Back To 1995

When Song Yang, the major shareholder of ICQ, Brian Roberts, the next head of Comcast, and Immelt, who is going to be the next head of General Electric, all agreed to the merger, it represented today's situation. M&A is sure to happen!

But this does not mean that today's negotiation will be smooth sailing. On the contrary, the competition will be more intense. Everyone present today, who does not want to get an extra stake in ICQ, even if it is 1% more, it means more points. To tens of billions of dollars, Paulson is ready to go all out in the face of this temptation, let alone talk about others?

Bob Wright, who has decided to change his family, has acted as Immelt's pawn. His mentality has changed. GE is about to enter the Immelt era. He is a veteran of the Welch era. There is only one, either switch to Immelt, or get out of the way, even if he is Welch's confidant, then... so what.

   "NBC Group is willing to complete the M&A with ICQ at a price of US$40 billion in a one-for-one equity exchange!"

As soon as Wright came up, he made a big offer, and directly fixed the market value of NBC Group at US$40 billion, which is more than US$10 billion higher than the price set by Wall Street institutions for NBC Group. Knife.

   Immelt reached an agreement with Song Yang, allowing General Electric Group to own at least about 20% of the shares of the merged ICQ company, making General Electric nominally a major shareholder of ICQ.

   But that's the bottom line. If you can get more shares of ICQ, GE will definitely get more, and you won't take advantage of the bastard!

   If NBC Group and ICQ were to be merged at the price mentioned by Wright, then NBC's $40 billion valuation could be exchanged for at least 30% of ICQ's equity, which is not too cost-effective.

   Hearing that GE wanted to take 30% of ICQ's shares, the first objection was not from ICQ, but Edison.

The rebellious Addison is not comparable to Wright. He glanced at Wright, Addison ignored Wright, but looked at Immelt. He knew who was here today. The person representing General Electric.

"NBC Group is indeed a good business, but that's all, ICQ does not necessarily have to acquire NBC Group. If necessary, the purchase price of $40 billion is enough for ICQ to start working with Disney, CBC, Fox or Time Warner's WB TV completes the merger!"

   Edison is telling Immelt that the NBC Group is not irreplaceable. Without the butcher Zhang, can you still eat meat?

The reason why Edison took the lead was because he didn't want to give up too much equity. If GE took 30% of ICQ's equity in one go, the equity in the hands of all ICQ shareholders would be diluted. At that time, Deutsche Bank held 10% equity, how much is left, this kind of interest-related matter, it must be compared.

  After Edison, Paulson also came out. The two Wall Street intrigues began to work together at this time. It can only be said that there is really no absolute enemy in the world. The difference is only how many beautiful knives there are...

   "With a valuation of $40 billion, it is impossible for ICQ to acquire the NBC Group at such a price, nor is it possible for the Federal Securities Commission to agree to this transaction!"

Compared with Addison, Paulson has to directly pull out the Federal Securities Commission as a shield. As for whether the Securities Commission really disagrees, it depends on Paulson's heart. As long as he doesn't want to, this transaction , will certainly not be passed by the Federal Securities Commission.

   Both Addison and Paulson were against it, and the rest of Bates, Brian Roberts, and others naturally followed the flow and would definitely not speak for GE.

   Song Yang and Irene will not speak up for GE. The lower the price of NBC Group, the more advantage ICQ will take!

Others are afraid of General Electric, afraid of being worn with small shoes, but Edison is not afraid of the Wall Street gang, even Carl Icahn dares to call "Wolf of Wall Street", dare to short the gang of American giant companies, put them in Edison On the body, as long as the opportunity is seized, it is absolutely dare to short, and do a General Electric.

  Addison has already fired his first shot, and he doesn't care if he offends Immelt, the future head of General Electric.

"President Erin, Director Bruno," Edison first looked at Song Yang, who was watching the show, "I propose ICQ to issue new bonds and stocks, and Deutsche Bank is willing to subscribe for ICQ's new stocks and bonds. The stake in ICQ acquired by NBC Group should not exceed 15%!”

   Immelt still has a smile on his face, just like the modest image he has shown in front of the media for so many years, but the look in Edison's eyes is full of indifference.

Without Wright playing a forward role, Immelt said bluntly, "No matter how much NBC's valuation is, if GE wants to exchange NBC Group for equity, or even provide cash compensation, GE must get more than 20% of ICQ's equity, which is The premise of today's trade!"

Paulson, Edison, Bates and others also heard the overtones of this remark. Immelt needs this credit to get him the position of the head of General Electric, NBC Group, what is it worth? It's worthless, how much chips can be exchanged, Immelt doesn't care at all, he has only one purpose, to make GE a major shareholder of ICQ!

   Knowing Immelt's bottom line, even if it doesn't stop General Electric from becoming a major shareholder of ICQ, it is necessary to add some obstacles to Immelt.

  Bryan Roberts also took advantage of the situation and joined the battle group with the senior vice president of Comcast Group, "Comcast TV Network, asks to complete the merger with ICQ at a price of 45 billion US dollars!"

Comcast is worth the price, because the old rival, John Malone's TCI cable network, was valued at $34 billion by the Telephone and Telegraph Group as early as 1993, but at that time, because of the new Telecommunications Act, Before it was released, the merger was rejected by the Federal Securities Commission and the Federal Communications Commission, and was directly shelved.

Recently, it is rumored that the Telephone and Telegraph Group has hooked up with John Malone again. The Telephone and Telegraph Group wants to renew the old relationship and buy John Malone's TCI TV network at a sky-high price of 48 billion US dollars. This matter is sitting at the meeting today. Indoor Bates, it is estimated that the clearest.

   And the top two cable TV network groups in America, Comcast TV network users, are not much less than TCI, and may even exceed the other party. Comcast Group is asking $45 billion, which is really not expensive...

At least Bates, I was a little excited at this time. If there were not too many people today, if the bids were rushing, it would be too ugly to eat. She wanted to cut off her hair and let the Telegraph Group buy Comcast TV network. After winning TCI, the Telephone and Telegraph Group will become the largest cable TV network in America. Nearly three-fifths of the users of the entire American cable TV network will belong to the Telephone and Telegraph Group!

At this moment, Bates is really envious of ICQ. Look at what good things are in ICQ's hands, but if the Telephone and Telegraph Group gets any one of America Telecom, Comcast TV Network, and NBC Group, it is still unacceptable. take off? !

   But at this time, the conference room was already full of quarrels. All parties sitting at the negotiating table wanted to get more chips, and no one was willing to let go and make concessions.

   "GE must get more than 20% stake in ICQ!"

   "Comcast Group also asks for a 20% stake in ICQ!"

   Immelt and Brian Roberts made a request, but Addison and Paulson were also not satisfied.

   "NBC Group, it's not worth the price at all!"

   "ICQ can buy Comcast TV network with bonds and stocks, it is impossible to give up so much equity to Comcast Group!"

  Paulson, Addison and Immelt, Brian Roberts, both sides were arguing and arguing, and no one was willing to let go.

  Comcast Group and General Electric, if they directly take 40% of ICQ's equity, then the other companies are still playing hammer.

   This side has not stopped, and Bates also stood up over there, "Telephone and Telegram Group, willing to subscribe for ICQ's stocks and bonds."

If there is a media interview with Bates tomorrow, what is the most unfortunate thing since she took office, then Bates will definitely say, that is, if ICQ was not swallowed, America Telecom was released, and then pushed forward, then That is, it should not have used 8 million to test the Double-click Company. If there is a choice, the Telephone and Telegraph Group will even spend 80 million, 800 million, or even 8 billion US dollars on the Double-click Company, and then bring Song Yang into the phone. The Telegraph Group, let Song Yang work for the Telegraph Group for the rest of his life...

   Seeing that the conference room has been turned into a vegetable market, ICQ finally can't sit still. Today's agreement must be signed, it is impossible to slap the table and leave.

   As ICQ's chief financial advisor, Marcus, who was in charge of Song Yang's money bag, coughed and made the conference room quiet.

   "ICQ agreed to complete the acquisition of NBC Group in the form of equity exchange at a price of 37 billion US dollars, and transfer 20% of ICQ's equity to General Electric, but GE must pay ICQ's board of directors cash compensation!"

   "In addition, in the form of bonds and stocks, we will provide Comcast TV Network with a $45 billion acquisition offer. After the acquisition is completed, Comcast Group will own about 15% of ICQ's equity!"

Without waiting for Paulson, Addison, Bates and other gangs to raise their noses and eyes, Marcus glanced in Song Yang's direction, seeing that Song Yang hadn't opened his mouth to stop him, Marcus had no choice but to do it again. He said, "Director Bruno, I am willing to transfer part of the equity to everyone who sits again!"

   Hearing Song Yang's willingness to "cut the flesh" and let go of the ICQ equity in his hands, Paulson and others who were planning to object, instantly stopped.

   Looking at Song Yang, Paulson, Addison, Bates and others, although they didn't speak again, they all felt that Song Yang was still too young, and he still had less experience in dealing with today's situation.

   They don't care who ceded the ICQ equity, as long as they can ensure that the ICQ equity in the hands of Goldman Sachs and others does not shrink too much, they don't care who cuts the meat!