"Okay, let's try it first, but if I do this, won't Morgan Stanley be anxious?" Chen Zhiwen said with a smile.
For many acquisitions, the actual cost may be secondary. More importantly, many things must be discussed during the acquisition. This will facilitate better cooperation between the two parties and ensure that the acquired party receives funding in the future. It can develop rapidly, or the acquired party can support the parent company in some way, etc.
No matter what the purpose of the acquisition is, the premise of everything is to ensure that the acquisition can develop as expected. This is the most important thing for large companies. Otherwise, if they cannot cooperate after the acquisition, it may lead to more serious consequences. Loss.
The same is true for time traveler Chen Zhiwen. Disney’s huge influence actually seizes various opportunities. Therefore, he needs future Disneys to obey him. However, members of the Disney family who are too deeply rooted in management and even ordinary people The influence in a person's heart is too great. It may not be able to hinder him as the future boss, but it may affect or even delay his plans. Therefore, these people must go.
For a traditional company, especially those in European and American cultures, the entrenched management can cause a lot of trouble for the boss.
"Of course, it's just playing hard to get. If you really don't want to acquire it, we can't force you to acquire it." Henry Morgan said with a smile.
"Okay, you should communicate with the Disney family members first. I know they are not short of money, but there is no harm in having a little more. Otherwise, if I don't acquire it, Disney may not be able to survive for a few more years." Chen Zhiwen nodded and said.
Although historically Disney began to turn around after a few years, it is hard to see it now. Disney as a whole is in decline, and the U.S. economy is not very good either. The two parks have suffered serious losses, and film investments have also failed many times. The entire group is heavily in debt.
Otherwise, Chen Zhiwen, a Chinese, would not have the opportunity to acquire it.
"Everyone, you have to think carefully. My client has made it clear that he needs a company with only the name [Disney], not a Disney managed by a bunch of Disney family members." In a conference room, Morgan Stanley Jim Hughes, Vice President of Investment, looked at the group of people in front of him and said.
"Are you looking down on our Disney family?" A middle-aged man with a beard said angrily.
"This is not looking down upon or looking down upon, but a necessity for the company's operations." Jim Hughes glanced at the middle-aged man and said calmly: "Besides, with Disney's current situation, I think Mr. Walt Disney would be better off if he were still here. It won’t be where it is now.”
This sentence touched the pain in the hearts of all the Disney people present. They are indeed far inferior to the founder of Walt Disney. It is precisely because of Walt's death that the entire Disney company, despite having a large amount of copyrights and popularity, has become more and more popular. It's getting worse.
"So, let's all be simple. What conditions do you want before you are willing to withdraw from the company? If the negotiation is not successful, my client will give up this acquisition plan." Jim Hughes said again.
"Just because of this matter, are you giving up such a big acquisition?" asked a major shareholder representative with a frown. He is the representative of the American Coal Workers Retirement Fund. Once upon a time, the coal unions were powerful, but they have gradually declined over the years. , for them who need to pay a large amount of retirement salary, they can only count on various investments to make profits. They invested in Disney a long time ago, but now the value of the stock is getting lower and lower, but as a major shareholder, it is difficult to cash out , once the news gets out, it will inevitably cause the stock price to collapse, and ultimately the losses will be even greater.
But now, suddenly an overseas "taken advantage of" appeared, and the senior management of the coal fund was very happy. Not only could they cash out, but they could also make an extra fortune. After all, if they made an acquisition, there would be a certain percentage bonus. It's a pity that the other party made it clear that it wanted to acquire it in good faith. Otherwise, if it was malicious, I could have sold it to the other party at a higher price and in advance.
In order for this matter to be successful, the Coal Union Fund also used its influence to promote this matter. Now that I suddenly heard that the transaction might be cancelled, I was naturally anxious.
"My client has made it clear that he must get all the management rights of Disney. Some of the management present can continue to maintain their current positions, but those who are not needed need to leave, but there will be corresponding compensation. " Jim Hughes said.
In fact, he also understands that when acquiring a large company, unless it is in the same industry, the original team will normally need to continue to manage it, unless it is really bad.
But Disney's management should not be at this level. He talked with Chen Zhiwen and the news he got was that after the acquisition is successful, other professional manager teams will be invited to manage. In this case, he can only implement it according to the customer's requirements. .
"Doing this is clearly destroying the Disney company. Do your customers want the company that spent so much money to acquire to go bankrupt immediately?" Current CEO Ron Miller said with a frown. His surname is not Disney, but he is Walt Disney's son-in-law. After Walt's death, his son originally took over the company. However, the management became worse and worse, and internal struggles within the family ensued, and finally it was handed over to him. In terms of performance, he is better than others, but it is clear that he still cannot control the Disney company.
However, he doesn't want to leave his current position, and it has nothing to do with money.
