I Am a Nobleman in England

　　 "What do you think of the takeover offer from the British?"

In the conference room of AMC Cinemas Holding Company in New York, the controlling shareholders are gathered around the conference table, while the management of the AMC Cinemas Headquarters in Leawood, Kansas can only listen to this group of capital players through remote video. Decisions, to determine the future of their theater company.

　　 "I have no opinion, as long as the price is right, why not agree."

　　 "My opinion is the same, the IPO is far away, and I don't want to waste any more time, as long as the price is right..."

"Recently I heard that several theater companies in the United States and Europe are waiting to be sold. The other party chose AMC. I believe that the reason for choosing AMC is the same as that of the largest scale. It is not a listed company, which is conducive to mergers and acquisitions. The core area of ​​Zhongcheng City. At the beginning, the five of us acquired them one after another, but they finally came together and owned equal shares.

　　 even created a small miracle in the history of leveraged buyouts. Isn't it just to sell it? But no one has the ability to accept it, and the open market IPO of stock exchanges has always lacked a little luck.

　　 Now someone is willing to take over, why hesitate? Isn't this exactly what we want? "

Listening to what this group of controlling shareholders said, the management on the other side of the video window at the headquarters in Leawood, Kansas, looks gloomy and looks very ugly, but these managements can only helplessly accept this group of greed. The ruthless financial capitalists' decisions, who will let them be the real controllers?

　　 This is the first-class players in the leveraged buyout arena that Arthur needs to face next-Apollo Investment Fund, MG Chase Investment Fund, Bain Capital, Carlyle, Spectral Investment Fund.

　　 And these five private equity fund companies jointly hold AMC, and the shares are equal. After five top private equity funds leveraged their acquisition of AMC, they roared to the New York Stock Exchange. But it seems that there is always a little bit of luck. As the fund's withdrawal period approaches, they can only say goodbye to AMC's IPO feast.

　　 At the right moment, Arthur Boleyn appeared.

　　 Of course, the top players in leveraged buyouts are naturally unwilling to withdraw. They have an insatiable appetite. In their view, Arthur Boleyn seemed to be prey from Britain.

　　 In fact, these five funds have already recovered their invested capital and basically hold shares at ‘zero cost’, but they have been trying to make AMC go public for cash.

　　 Sending AMC to the New York Stock Exchange for IPO is of course the best exit option. It is the dream and holy grail of private equity fund companies to raise funds from the public market to real permanent xing. One is that the returns are generous, the second is to avoid tedious fundraising activities, and the third is to expand the scope of investors.

　　 It’s just like what they said, maybe it’s really bad luck. I have never been able to succeed in the IPO. Naturally, Arthur Bolin, who knocked on the door at this time, would not let it go easily, but would open his mouth.

　　 "How about a billion dollars?"

　　 "Perhaps we should ask for more points, anyway, we need to negotiate..."

　　 "Hehe, what if you scare the other party away? Where can we find such a buyer?"

　　 Listening to the discussion of this group of greedy and shameless vampires, the theater management is really dripping blood in their hearts, but they are also constantly cursing in their hearts. You must know that their so-called $1 billion is only the price of equity acquisition. In addition, AMC has $1.5 billion in liabilities.

"Haha, negotiation, every negotiation is a war, but the situation is good or bad. We don’t worry, we just talk to him without any hurries, you know, except AMC has beautiful business performance, wait Good news for the listing, we still have the magic weapon to continue to make profits, dividend capital restructuring..."

　　 "Hahaha..."

"Ha ha..."

In the conference room, the heads of the five foundations all knew and laughed. They didn't care that there were already a few lowered heads on the other side of the video. Their complexion became more and more ugly, secretly gritted their teeth, and their eyes flashed with hateful cinema companies. Of course, they, the capital predators, also know that the management of the theater company hates them, but unfortunately, they are the controlling shareholders and the owners of AMC. They can play whatever they want. For a group of part-time workers, just be obedient. If you don't be obedient, get out and change into obedient ones.

The reason why the heads of the five major foundations are extremely happy when they hear about the dividend capital restructuring. The management who has feelings for AMC hates and is helpless. The so-called dividend capital restructuring means that the acquirer does not have to sell the assets completely, as long as the company is basically If you repay the debt, you can use cash to borrow again, and the loaned funds can be used to pay dividends.

　　'S simple and straightforward point is that, for example, a property in the Second Ring Road of Beijing has been increasing in value, and the owner can repeatedly apply for mortgage loans for it to realize capital gains.

　　 Therefore, the acquired AMC company has been doing its best to promote the growth of cash flow. After such a repetition, the five major foundations quickly recovered the investment cost, but the debt of the AMC theater company is getting heavier.

　　 This method is likened to that the goose that lays the golden egg only lays a huge goose, but it gets the foie gras everywhere. This is how private equity shareholders arbitrage AMC.

Arthur looked at the detailed information about the five holding funds in his hand, and his brows became tighter. He also knew that he was facing the world's top counterparties this time, and the acquisition negotiations would be very slow and difficult. He couldn't cut the mess with a sharp knife, and he also needed to be cautious and fearful of risks.

　　 Actually, what he needs to face this time is the two symbols of the United States, Wall Street and Hollywood. If you want to become the master of AMC and become its new owner, you may have a long way to go!

　　 In fact, everyone knows that speed is everything in a large-scale leveraged buyout battle.

If a competitor appears, prolonged competition will raise the price of the acquired company, which means that the acquirer needs to borrow more funds to acquire the company, and the debt burden will be heavier. In the end, it will only either lose or lose. Fight, fishermen profit. If there is an open bidding, the acquisition battle will evolve into a roulette battle, and buyers will suffer the most.

To be honest, Arthur can negotiate with the other party in a manner that is not bad for money. As long as the price is not too excessive, the acquisition can be completed quickly. Anyway, the funds he acquired are also loaned from Barclays Bank, and Barclays Bank is also willing to give He took a loan.

　　 Why do you like to borrow money and use leverage to buy companies?

　　 This is because ~www.readwn.com~According to the US tax law, only interest expenses can be deducted from corporate profits before tax, and dividends cannot be deducted before tax. The income tax law of the United States is undoubtedly the spark that ignited leveraged buyouts, and high-yield bonds are the result of leveraged buyouts. Michael Milken, the former emperor of high-yield bonds on Wall Street, raised huge sums of money in a number of leveraged buyouts. These bond funds provide great convenience for leveraged buyouts, like high-quality fuel, turning Volkswagen’s Beetle into a fast-moving Ferrari.

　　 I always have to pay back the borrowed money, what do I need to pay back? How to pay it back?

　　 One is to extend the loan period, the other is to issue new debts to repay old debts, and the third is to IPO. . .

　　 So for Arthur, the funds are very sufficient, but he does not want the greedy vampires of Wall Street to take too much advantage from him, and no one's money is windy.

　　 Negotiation is a war. Whoever lets go first will lose!

　　 Not only must it be fast, but it must also be tightened inside and loosened outside. In addition, confidentiality is key. There is a famous Wall Street saying that if the merger is in the news without results, you will be in great trouble. Once the company acquisition news is leaked, many people will participate in the bidding, and even their brothers.

　　 Therefore, once the negotiation begins, the confidentiality agreement must be signed first!

　　 "咚咚——"

"Come in!"

　　 Arthur put down the file in his hand, looked at the man who opened the door and asked, "Is there a result?"

　　 "Yes, the boss, they accepted our takeover offer, offered a price of 1 billion U.S. dollars, and asked us to take on all the debts for the next 1.5 billion..."