Chapter 262 unfolds quietly, milk baby at home
Hostile takeover is actually something that goes against the long-term development of the company.
In the process of development, an enterprise will have its own human capital, supply and marketing network, and debt relationship. Once a hostile takeover occurs, these relationships will be destroyed. The first unlucky ones are those who lose their jobs, cut their salaries and suspend their jobs due to company changes. The working class, therefore, the American workers union, has always opposed the hostile takeover.
In their eyes, a hostile takeover is a means for capitalists to plunder wealth. To put it bluntly, it is robbery.
Because of this, after Carl Icahn brought up the Trans World Airlines robbery case, many states in America began to amend their corporate laws to restrict the wolf king's bloodthirsty methods in the form of legislation.
It's like the Mosaic League doubled the width of the three-second zone and set a "three-second violation" rule in order to limit George Mikan's performance; it's like restricting Wilt Chamberlain's performance, Continue to expand the three-second zone, and promulgate the "interfering ball" rule; Immediately after the 'Hibbert hit James' elbow with his face' incident, immediately revise the 'Vertical Takeoff Defense' rule...
Hiss!
Something seems wrong?
Eh!
Anyway, that's what it means!
Most of the time, the law exists to protect the weak, and after the states have amended their corporate laws, hostile takeovers have dropped a lot. Take Pennsylvania as an example. The new corporate bill stipulates that , as the target company, within 18 months after the announcement of the 'hostile takeover' plan, it has the right to take advantage of the profits obtained from the shareholders' sale of shares to the 'hostile takeover'. I don't want to do things anymore.
But the problem is that the behavior of hostile takeovers has gradually declined due to legislative reasons, but the severity of hostile takeovers has soared with the restrictions of legislation—since the law stipulates that the target of the takeover can take the profits obtained by shareholders from selling stocks, then Let's not allow hostile takeovers to be judged!
Before, hostile takeovers were all company-to-company, but now, private equity funds handle everything.
After deciding to use the sniper public purchase method, shareholders who want to sell their shares can directly resell the shares to the corresponding private equity funds. If this step must be defined by law, it is the reduction of shareholders’ holdings. The company has developed well and can be held for a long time, so it took over.
Is this behavior a hostile takeover?
Doesn't count!
Selling the shares in your hand to several private equity funds, so that the shares they hold do not exceed the disclosure red line, is it considered a hostile takeover?
does not count!
Because this is a sale of shares!
There is no acquirer at all!
How is a hostile takeover considered?
In this way, the shareholders who want to sell their shares have already run away in the name of reducing their holdings. After that, in any hostile takeover case, the target of the acquisition will not be able to take advantage of the profits obtained by the shareholders from selling their shares.
Because I reduced my holdings first, and after I ran away, the company made a hostile acquisition of you, and those private equity funds for money saw that the other party offered a good price, agreed to the acquisition invitation, and then started to do things.
Regardless of whether it is from a behavioral or legal point of view, there are two cases here.
Even if the defendant goes to court, even if the judge and jury know that this is the operating link of a hostile takeover, they can only watch the former shareholder take the money and run away, because the rules allow it and it is completely legal.
If this is not even legal, no one is starting a company!
It is not allowed to reduce holdings, so why should I start a company? Do good deeds?
Of course, if the former shareholders are legal, private equity funds are actually illegal.
But no private equity fund is afraid that the target of the acquisition will get stuck in its own profits.
Because those guys who dare to do things have already been buried in the cemetery!
It is impossible for these guys who have ideas and want to do it to only hold shares in a listed company. If you dare to cut my profits, I will dare to hit your company, and your stock price will plummet! Beat your business to a standstill!
You want to hold me for eighteen months, then I can send you and your company to God within eighteen months!
Those who do this business are actually stealing money, and the partners behind these private equity funds are even more aware of it.
Since it is a robbery, you have to make others afraid of you. If you are stuck once and there is no response, then the trader can back off, because no one will be afraid of you the next time you operate!
Carl Icahn is the wolf king, but it is very different from beating his chest and roaring push-ups, fighting and retreating.
He will fight the fear of those listed companies, and continue this debuff!
Because of this, when Carl Icahn said that he would buy Yahoo shares at a 10% discount, Roland agreed without thinking.
Pay some money and let those private equity funds take all the dirty work into their arms. This not only saves themselves a lot of trouble, but also maintains their good image.
