American Fortune Life

"The shock wave of the financial crisis has spread to the real economy since the beginning of this year, and various data show that the recent IT industry has also been significantly affected.

Intel announced yesterday that it will lower its fourth-quarter revenue forecast by $1 billion to around $9 billion due to significantly weaker product demand across the board. Intel shares fell 6.8% on the day.

Cisco Systems said a few days ago that the company's orders in October fell sharply, and sales in the fourth quarter will also decline.

Qualcomm also announced a sharp reduction of its profit forecast for the fourth quarter by 45% and plans to lay off 1,800 employees. The company's chief executive, Paul Jacobs, said the downturn would last a year or longer.

At present, Qualcomm's stock price is 28.9 US dollars, and the previous highest price was 56.4 US dollars. "

Listening to the latest information reported by his subordinates, Andy couldn't help but feel a little headache. Damn, the financial turmoil is so serious, and Qualcomm's stock price is still so high, even though it has been cut in half from the highest price.

"What about Qualcomm's equity allocation?"

"Boss, Qualcomm is a company with dispersed shares. The top ten shareholders are all institutional investors, with the number of shares held ranging from 1.08% to 6.84%, totaling about 30%. Founder Owen Jacobs holds 28% The other six founders hold a total of 17% of the shares, and about 5% are scattered in the hands of company executives, and the secondary market only has 20%.”

"Does the 9% that our allies helped to acquire come from institutional investors?" Andy twitched. To be honest, he really hates this kind of company with fragmented equity, especially if it is a giant. The acquisition is really too troublesome and time-consuming.

And over time, various situations are prone to occur, which is very annoying.

"Yes, because we still have a downward trend in Qualcomm's stock price, we have not fully accumulated funds in the secondary market."

Andy nodded, looked at Alvetrie, frowned and asked, "Al, what's the result of the deduction?"

"With the acquisition offer of US$35, the possibility of Qualcomm's board of directors vetoing the transaction is more than 90%. If it is calculated at US$28 per share, the premium is 50%, which is about US$42, which is enough to impress those institutional investors.

However, Qualcomm's founder group and executives hold a total of 50% of the shares. If the boss wants to completely control Qualcomm, then we must obtain shares from the founder team, so as to break the original power structure of Qualcomm and become The largest shareholder, thus securing the position of chairman of the board of directors. "

"Hehe, under the current economic situation, who would have trouble with the US dollar?" Andy's seemingly relaxed smile teased that he had a somewhat urgent heart. Others didn't know it, but he knew better than anyone else that the financial crisis would It will start to improve in the second quarter of the next year. By then, all the potentials that Andy can borrow will dissipate. If he wants to acquire again, he will really have to spend real money.

This time, three acquisitions were carried out at the same time, and two of them had the meaning of hostile acquisitions. Even if the risks were very high, he would be heavily in debt and the pressure would double. Wo silently digested, and he did not hesitate.

Without saying anything, I really passed this village, and there are no more shops!

That's why he hoarded gold and used 1,260 tons of gold to build a solid foundation so that he could remain invincible without the danger of an overall collapse, allowing him to fight without any worries.

"If we directly initiate a takeover offer to shareholders and it turns into a hostile takeover, how likely is it that Qualcomm will launch a "poison pill plan" to fight back?" Andy asked calmly.

"The possibility of Qualcomm launching a poison pill is so unlikely that they wouldn't even consider it.

The core of the poison pill plan is to issue a large number of directional new shares to dilute the proportion of shares held by the hostile acquirer, thereby increasing the capital cost and ultimate income required for the acquisition.

The other is that the management agrees to resign collectively to increase the operational risk after being acquired.

As far as Qualcomm's operations and governance are concerned, once the poison pill plan is launched, it will bring incalculable losses to itself. Even if they finally prevent our acquisition, Qualcomm will be in huge trouble.

First of all, the corporate governance evaluation agency will definitely lower the rating of Qualcomm. Not only will it lose its status as the world's top 500, but it will also lose the favor of Wall Street in the next few years. Obstacles to the free flow of capital.

Therefore, even if Qualcomm refuses to be acquired, regardless of political and legal factors, they will not choose to take this step purely from the perspective of strategy, capital and business.

For us, there are no political or legal obstacles at all. The ultimate possibility is that you, the boss, will enter Qualcomm and become the chairman, and then the current management will continue to manage the company. A compromise between the two parties! "

Alvitre didn't worry too much about his boss launching two acquisition wars at the same time, and even admired the courage of his young boss. In his opinion, the boss's choice of timing was a stroke of genius.

It's not a dog leg or flattery, but after continuous acquisitions and deduction, the think tank found that the acquisition of Qualcomm is definitely a very cost-effective deal. Even if the acquisition fails in the end, the boss can still spend the acquisition Double the money and earn it back.

Because they have chosen a sniper-style public acquisition from the very beginning, and this type of acquisition is generally when the target company is not doing well and there are problems or the stock market is falling. Warning, and directly launched acquisitions in the market.

Sniper-type public takeovers are very stealthy in the initial stage, and only when they are properly prepared do they attack the target company. This method is used to target companies whose equity is relatively scattered or whose stock price is obviously undervalued.

And this kind of sniper-style public acquisition that can be invincible needs to meet many conditions, and Qualcomm at this stage is undoubtedly the most perfect implementation target.

The reason why it is said that even if the acquisition fails, it will not lose but will make money is because once the acquisition fails, Andy can sell all the shares in his hand and earn the price difference that has skyrocketed due to the good news of the acquisition. The income from the pen is also incomparably rich.

"As for whether there will be a third-party white knight coming out to disrupt the situation, hehe, boss, haven't you already prepared for them?"

Al's questioning with a chuckle caused Andy and everyone in the conference room to laugh at the same time. After listening to the analysis of all aspects of his chief think tank, Andy's anxiety was relieved.

"Thank you for your hard work. After the acquisition is completed, I will give you an extended vacation, so that you can take a good vacation and enjoy your mansions and yachts. However, before that, I hope that you can help me win these three battles. Thank you all!"

Andy is very familiar with the hard work of his group of core think tank members who have been working day and night to sort out data, analyze, deduce, and improve various tasks. Of course, this is also because of the generosity of his big boss.

However, it's time to be courteous and courteous to the corporals. Nice words don't cost money, but they can make these subordinates feel better and work hard for him. He doesn't think that just giving money can cultivate good subordinates. How loyal to his subordinates, Andy never expected.

Speak loyalty to a group of people who have been instilled with the concept of freedom and equality since childhood? It's better to wash and sleep, the best way is to bundle interests and add some emotional investment, so that he can better control these people.

There is no absolute loyalty in the world, it just depends on whether the price of betrayal is high enough, it is human nature, people always make choices that maximize their own interests.

The genius remembers the address of this site in one second:. Mobile version reading URL: