Reinventing the Millennium.

Chapter 292 Outrageous (two in one)

On June 6, the MIGA fund increased its holdings crazily.

On June 6, Sina's board of directors passed a counterattack resolution.

In five days, Sina gave a response, and the "poison pill plan", a classic way to face hostile takeovers, came to the stage.

At the same time, news that foreign private equity funds intend to control the No. [-] portal website in China also spread like wildfire.

US private equity MIGA Fund attempted a hostile takeover of Sina.com.

Almost all practitioners in the Internet industry were shocked when they heard the news.

Sina, the first domestic portal website to be listed on NASDAQ in the United States.

Its VIE structure was imitated by those listed later, and it was simply called the "Sina structure" by many people, which had a great pioneering influence.

It is also the first commercial website in China that has the qualification to publish news, and it is also the first batch of websites that have obtained a business license for telecommunications and information services.

Sina has the highest stock price, the most users, and the deepest influence among the three major portal websites. It can now be called "the leader of China's portal websites" without a doubt.

Now, there is actually a foreign fund that wants to buy it?

Still malicious!
This has to be outrageous!

Not only the Internet, but newspapers and magazines also began to pay attention to this emergency.

Fang Zhuo had to admit that he had somewhat neglected the influence of this aspect. It was not the influence of public opinion on his mood, but a higher level of intervention involved.

"Today's meeting on the board of directors was very fruitful. The 'poison pill plan' was expected. Sina's shareholding is scattered, and I am afraid of hostile takeovers."

"But there is one thing to pay attention to. Duan Yongji is considering going to the leader of the Ministry of Industry and Information Technology to operate at the administrative level."

"Sina is involved in news after all, so I'm afraid it won't sit idly by and fall into the hands of a foreign organization."

"Then you have to expose me."

Fang Zhuo analyzed the situation. Today, Duan Yongji not only led the approval of the "Poison Pill Plan" in the board of directors, but also fully demonstrated his sophistication. The capital market's response is one, and the administrative constraints are another.

He also vaguely revealed that he would look for foreign aid.

It's just...it's great to sit in a conference room and discuss all kinds of methods behind the scenes.

Among them, Fang Zhuo paid the most attention to administrative influence.

In the current development of the Internet, it is not uncommon for the administrative level to intervene. Sina’s listing itself has opened up a new situation. Back then, Wang Zhidong went to the industry and information department to lead the industry and information department.

Originally, Fang Zhuo considered that Yike Investment and MIGA Fund could become "concerted actors", and the voting rights of the two parties would be combined into one. Now he had to consider showing the actual controller of MIGA Fund.

Being acquired by a foreign fund is a big deal, but being controlled by a domestic company is a reasonable business behavior.

"Sina is a VIE listed on NASDAQ, and it was set up in this way to bypass your administrative restrictions." Lawyer Martin said puzzled, "Our acquisition has been approved by the SEC, and all methods are legal. Sina uses VIE, you have to accept the price of VIE."

"That's it, I said you don't discriminate against black people." Fang Zhuo said simply and clearly.

Martin got it.

"Since Sina has passed the poison pill, let MIGA launch ahead of schedule without waiting for the EGM." Another lawyer suggested, "When MIGA is launched, Yike will raise shares for private placement, and then change MIGA's nominee holding agency. The two parties have completed the acquisition and announced that they have become the largest shareholder of Sina with a veto."

Fang Zhuo was a little hesitant. The board of directors actually wanted to continue communicating with MIGA. Poison pills and administration were both options. If MIGA insisted on going its own way, it would be officially launched.

From the bottom of his heart, he is willing to control Sina more softly. Reducing communication will inevitably create a barrier between each other. If the real controller is revealed at that time, the other party will probably hate him to death.

However, Fang Zhuo thought about it again, there is not much difference between 90 points of hatred and 100 points of hatred...

"Well, it can be like this. Yike Investment's shareholding is enough, and the private placement is doubled. At that time, counting the proportion of MIGA's forced reduction of holdings, we can reach a veto holding." Fang Zhuo said.

Davis asked a little ignorantly: "Boss, does this make me refuse to communicate with Sina?"

Just as Fang Zhuo was about to nod, the doorbell of the hotel room rang suddenly.

He thought it was his younger sister who came back, and when he got up and was about to open the door, he suddenly glanced at Maoyan, and the CEO of Sina, Wang Yan, was right outside the door.

This……

This will cause the other party to see a whole room of people and Davis of the MIGA Fund, and there will be a lot of twists and turns in the middle.

"Hey, it's the director of Sina, you guys hide, I'll go out and talk."

Fang Zhuo turned his head and said in a low voice.

A group of people looked at each other and quietly hid in the bathroom.

Seeing their funny looks, Fang Zhuo realized that he could use the phone to dismiss Wang Yan.

Door open.

Wang Yan at the door was about to pick up his mobile phone, and said with a smile, "Mr. Fang, I thought you weren't here, so go in and talk?"

"The room is messy, let's go down and have a drink and chat." Fang Zhuo responded calmly.

Wang Yan has nothing to do, he doesn't know that he is only one step away from the truth of "convergence".

He said as he walked, "Mr. Fang, are you dissatisfied with Mr. Wu from Sunshine Culture?"

"I'm not very satisfied with the current board of directors." Fang Zhuo said honestly, "Also, I don't think the current president of Sina is enough to lead Sina to find a better direction."

He continued: "I think Sina needs a president who is younger, more promising, more daring to innovate, and more daring to take responsibility."

Wang Yan's heart skipped a beat, isn't this talking about himself?

He pretended to defend his colleagues and said: "Boss Mao is actually very good."

Fang Zhuo shook his head slightly, looking at it, Xiao Wang didn't dare to take responsibility now, the current Sina had to do it himself.

He decided to skip this topic, and asked, "Mr. Wang, you came here so late to tell me about Mr. Mao, right?"

"I want to talk to you about the interim shareholders' meeting." Wang Yan said seriously, "What does Mr. Fang think of this interim shareholders meeting?"

What's your opinion?
Fang Zhuo sat on the sofa, not focusing on this question, but thinking about the intention of the CEO in front of him.

Sina has never been monolithic, especially now.

Wang Yan has been decentralized, and currently Sina is in charge of Mao Daolin, and it is difficult for him to display his abilities.

So what's your performance these two days?
It was on the board of directors that Sina and Sunshine Culture made strong opinions on the cooperation.

Wang Yan saw this in his eyes. He came to him because of Wu Zheng, the co-chairman?Is it to influence the direction of Sina's strategy?Is it to prepare for the future?

It should be known that although the extraordinary general meeting of shareholders is proposed by the MIGA Fund, other shareholders can also come up with proposals.

Fang Zhuo drank two sips of tea, speculated on the purpose of Wang Yan's visit, and suspected that he wanted to use his own hand to kick Wu Zheng out at the extraordinary shareholders meeting.

He put down his glass and said calmly, "I think Sina and Sunshine Culture can terminate their cooperation, and the board structure should also be adjusted."

Wang Yan didn't expect Mr. Fang to talk to his heart all of a sudden, and couldn't help but be overjoyed.

He forcibly controlled his expression: "Fang always looks like this, um..."

Fang Zhuo took the initiative to ask: "What does Mr. Duan think of Wu Zheng? What do you think of Sunshine Culture?"

"Well." Wang Yan said hesitantly, "Mr. Duan also nodded for the cooperation at the beginning, otherwise Mr. Mao would not be able to do so. It is really embarrassing now, and now he is facing a hostile takeover by MIGA Fund."

"I will continue to suffer from the chaos." Fang Zhuo said with great determination, "The extraordinary shareholders' meeting is for voting, and I have 10% of Yike's investment."

Wang Yan waited for Mr. Fang to continue, but the other party stopped talking.

He waited for a few seconds before he felt that he was being seen by the other party, so he could only laugh: "Mr. Fang, you are too decisive, isn't this bad? Look up and see you down."

Fang Zhuo shrugged: "It's not the first time for Sina, Wang Zhidong was kicked out."

Wang Yan's face was neither embarrassed nor embarrassed.

Fang Zhuo continued: "If there is a problem with Sina's business, someone has to be responsible. If this person is not responsible, someone else has to help him and make him responsible."

Wang Yan sensed Mr. Fang's inner attitude, so he stopped covering it up and said, "I also think Wu Zheng should be responsible for the failure of Sina's cooperation."

Fang Zhuo added: "There is also Mao Daolin."

Wang Yan doubted: "Uh, this..."

Fang Zhuo said again: "There is also Duan Yongji."

Wang Yan wanted to wipe off his sweat, but for a moment he couldn't figure out whether this person was joking or serious.

Fang Zhuo laughed and said, "Take it slowly, let's start with Sunshine Culture."

I thought I would have a heart-to-heart conversation tonight, but I heard the other party's decision in a few words.

Wang Yan was a little uncomfortable.

Not only tonight, but for the past two days, he felt that the president of Yike was refreshing his understanding of him, the performance on CCTV programs, the chatter in the banquet, the toughness in the board of directors...

And now decisive.

Wang Yan felt that Mr. Fang's behavior suddenly became a little unpredictable.

He felt a little uneasy in his heart, and said half-jokingly: "Mr. Fang, you won't really merge with the MIGA Fund, will you?"

Fang Zhuo said that in front of the CEO of Sina before, but now he is not answering directly when asked, he just laughed: "What are you talking about!"

