Video Game Empire

Just when Li Xuan was about to instigate others to do things again, the acquisition battle he instigated Li Jiacheng and Liu Ruanxiong to launch against the Kadoorie family had reached its climax!

The Kadoorie family is facing the biggest crisis in a century.

The initial start of this storm came from the announcement by Liu Ruanxiong, known as Hong Kong's "stock sniper", that he was preparing to conduct a comprehensive acquisition of the large hotel group under the name of the Kadoorie family.

It was only at this time that everyone discovered that the Kadoorie family, who had owned the management rights of the hotel group for many years, was not the largest shareholder of this listed company, and only held a mere 10% of the shares.

And Liang Zhonghao, the real largest shareholder of the hotel group, has already transferred all 31% of the shares of the listed company under his name to Liu Ruanxiong.

Although the Kadoorie family has a low shareholding ratio and was targeted by the vulture Liu Ruanxiong, at the beginning of the acquisition war, everyone generally believed that the Kadoorie family was about to bleed heavily this time.

As long as the Kadoorie family has the heart to fight back, few people think that Liu Ruanxiong can really swallow the hotel group. After all, the market value of the hotel group is as high as 8 billion Hong Kong dollars. Even if Liu Ruanxiong does not buy at a premium, if he wants to win the absolute control of 51% of the shares, he still needs to raise 4 billion Hong Kong dollars.

This is not a small sum, given Liu Ruanxiong's current strength, it is quite difficult. Everyone is more willing to believe that he is bluffing, trying to force the Kadoorie family to take over the equity in his hands at a high price, so as to make a huge difference between one in and one out.

And the development of the script at the beginning seems to be completely in line with everyone's expectations and guesses. Although Liu Ruanxiong announced a tender offer for the hotel group, the proposed acquisition plan was not attractive enough.

The original share price of the hotel group was around 80 Hong Kong dollars per share, and the purchase price given by Liu Ruanxiong was 100 Hong Kong dollars per share. On the surface, it seems that it is a 25% premium, but in fact it is not the case.

Only half of the 100 Hong Kong dollar purchase price was paid in cash, and the other half was replaced with shares of Liu Ruanxiong's listed company.

Liu Ruanxiong is a well-known "harvester" in the Hong Kong capital market, and it is often the minority shareholders of his own company who are reaped. Therefore, it is naturally difficult for the stockholders of the big hotel group to buy into such an acquisition plan.

And Liu Ruanxiong is not in a hurry. He already holds 30% of the equity, enough for the Kadoorie family with only 10% of the equity to catch up for a while.

Liu Ruanxiong's attitude made even the Kadoorie family believe that the other party was not really trying to compete with him for the control of the hotel group. So they even sent representatives to negotiate with Liu Ruanxiong, ready to pay part of the price to accept the 31% stake in his hands.

But others didn't know that what Liu Ruanxiong did was actually a strategy that was negotiated with Li Jiacheng and his son in advance, and the purpose was to consume as much of the Kadoorie family's funds as possible.

After discovering that the Grand Hotel Group had been spied on by outsiders, it was impossible for the Kadoorie family to counterattack accordingly. Different from Liu Ruanxiong's stock-plus-cash merger plan, the Kadoorie family offered a full cash acquisition plan at HK$105 per share, which was HK$5 higher than Liu Ruanxiong's price.

This is also impossible, who told them that the shares in their hands lag behind Liu Ruanxiong too much. If the distance between the two sides cannot be shortened quickly, it is very likely that the market will lose confidence in them, and Liu Ruanxiong will really be taken by fire.

The stake increased from 10% to 30%, and the Kadoorie family spent a full HKD 2.1 billion in cash. Fortunately, with their excellent reputation over the years, HSBC and other banks are willing to give sufficient credit support.

At this moment, Liu Ruanxiong, who seemed to be bluffing before, seemed to wake up all of a sudden, and began to fight with the Kadoorie family. He immediately announced to change the original acquisition plan, raising the purchase price per share to 110 Hong Kong dollars, and also paid in cash in full.

A large-scale acquisition costing several billion Hong Kong dollars is naturally not something that can be concluded in a day or two. In particular, the bidding parties are now competing with each other to continuously increase the purchase price. Instead, many small shareholders choose to wait and see, waiting for the situation to become clear before making a choice to maximize their benefits.