Now that both parties have reached a consensus, the transaction will officially begin. David Olsen first submitted a report on the reduction of Yahoo Ventures’ holdings to the US Securities and Exchange Commission, and then sold the shares to Carl Icahn in accordance with laws and regulations. designated private equity funds.
Since the major shareholder with a shareholding of 16.5% is reducing its shareholding, this transaction will naturally be reflected in the official report, although David did not explain this transaction, and even Yahoo itself did it before the transaction was completed. It wasn't long before I heard the news, but... what can they do?
Greenwood Capital and Masayoshi Son, who can understand it, just know that someone is eyeing Yahoo. After some inquiries, after learning about the name of Carl Icahn, they chose to keep their mouths shut if they wanted to continue in this market. , and Yang Zhiyuan and David Filo, who couldn't understand it, could only accept that Roland Allen was preparing for the wedding and needed a large amount of cash.
No way, the rhetoric of love is a universal brick for Roland now, and he can move it wherever it is needed.
Now the whole world knows that in order to propose to Kate, Roland spent 50 million on jewelry alone, plus the price of some luxury houses that were slightly disclosed.
In the case of spending money like water, everyone can understand by selling some stocks to cash out.
And even if he throws everything away, he can still use the excuse of family first to fool him.
‘These shares have made my peaceful life turbulent. In order to ensure that my private life and Kate’s private life will not be disturbed, I decided to sell the shares and leave the market to start some other small businesses that are not troublesome...’
Don't care if others believe it or not, Roland does anyway!
That's the bad thing about building from scratch...
If anyone wanted to take on Amazon, Jeff Bezos would definitely have been warned by Warren Buffett and David Shaw.
If someone wants to rob Google, Eric Schmidt will be able to get the latest news from Wall Street.
Even though many people think that the big crocodiles on Wall Street are too greedy, more people will still embrace them when they know the situation, not because they can make more money by playing finance, but because these big crocodiles never The more money you earn, the more they will reveal to you some life-saving news at critical times.
Even if their purpose of disclosing the news is still to let you hire them to fight back, the fundamental goal is to make money from you, but throwing away a little money is much better than being murdered by others for no apparent reason!
And now...
Following the sell-off of Overwatch Venture Capital, Carl Icahn’s undisclosed holdings, and private equity funds that smelled blood and wanted to get a share of it, they all surrounded like a pack of wolves.
Yahoo stock price—
Keep going!
...
Just as Carl Icahn and Ronald Perelman inadvertently put the butcher's knife on Yahoo's neck, the actual owner of Blizzard Capital is breastfeeding the child at home!
The outside world beat people to death?
I have no melons in the rain!
Compared with those intrigues, I prefer to tell stories to children!
"'It's called a phone number.' He told Ron, 'I told your dad how to use the phone last summer, call me, okay? I can't stand talking to Dudley for two months...'"
In the pale pink children's room, Roland sat cross-legged, with the book in the center, and read the contents aloud with emotion.
As soon as he finished speaking, Kate, who was sitting next to him on his left, brushed up her hair, squinted her eyes at the book, and read: "'But your aunt and uncle will be proud, won't they?' Hermione got off the train,' When they hear what you did this year?'”
“‘Proud?’ said Harry. ‘Are you serious? They’re going to be **** that I didn’t manage to die during this time!’”
Roland's raised voice was full of sarcasm and self-deprecation. The next second, he stopped speaking and read the narration, "Then, they walked towards the gate leading to the Muggle world together. To be continued... "
"oh…"
When Roland spit out the regrettable result, the three little guys sitting around also sighed helplessly.
"Is it gone again?" Ashley pouted.
"Why so fast?" Mary was a little bit reluctant.
Elizabeth, with her chin in her hands, looked at Roland hard with her big eyes, blinking blingblingly.
"Roland, when will the next book be released..."
"Aunt Rowling writes so slowly..."
That cute look, like a kitten.
I found a fish called the author lying in front of me, so I went to sniff it curiously.
Huh?
It tastes good!
Immediately afterwards, I took a bite...
mouth area!
Why is this fish so salty?
Deserves you to pounce!
Disgusting face.jpg
"I don't know when she will finish writing..."
Roland shrugged, "But if she finishes writing, she will definitely call me."
"And you guys are much better than everyone else?"
""Harry Potter and the Chamber of Secrets" hasn't been released yet! You are the first batch to hear the story first!"
