight will reach an agreement here. Certain agreements may even replace hostile takers as actual takeover targets.

Huade Real Estate, whose stock price is currently hovering around 9 yuan, is only at a premium of 5%. This is obviously a hostile takeover. Most of the shareholders present today will not agree to this price. Zhao Shixiong listened carefully to Zhao Jiajie's story, and then silently weighed After thinking about it for a while, I finally made up my mind and started making phone calls.

Businessmen like their generation have a very wide circle, and there are also many rich businessmen who covet shares in Huade Real Estate. Therefore, after a round of phone calls, several heavyweight wealthy businessmen have spoken in support of Huade Real Estate. My heart finally let go.

At nine o'clock the next morning, the Hong Kong Securities Regulatory Commission and the board of directors of Huade Real Estate formally received a purchase offer from Skyline International Holdings Limited, represented by the investment banking department of Standard Chartered, proposing to acquire all shareholders holding shares of Huade Real Estate all stocks.

  The quotation is as follows, common stock is 9.45 yuan per share, each warrant is 4.8 yuan, and the total purchase price is 6.487 billion yuan. As soon as the offer was announced, it shocked the entire market. Analysts generally believe that the price offered by this contract is too low, even outrageously low, which completely puts Huade Real Estate in a position where it has to fight back.

Sure enough, after holding the board meeting for a week, the chairman of Huade Real Estate, Zhao Shixiong, issued a statement to the outside world, saying that the bid of the acquirer was too low. The other party was only notified the day before, and the behavior was enough to be called malicious. At the same time, he believes that the share price of Huade Real Estate is at least 20 Hong Kong dollars per share, and the board of directors will not agree to the current acquisition.

  As soon as the news was released, the share price of Huade Real Estate rose from 8.9 Hong Kong dollars to 9.4 Hong Kong dollars, and many retail investors and institutions began to appear in the market, hoping to make a fortune with this acquisition.

  In the next few trading days, the share price of Huade Real Estate easily broke through HK$9.45, and continued to rise, making the offer from Standard Chartered unattractive.

Faced with the increasing pressure of stock prices, Standard Chartered made another offer after consulting Zhongshi in the United States. This time, the offer was 11 yuan per share for ordinary shares and 6.5 yuan per share for warrants. The total purchase price 7.958 billion yuan.

Just when the two sides were at a stalemate, Huade Real Estate announced its financial report for the first quarter. This financial report, which had greatly shrunk profits, immediately gave a blow to those who fished in troubled waters. Those who were not qualified to see the financial report in advance would have thought that Huade Real Estate would not expect this quarter. How could De Real Estate's performance be so poor? They reacted quickly and began to sell the shares of Huade Real Estate in the market, so that the stock price, which had been rising, finally stayed at around 10.5 yuan.

Except for some followers, there are still many institutions that hold the stocks in their hands. What they expect is to be able to get out unscathed when the acquisition is successful, but they all ignore that the acquirer has already revised an acquisition offer, which means that This acquisition is full of variables, and it is entirely possible to fail.

   Sure enough, while investors in the market were still digesting the purchaser’s revision of the acquisition offer, on the second day after Huade Real Estate’s financial report was released, there was a large transaction in Huade Real Estate, and the Hong Kong Stock Exchange announced the suspension of trading. The subsequent announcement was that World Shipping Transportation Co., Ltd. under the Huo family, another old wealthy businessman family in Hong Kong, bought 158 ​​million shares of Huade Real Estate and 9.635 million shares at a price of HK$16.00 for ordinary shares and HK$9.8 for warrants. warrants, the total purchase price is 2.626 billion Hong Kong dollars, and the seller is the Zhao Shixiong family and other holders. Through this equity change, the Zhao family currently holds 10% of the shares of Yoward Real Estate, Zeng Guoye holds 5%, and World Shipping holds 32% of the shares in one fell swoop, and the warrants hold 43%. % share.

  The white knight appeared!

  The situation has developed to the present, it is no longer a contest between Zhong Shi and the Zhao family, but a contest between Zhong Shi and the Huo family. You must know that the Huo family has been changing their business in the past two years. World shipping is no longer as prosperous as it was in the 1980s. The head of the Huo family is actively changing their roles and preparing to go ashore. Now this acquisition has given them a good opportunity Opportunity.

Originally, the Huo family wanted to take all the shares held by Zhao Shixiong and Zeng Guoye, but according to the SFC's "Company Acquisition and Merger Code", during the acquisition process, people other than the promoters directly or indirectly hold listed companies Reaching more than 35% of the voting shares, a general tender offer must be issued to other shareholders. That is to say, when Skyline International Holdings’ acquisition proposal received the response of most shareholders of Huade Real Estate, in order not to harm the interests of other shareholders, the Huo family, which holds about 32% of the shares, must also propose the same or higher acquisition conditions, and Skyline International Holdings did not receive a majority response from other shareholders, and the world shipping industry did not need to fulfill the corresponding obligations.

For the Huo family who turned out to be born, Zhong Shi, who is far away in the United States, can do nothing. In fact, although he has the financial resources to increase the quotation, Huade Real Estate has already been deeply involved in the South China Sea Island. In a few months, the company will face The real catastrophe, it will not be too late to buy again.

After receiving the news, the Standard Chartered M&A department announced the failure of the acquisition after the appearance of the white knight. At the same time, it will sell 18% of the common shares and 12.8% of the warrants in the market. According to the agreement reached by Zhao Shixiong, Zeng Guoye and the Huo family According to the agreement, the two of them used the funds on hand to absorb the chips thrown by Skyline Holdings, which made the two of them finally hold 33% of the holdings, barely maintaining the controlling stake.

  The bargaining chips that Skyline International Holdings finally absorbed changed hands again. It's just that this time they sold at a price of 16 yuan, which was much higher than the average price of 10.5 yuan they absorbed before, and finally made about 500 million Hong Kong dollars in this acquisition.

The acquisition battle ended like this, which greatly disappointed market observers. Although the acquisition process had ups and downs, and a white knight was killed in the middle, from the beginning to the end, the initiator of the acquisition did not show a strong desire to acquire , The quotation is also ridiculously low, which makes it difficult for many people in the industry to understand.

But soon, they were once again shocked by the follow-up of this seemingly concluded acquisition. It was almost unexpected to everyone that Huade Real Estate, a behemoth, would encounter two acquisitions within a year, and the acquirer was still the same. This company, but for the second time, they will not have white knights like this time, nor will they have such a high purchase price.

   Special thanks to book friend Qin Shuhua for his monthly ticket support! In addition, the author is considering other methods for the fact that the news of the communication group of this book cannot be published here. I hope everyone will wait a little longer, and I especially apologize to Metal Fiber who has always supported this book. The author's recent study and work tasks are indeed heavy, and the update is indeed a bit lacking. I hope everyone will understand this. Finally, thank you again for your support!

  

  

  (end of this chapter)