Don't look at the heated bidding war between the two parties, but they actually have completely different starting points. The Kadoorie family really wants to keep control of the company, so they're going all out to raise money to buy back shares.

In contrast, Liu Ruanxiong's purpose is not so simple, he is to make money. As early as when the other party announced the purchase of shares in cash at a price of 105 Hong Kong dollars per share, he quietly distributed and transferred some of his stocks to the other party for early arbitrage.

You must know that when he acquired equity from Liang Zhonghao before, the average price per share was only 78 Hong Kong dollars. And in such a back and forth, Liu Ruanxiong earned a high gross profit of nearly 35%.

On the other hand, the Kadoorie family continued to raise the purchase price to HK$115 under his high pressure. That is to say, if the Kadoorie family wants to acquire a 50% stake, it will cost at least 4.5 billion Hong Kong dollars.

Liu Ruanxiong will definitely not really compete with the other party for controlling rights, because according to the relevant merger and acquisition regulations of the Hong Kong Stock Exchange, once the shareholding exceeds the critical point of 50%, an unconditional general tender offer will be automatically triggered.

In fact, although Liu Ruanxiong publicly stated that he would make a full acquisition of the hotel group, he quietly sold it to the Kadoorie family while he was buying it. The actual equity in his hands is controlled at about 40%.

The Kadoorie family is different. They are really spending cash to increase stock options. When the shares held by the Kadoorie family reached 45%, the equity transfer negotiation between them and Liu Ruanxiong was successfully reached.

Liu Ruanxiong is willing to transfer all 40% of his shares to the Kadoorie family at a price of HK$115 per share. It can be said that he successfully achieved the victory of the Great Escape, and gained nearly 1.2 billion Hong Kong dollars in profits from the Kadoorie family by buying low and selling high.

According to the rules of the Hong Kong Stock Exchange, after the Kadoorie family took over the shares of Liu Ruanxiong, the total shares held by the Grand Hotel Group reached 85%, and the unconditional general tender offer was triggered.

That is to say, the holders of the remaining 15% of the shares also have the right to sell their shares to the Kadoorie family at a price of HK$115 per share before the deadline for the offer, and they must agree unconditionally.

The Kadoorie family managed to keep the Grand Hotel Group at a cost of more than 8.5 billion in cash. Of course, they also need to prepare an additional HK$1.5 billion in cash, waiting for possible selling by the remaining shareholders.

At this point, the Kadoorie family had the last laugh despite paying a considerable price, and successfully retained the control of the Grand Hotel Group.

But things were not that simple. Liu Ruanxiong launched a surprise attack by taking advantage of his opponent's unpreparedness, and did not leave enough time for the Kadoorie family to prepare. The Kadoorie family, still relying on its good reputation, raised more than 10 billion Hong Kong dollars in cash from the bank in a short period of time, successfully repelling Liu Luanxiong's attack.

The price paid behind this is that the capital chain of the Kadoorie family has been stretched to the extreme. It can be said that they mortgaged almost everything that could be mortgaged to the bank, so that they could raise a huge sum of 10 billion Hong Kong dollars.

Of course ~www.readwn.com~ As long as the Kadoorie family is given half a year to a year, they will soon be able to relax completely. After all, the purpose of their comprehensive acquisition of the hotel group is to maintain control of the company, not to privatize and delist.

As long as the Kadoorie family completes the general tender offer, it can immediately apply to the Hong Kong Stock Exchange to re-distribute most of its shares to public investors, and then use the recovered funds to repay bank loans.

If Hong Kong stocks usher in a bull market for some time in the future, the Kadoorie family can even raise the secondary issue price and make a fortune from it!

But Liu Ruanxiong's attack on the hotel group was just an appetizer before the big meal. The one who really wants to take action against the Kadoorie family is the famous Li Jiacheng, who will not give him enough time to turn around.

When Li Jiacheng announced a comprehensive acquisition of another listed company in the hands of the Kadoorie family, Chunghwa Electric Power Company, the Kadoorie family, who had just fought a hard battle, suddenly found that there was not much money left in their hands!

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