plagiarism

Plagiarism from the World - 150 Siming builds the plank road, crosses the old warehouse secretly

Late at night, Peter Lynch visits.

Since Tan Jiabao helped Peter Lynch set up his own Magellan Investment Company, he moved out of Tan Jiabao's apartment.As Tan Jiabao's secret pawn for the next few decades, Tan Jiabao does not want too many people to know his relationship with this newly established Magellan Investment Company.

"Hehe, Lynch, what's wrong with Bristol Meyers' stock?" Tan Jiabao asked suspiciously.

Peter Lynch took a sip of his tea and said, "We've been very stealthy about absorbing Bristol Meyers, and a couple of guys from Hong Kong have been very capable, so we've absorbed as much as we can so far. 19% of the company's shares are down, and the stock price continues to fall. And the purpose of my visit today is not for Bristol Meyers, but for Disney."

"Disney? What's the matter with Disney stock?" Tan Jiabao was surprised. He really didn't expect that the pocket-sized stock of Disney would bring trouble to the future stock saint.

"Disney is too small. Its total share capital is only 350 million shares. It is too difficult to absorb such small-cap stocks. We have been absorbing stocks for nearly a month, and we have only absorbed more than 123 million shares. In the last few days God, we can only buy a few thousand shares a day. And at this stage, Bristol Meyers is our focus, and I don't want to shake Disney up too much and get Disney's attention. That way, we will be on both sides If we fight, the situation will be against us." Peter Lynch sighed.

Tan Jiabao nodded and said, "More than 123 million shares, which means we already own more than 35% of Disney's shares? How much is our shareholding cost? What is today's closing price?"

"Our holding cost is $30.65 per share. We own a total of 3800 million Disney shares. Disney's closing price today is $31.31."

Tan Jiabao pondered for a while, and slowly he laughed: "Next Monday, we will issue a general acquisition offer to all shareholders of Disney! Our bidding price is 50 US dollars, and we have increased by more than 50% on the basis of the closing price The price. Our tender offer is valid for [-] days, and we reserve the right to change the price after [-] days.”

"Ah, Tan, have you figured it out yet? Don't forget, there is still a behemoth from Bristol Meyers waiting for us. The resumption time of Dan Bisi is getting closer and closer. Defending Dan Bisi And the anti-acquisition of Bristol Meyers requires us to go all out, and at this time there is another small company like Disney, can we handle it? Are we fighting on two fronts? No, it is three fronts Fight!" Peter Lynch felt his head was getting bigger.

Tan Jiabao smiled and said: "Lynch, have you considered it? According to the relevant regulations of the United States, the tender offer is valid for at least one day, and our tender offer for Disney is valid for one day, but in fact, it will not take 3 days for the actual acquisition. God! If we are more optimistic, one day is enough for us! In fact, the most difficult part of this acquisition is the shares owned by the Disney family. They will never sell the shares unless they have to. But pay attention, we The bidding for all the shares is adopted, that is, the merger bidding. According to US regulations, if a minority shareholder refuses to bid for the shares in his hand, the bidder can merge as usual, and the minority shares will be acquired compulsorily. Therefore, according to my estimation, the acquisition of Disney we It may be possible to end the battle in 3 days. Hehe, even shorter time than this is possible!"

"Tan, you said 'possible'. But we can't underestimate Disney. Disney has a long history, and they have enough time to use anti-takeover methods. At least they can find the 'white knight'." Tan Jiabao's A few words, obviously can't convince Peter Lynch.

"Lynch, we already hold 35% of Disney's shares. In fact, we are already the largest shareholder of Disney. Today is Friday, and next Monday, we will suddenly attack. When they are ready, our shareholding may have exceeded 50%. Therefore, we will surely win this battle! Besides, the current methods of sniping hostile takeovers are nothing more than 'refusal to sell' and 'white knight' And the 'scorched earth strategy'. Except for the 'white knight', we are not afraid of other strategies. Well, let's talk about the 'white knight'. When they find the 'white knight', maybe our holdings have exceeded 50%, we have the right to hold a general meeting of shareholders.” During this period, there were indeed few ways to deal with hostile takeovers, and methods such as the “poison pill plan” and the “golden parachute” and “silver parachute” had not yet been “invented.” "Come out.

Peter Lynch thought and calculated.Tan Jiabao continued: "Lynch, our acquisition of Disney this time is actually a sniper-style public bid, which means that when the target company is not doing well and there are problems or the stock market is falling, the acquirer and the target company have no relationship. Communicate in advance without warning, and directly launch acquisitions in the market. The so-called bid acquisition means that the acquirer does not directly issue an acquisition offer to the board of directors of the target company, but directly bids for the target company at a price higher than the market price of the stock. All shareholders issued a purchase offer, which is a bidding-style purchase. After our price of 50 yuan was posted on Monday, 35% of our shares were sold in batches to the account of Tang Dynasty Warner Company..."

After Tan Jiabao patiently and meticulously explained for nearly half an hour, Peter Lynch finally understood.He said: "We are buying Disney, and secretly we are slowly absorbing Bristol Meyers stock. Haha, let the Bristol and Meyers guys rest easy."

"There is a Chinese idiom called 'Ming repair plank road, secretly cross Chen Cang' which means this." Tan Jiabao nodded and said: "For Bristol Meyers Company, when the time is right, we will also adopt this similar method. It's just During this period, suppressing its share price is our main task."

"By the way, Bristol Meyers will hold a general meeting of shareholders on Tuesday, shall we prepare well?" Peter Lynch asked thoughtfully.

Tan Jiabao laughed and said: "Of course, let Peric use his account to buy some stocks. At that time, he will participate in their shareholders' meeting as a minority shareholder of Bristol Meyers."