Reborn Tycoon Rise

After staying in Xiangjiang for another half month, the senior staff of Standard Chartered Bank headquarters sent a delegation headed by the bank's vice president to Xiangjiang. They conducted further negotiations with He Guoyuan, Yao Mingchengyi and the company's legal team to determine the initial agreement. Cooperation agreement, wait until the United States makes progress, and then enter the next step of negotiations.

Xu Zhi felt more confident after learning about it. At the same time, Goldman Sachs also sent an invitation letter. Xu Zhi got on his private plane and flew directly to New York.

Los Angeles is the cultural center of the United States, while New York is the financial center of the world. It is home to the headquarters of 17 Fortune 500 companies, the world's largest stock exchange, the top universities, and the world's unique Wall Street.

Goldman Sachs' headquarters is here. Although Disney's headquarters is in Los Angeles, this acquisition will be carried out in New York because Disney is listed in New York.

In Manhattan, at the Sheraton Hotel, a small party held by Goldman Sachs was being held. The main guests were Xu Zhi and his party and Disney's shareholders and managers.

After nearly 60 years of development, Disney has grown from a single store to today's entertainment giant. However, expansion also comes at a cost. The company's shares held by founder Walt Disney have increased in value during the process of multiple financings and cash outs. There were fewer and fewer shares, and before his death, he controlled less than 10% of the shares.

When Walt Disney was alive, these were naturally not problems. Not to mention that he still had some shares. Even if he lost all his shares, as the founder who led the company to grow and develop, he had absolute control over the company. The management respected him. Although other shareholders have enough shares, they will not target a person who can make them money.

But after Walt Disney passed away, everything changed. His son-in-law Ron Miller inherited the throne, but he obviously did not have the ability as his father-in-law. Disney was in his hands for more than ten years and suffered losses every year. , the animation production business, which was once the most profitable, was rejected by today's children because its thinking was still in the 1960s. The transition to filmmaking has repeatedly failed, with losses ranging from millions to tens of millions of dollars each time. Even if Disney has I can’t even afford to play in the mines!

Disney's major shareholders are all well-known large funds in the United States. For example, the American Coal Workers Pension Fund, the American Housing Fund, the California Police Union Fund, etc.... These large funds have never participated in the operations of their investment companies, but they also cannot bear the responsibility. After long-term losses, at this moment, there are outsiders who intend to acquire the entire Disney. These funds can cash out a huge amount of cash and leave, so they are naturally interested. After all, Disney has become a burden in the hands of these funds.

"Mr. Xu, this is Mr. Alan Walker, the vice president of Disney." Curry led Xu Zhi to introduce the important figures in the venue.

Xu Zhi shook hands and said, "Hello, Mr. Walker."

"Mr. Xu is truly a hero. I hope we can have better cooperation in the future." Alan Walker said politely.

There are a large number of factions in any company, and a company like Disney that has existed for decades is no exception. When Walt Disney was alive, these people only fought in small quantities. When the second generation of leaders came to power, the internal fighting became more intense. incredible. The change of ownership of Disney this time is a rare opportunity for many people.

When the new owner comes to power, a group of teams that originally belonged to the Disney family will inevitably be excluded from the future core management, so the positions currently vacant will be a piece of delicious fat.

"Mr. Walker is very polite. I hope we can work together to make Disney the greatest company in the United States." Xu Zhi said with a smile.

Goldman Sachs is indeed very capable. With their strong intervention, most shareholders agreed to sell their stocks. Among the management, Goldman Sachs has only contacted a few top managers who are not from Ron's family. and an agreement was reached.

The Disney Company is still a family business, and Ron Miller will never agree to sell the Disney Company. Therefore, the early peace negotiations were only conducted in secret, reaching an agreement first, and then launching an attack on the current top management.

In order to stabilize Disney's internal employees and make it easier to pass the review of the Committee on Foreign Investment in the United States in the future, Xu Zhi promised the management that there would be no layoffs within two years and that he would inject 100 million annually within the next three years. USD funds.

With such a promise, one is to show his financial strength, and the other is to win over the hearts of all employees. After all, employees only go to work for their salary. Compared with the precarious Disney before, the new boss in the future will naturally be more stable. Assure.

After chatting with several managers, Currie took Xu Zhi to several current Disney shareholders.

The large funds represented by these shareholders control the largest amount of funds in the United States, and therefore have tentacles in all walks of life. They are not opposed to selling their Disney stocks this time, but they still hope to talk to the acquirer.

"Mr. Xu, I wonder if you have ever considered using shares of Midea Electronics to trade the shares of Disney outside the company." Among the shareholder representatives, a middle-aged man with a big belly and bald head asked.

In international mergers and acquisitions, most transactions do not use cash, but the stocks of both parties are exchanged in proportion. Even if the company is not a listed company, it can still be traded based on valuation.

This method of M\u0026A is actually similar to a business merger. The advantage is that the acquiring party will not owe huge debts due to the M\u0026A, and the acquired party can also obtain some shares. A well-known case of this type of acquisition is the acquisition of Chrysler by Mercedes-Benz in the 1990s.

However, those who are willing to use this method for mergers and acquisitions are generally those companies whose shareholders are not strong. When the management controls the company, they do not care about the dilution of their shares, and they prefer to continuously increase the company’s share capital to ensure that their shares are diluted. Absolute control over the company while expanding the company's size.

There is also such a case in Xiangjiang, that is, Land acquired a milk company in the 1970s. Land exchanged shares for shares and acquired the milk company without spending a penny. However, because of this, the equity was diluted on a large scale, which laid the foundation for future Chinese capital. Coveting laid the foundation.

Of course Xu Zhi would not make this kind of mistake. If you can use money to decide a problem, you should give priority to solving it with money.

So he said with a smile: "Midea is not a listed company. How to accurately value it is a very time-consuming matter. I don't want to delay this acquisition because of this."

The market value of a listed company is a value determined by the invisible market after the release of a large amount of internal data. Most people will admit that this data can be used to prove all transactions.

However, the value of unlisted companies can generally only be roughly estimated. Ten thousand evaluation teams will have ten thousand different results. What's more, Disney is also an asset-heavy company. A rising star in the technology industry that has just developed will go to an asset-heavy company. Companies exchanging stocks is the most idiotic behavior.

Seeing that he was rejected, the bald man still did not give up and asked: "Do you know if Midea Company has any plans to go public?"