What to say!

The MIGA Fund is mine!

Where did the confluence come from!
Now that the situation has changed, it is impossible to consider trying to hide behind.

Proposals at the Extraordinary General Meeting of Shareholders require a vote, and more than half of the directors are required to remove them. Yike Investment has only 10.1% of the voting rights, which is 39.9% away from passing the resolution.

The 39.9% is not too much, and it is not too much. I am sure that Wang Yan can come to the door tonight.

Fang Zhuo suspected that Wang Yan's action was instructed by Duan Yongji, or that they had a tacit understanding and wanted to use Sunshine Culture's Wu Zheng to quell MIGA Fund's actions.

From the perspective of Sina, MIGA Fund is just a private equity fund. It should seek profit. If it really seeks to control Sina, it will only hurt both sides.

As mentioned before, the MIGA Fund should have appeals and room for communication, but foreigners believe that such appeals must be resolved through an extraordinary general meeting of shareholders.

In this case, the Sunshine Culture has become an alternative sacrifice.

Fang Zhuo reckoned that Duan Yongji still had different plans in mind.

The two communicated for a while, and Fang Zhuo finally asked, "When will the Extraordinary Shareholders' Meeting be held? It won't really be delayed for two months, right?"

Wang Yan shook his head: "How is it possible, this matter should be resolved as soon as possible, otherwise it will affect the company, about a week later."

Fang Zhuo nodded, almost as he estimated.

It was too late, and Wang Yan left. He came here today to seek Fang Zhuo's support in voting. Judging from Yike's investment actions, Xiao Fang is still firmly optimistic about Sina.

At eleven o'clock in the evening, just as Wang Yan got home, he received a call from Duan Yongji.

"How about it?"

"He agreed."

"Then let him bring this case." Duan Yongji said on the phone, "Anyway, he has a lot of opinions on Sunshine Culture."

Wang Yan agreed, and said: "We still need to communicate with Davis, and both sides have to sit down and talk."

"I made an appointment with MIGA to talk about it tomorrow, and Davis agreed. They have nothing to do with the poison pill plan. They must sit at the table and talk." Duan Yongji is very confident about this.

Wang Yan didn't think there was anything wrong. It was still necessary to find out whether MIGA was dissatisfied with this cooperation as guessed. Shopping malls are like battlefields, but they are not real battlefields. Let's sit down and talk.

……

6 month 16 day.

In the morning, Sina.com, which always likes to snatch news, belatedly announced the situation facing its own website, confirming that MIGA Private Equity Fund is indeed conducting a hostile takeover of Sina.

Moreover, Sina is considering starting the "poison pill plan" to fight back, and appeals to everyone to support this battle to defend the achievements of domestic Internet companies.

At 10:30, Duan Yongji was interviewed at Sina headquarters, positively responded to many speculations from the outside world, and also expressed Sina's tough attitude.

"As long as the MIGA fund dares to cross the 20% warning line, Sina will immediately start private placement!"

"MIGA can't please Sina!"

"I, Duan Yongji, will never let Sina fall into the hands of foreigners!"

"MIGA has only one way now, and that is to sit down and talk to us!"

Duan Yongji is full of confidence in front of the camera. He has already made an appointment to have an afternoon meeting with Davis of the MIGA Fund in the company, and will fully describe the pros and cons to the other party.

however……

MIGA Fund Davis, who had already made an appointment to meet in the afternoon, did not come to Sina headquarters as scheduled.

Just when Duan Yongji had a bad premonition, the other party formally sent a letter when he was about to get off work, and increased his holdings by 1.5% of the shares again, bringing the shareholding ratio to 20%.

"This……"

Duan Yongji dropped his phone.

"Are they crazy?"

"Is there something wrong with these foreigners?"

"Crazy, crazy!"

There was a roar in the office, and after it calmed down a bit, it was another roar when it was found that Davis couldn't get through to the phone.

Roaring, however, does not have any real effect.

Make Investment Great Again private equity fund officially holds 20% of Sina's shares, triggering the company's private equity issuance line, leaving Sina with few choices.

Is this poison pill really going to be released?How to release it?

Where is Sina going in the future?

Duan Yongji fell into hesitation and thinking.

Even if MIGA Fund is unable to acquire Sina and does not continue to increase its holdings, the voting rights of 20% of the shares are destined to have a serious impact, not to mention that it has already obtained a board seat.

Duan Yongji suddenly had a feeling that Sina seemed to have come to the junction of fate in the middle of 2002.

　One more chapter.

　　The bad news is that I will be on a business trip again tomorrow... When I come back the day after tomorrow, there should be no interruption.

　　As the author, I really want to finish writing this plot in one breath, but I have a headache...

　　
　
(End of this chapter)