"My client has many industries in the United States, and you all know his background. Costco and AMC are both developing very well. Although I don't know what he will do in the future, his previous success has made me have no idea. There is no reason to believe him, and besides, even if the business is not doing well, it is my client’s business,” Jim Hughes said.
"Sorry, we will not agree to such a request." Ron Miller refused.
"Really, so you officially reject this acquisition plan?" Jim Hughes looked at several major shareholder representatives and said with a smile.
"Wait a minute." The representative of the coal union said quickly, and at the same time looked at several Disney members and said: "You guys, your management cannot represent our board of directors, let alone other shareholders."
"I agree." Another shareholder representative also raised his hand and said, while several others nodded in agreement.
Ron Miller's face was also very ugly. Although under normal circumstances, the board of directors would not interfere with the management, but large investments, large company development plans, or the current situation are still decided by the board of directors or the general meeting of shareholders. This is modern Basic principles of commercial law.
"I'm sorry, my client has a special status. He doesn't want to have too large a conflict with companies in the United States. If you don't agree, then we have to stop and we give up the acquisition." Jim Hughes said again.
"Mr. Miller, since the situation is like this, I think you should take a step back? If you were really capable, you wouldn't have let Disney get to where it is today, and no one would come to acquire it." Coal Union The representative said in a calm tone that they actually didn't want to make it too complicated. It would be better to just take the money and leave.
"I know that Disney made a lot of mistakes in the past ten years, but since Disney's stock price has fallen a lot today, even if you sell it at a premium at this time, you will still lose money relatively speaking. It is better to wait. The U.S. economy is now It is also getting better, and I think Disney can also get back on its feet." Faced with the culture of several major shareholders, Ron Miller could only say moderately.
"It's better to lose some money than to lose nothing." Another major shareholder said: "Disney's problem today is not that the U.S. economy is not good, but that it has no direction at all. The Mickey Mouse brand is no longer recognized by young people. Disneyland requires hundreds of millions of dollars in maintenance costs and hundreds of millions in various labor and program expenses every year, but the number of people entering the park every year is getting smaller and smaller. This has nothing to do with the oil crisis. This was already the case 73 years ago. The two-year oil price crisis has ended and it has not improved. Don’t blame it entirely on the environment. There are many people in other parks.
As for your next hope of making a movie and entering Hollywood, you have spent hundreds of millions of dollars in the past ten years, but nothing has been produced. I will not talk about the past. Can you tell me a direction in which Disney can develop again in the future? "
"." Several Disney families who were unable to answer the question looked a little embarrassed, but Jim Hughes on the side saw a glimmer of hope. As long as they provoke shareholders, this group of management actually had no choice. Disney originally When Walt took it into his hands, too many shares were diluted in order to develop rapidly, especially the construction of two large parks. Today, the Disney family's shares account for only a small proportion.
"Like this, Mr. Miller." The representative of the coal union said: "You said that your Disney family is confident that you can run the company well, so let's make a bet. If this acquisition fails because of you, can we aim for three years? , Disney’s stock price rises by 50%. If it cannot be reached, we will set a limit, just US$300 million, and your family needs to compensate our shareholders."
"How is this possible? It's totally unreasonable," said a Disney family member.
"It seems that you don't have enough confidence in yourself." The representative of the coal union said with a smile: "In this case, then we will hold a shareholders' meeting and let it be based on shares."
Jim Hughes was satisfied and then said: "It's good that the shareholders' meeting agrees, but our requirements will not change."
"Don't worry, if the shareholders' meeting passes it, anyone who objects will be removed." The representative of the coal union looked at the Disney family members arrogantly, and his meaning was already obvious.
Ron Miller also frowned. In the past, when the company was operating normally, even if the performance was poor or even losing money, the convening of the shareholders' meeting would not have any impact, because oil shareholders had no choice. Even if they wanted to remove the current management, Who are you going to find?
Several major shareholders are from large foundations, and they only care about profits and will not intervene in management. But now that someone is acquiring it, these people have no choice but to get a large amount of cash immediately, and the management will be useless.
Two days later, in a Rolls-Royce, Jim Hughes took out an envelope and said to the people around him: "Mr. Andlin, thank you for promoting Disney's shareholder meeting before. This is our little thought."
"Thank you." Andlin said with a smile: "Actually, I did what I was supposed to do. Our coal union also urgently needs a sum of funds, and the current Disney Group is completely controlled by a group of wastes. It is not good for us. "It's in our best interest to sell Disney."
After finishing speaking, he opened the envelope and found a check inside. After seeing the 6 digits on it, he smiled with satisfaction.
"It doesn't matter, everyone gets what he needs is the best, but the coal union is the coal union, you are you, aren't you?" Jim Hughes said with a smile.
(End of chapter)