"But it's not enough!" Ashley retorted.
"I wonder what Harry will meet next!" Mary also said.
"Will he defeat Voldemort?" Elizabeth looked eager, "Also, when will the movie be shot? Who will play Harry?"
As soon as these words came out, Roland smiled wryly.
Elizabeth has asked the same question hundreds of times, but he really can't answer it!
Just when he sighed helplessly and wanted to use words to prevaricate, the words of help also appeared.
"Rowling is a writer of novels, how does she know whether Harry will defeat Voldemort?"
"Roland is a filmmaker, and he doesn't know who will play Harry!"
"Don't worry, there will be results when the time comes."
Kate smiled and stretched out her hand, rubbing Elizabeth's little head.
While speaking, she glanced at the clock, and after seeing the minute hand that crossed the number six, she continued, "It's half past nine, and it's time for you to go to bed. We agreed, if you behave well, I will take you on summer vacation." Go play in New Zealand."
As soon as these words came out, the three little ones, who wanted to ask questions, snorted and climbed onto the bed.
Looking at the guys wrapped in bedding and turning into silkworm chrysalis, the two people who got up from the ground said goodbye to them with smiles.
"Good night, sweet dreams, see you tomorrow..."
"…" Ashley.
"..." Mary.
"..." Elizabeth.
The other party wants to go out to play, doesn't want to talk to you now, and throws a dog at you.jpg
Wait for Roland and Kate to walk out of the room, close the door, take a few steps in place, and then stand still—
The crackling sound suddenly appeared.
"Sister, they're leaving~" Elizabeth said in a low voice.
"Really?" It was Mary's voice.
"It must be gone! Every night, they want us to go to bed soon!" Ashley said: "Hurry up, let's go and see, what are they doing every night?"
About four or five seconds later, the closed door was pulled open from the inside. When the three little ones who took the lead in the charge saw the two smiling faces, there was a rumbling sound, which made the excited heart sink to the bottom.
At this moment, they seemed to be possessed by the three musketeers of cute cats, and they stared blankly at the two.
After about a century, they came back to their senses and wanted to escape.
With a bang, the door was slammed shut, and then there was another crackling sound, and the world returned to peace.
"Hey, the child is so naughty when he grows up." Looking at the closed door, Roland was filled with emotion.
Hearing these words, Kate objected, "Who said it was naughty? It's obviously cute, okay?"
"Good, good, cute, cute..." Roland didn't argue, and took the initiative to agree with Kate's point of view.
The perfunctory words made Kate raise her hand and tap him, then patted Roland on the shoulder, signaling him to squat down.
"Seeing your perfunctory attitude, I will punish you to carry me back."
"What? Why do you have to recite it again?"
There is surprise in the wording, but the tone is a lazy one that is not surprising...
"Can you recite it?"
Although it was a question, Kate was hanging on Roland like a koala while speaking.
Such a situation made Roland squat down with a smile. When he held Kate's thigh and carried her down the stairs deftly, Kate, who was lying on top of him, rubbed her nose against the back of Roland's neck and smiled softly. .
And the little guys who were hiding in the house and eavesdropping on everything, kept their ears up, trying to perceive.
"gone?"
"Should really leave this time!"
"Shall we follow?"
"Forget it... I won't be caught by Kate later..."
Note: ① In the 1980s in the United States, in order to prevent hostile takeovers from becoming a normal means of commercial competition, the states revised their corporate laws and restricted this behavior. The reason why Carl Icahn was called the wolf king was because In addition to the fact that the means are really bad, it actually has a lot to do with the fact that when he was working on the TWA robbery case, he happened to collide with the legislative revision. A split case that affects the whole country collided with the legislative process to prevent hostile takeovers. Wouldn't it be famous? The government can't deal with him, so it can only legislate to restrict it. Once this kind of talk is out, it's not pretending to beep, but bull beeping. ②Yahoo has not had the support of Wall Street for many years. The only Bill Miller (91 to 05, beating the S&P 500 for 14 consecutive years) who has helped Yahoo speak, is still a company that does not have Wall Street support because of its shares in Yahoo. The better the development, the easier it is to be swallowed. ③ There is a large category of hedge funds, called event-driven funds (eventdriven), which is said to bet on the mergers and acquisitions and splits of companies, but... it can do far more than that. ④ Kate likes to be carried behind her back, this is what her brother broke the news.
(end of this chapter)
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