Top of the Great Era

Chapter 2207 The higher the purchase price, the better the deal

Entering March, Wu Yu also returned to the Northeast.

She is now mainly engaged in the football blind box business. The busiest period is the winter and summer stages, which coincide with the two transfer windows in football.

Now that I'm done, I'm going home.

During the day, Zhou Buqi and her dressed up in disguise, just like when they first fell in love, and went for a walk on the campus of Jida South School together. The disadvantage is that the northeast is still too cold in March.

In the evening, Zhou Buqi had to deal with some transnational business as usual.

Don Mattrick sent back news, which is good news, "I have contacted several important investment institutions of take-two, as long as the price is right, they are all willing to sell, the only requirement is that only Stock exchange, no one wants cash."

Zhou Buqi smiled, "It's understandable."

Now is the low period of the game industry. It is really not cost-effective to sell the company at this time.But the stock trading is different. It is to exchange the shares of Take-Two for the shares of Changyou, which is very promising.

Mattrick said: "However, the opinions of the board of directors do not seem to be unified."

"Ah?" Zhou Buqi was a little surprised, "Not for sale? Isn't it? Hasn't take-two been socialized long ago?"

For many companies, it's not just wealth, it's power.

Just like Sohu, Lao Zhang controls Sohu, not because of the wealth brought by Sohu.In fact, if he cede power and let someone else manage Sohu, maybe Sohu's stock price will be higher and he will be richer.

But what he values ​​is power, including Yahoo's Yang Zhiyuan.

Many companies are like this, and they are all in the hands of the founder. If the founder is not short of money, it is very difficult to acquire such a company.Because what the founder pursues is not wealth, but the power to hold the company.

After selling the company and getting the money, the power is gone.

For capital institutions, it is a completely different way of thinking. They don't care whether they have control over the company. The only purpose is to make money.

As long as you give money, if you can make money, you can sell it.Just like Henry, a veteran rich man, said, except for his wife and children, he can sell everything else.

There is another type of company that has been transformed into a socialized company.

Power is delegated to professional managers, who are responsible for all shareholders.Such a company will be easy to trade, without the "feelings" of the founder, and will not be affected by the emotion of "treating the company as a child".

This is also the reason why in the Yahoo case, the management tried every means to get rid of Yang Zhiyuan and his direct descendants.

These people are so attached to the company that they override their interests.

Take-two is not the same.

This is a very social company.

There is no emotional element, just money.

Since it is only about money, then for take-two, merging into Changyou should be the best choice at the moment.At least from the current point of view, the era of computer games has passed, and it is really difficult for take-two to complete the transformation by its own strength.

Merge with Changyou, all problems will be solved.

Don Mattrick said with a smile: "It's not about not selling. Shareholders, the board of directors, and executives have no disagreement on whether to sell or not. They all think it should be sold. This is a good opportunity. However, when selling There's a point of disagreement."

Zhou Buqi was a little surprised, "What do you mean? Executives rarely have confidence? Want to hold on for a while?"

Mattrick smiled and said: "Yes, that seems to be the meaning. The employer's intention is to merge with Changyou as soon as possible and complete the transaction. The sooner the better. However, take-two will launch several new games in the next few months. The executives believe that the company’s performance should be very good. Sell the take-two now, the stock price is too underestimated. If you re-trade in half a year, you may be able to sell at a higher price.”

Zhou Buqi felt that the other party's trading strategy was simply absurd, "What about the board of directors? The board of directors approves the opinions of the executives?"

Mattrick said: "It seems so, but several major shareholders of the management are negotiating with them."

Zhou Buqi said with emotion: "The management is more reliable. Are the executives of take-two all from game producers? In terms of judging the general trend, they seem to lack accurate industry knowledge and self-awareness. .”

Mattrick smiled, "Almost, otherwise Take-Two has been flourishing in the computer game industry for so many years, but has never set foot in social games and mobile games."

Zhou Buzheng said in a deep voice: "After the acquisition of take-two is completed, the executives of take-two should let them do some things in the game business. Matters such as marketing, marketing, and capital operations are still a matter of course. Don't let them interfere, they don't seem to understand."

Patrick couldn't help laughing.

The take-two executives are unwilling to sell the company at this point in time because they are confident that they can sell it at a higher price after half a year.

This is of course true.

But they overlooked one point.

It is Boss Zhou who is more confident!
Half a year later, take-two's share price has soared... Where is Changyou?Changyou is the game company that is truly stepping on the trend of the times, and has already reached cooperation with the Japanese game industry.

Changyou's share price will only rise faster!
Now, the market value of Changyou is 226 billion US dollars, and the market value of take-two is 18 billion US dollars.If the transaction is completed at a price of US$18 billion, Changyou will need to dilute about 8% of its stock.

Half a year later, take-two's stock price has risen, and its market value has reached 22 billion US dollars.The two parties settled the deal at a price of US$22 billion... At first glance, take-two is taking advantage.

Don't forget, now is the low period of the game, and Changyou is also in the low period.

After half a year of recovery, Changyou's recovery will only be faster.

At that time, the market value of Changyou might have risen to 300 billion US dollars.

At that time, Changyou only needs to dilute 7% of its shares to complete the transaction.

On the surface, the turnover of take-two is higher.In fact, Changyou paid even less for the deal.The longer the transaction is delayed, the better it will be for Changyou!

This is the magic of capital operation.

Zhou Buqi had experienced it in the previous case of Asda's acquisition of Motorola.Asda apparently paid Google more to buy Motorola, but actually paid less.

Similar routines are better played by Americans.

Mattrick explained this, "I think the reasons given by the executives may be all excuses, mainly due to the differences in interests with the management. I don't think the management of take-two will be unaware of Changyou. growth potential."

"Oh?" Zhou Buqi asked for further advice, "Is there other factors?"

Mattrick said: "For shareholders, in an M&A transaction, of course, the more Changyou shares they get, the better. What they care about is the long-term capital premium of the stock. For executives, although they are all Shareholders, but they have too few shares in their hands and are more concerned about trading bonuses.”

Zhou Buqi suddenly realized, "Proportional bonus!"

Mattrick said: "Yes, the higher the turnover, the higher the bonus they get. For the executives, the higher the turnover, the better. But this may not be in the interests of shareholders. At present, they are It's a quarrel, it's arguing."

This is the disadvantage of social companies managed by professional managers. Zhou Buqi was very emotional, "Anyway, as soon as possible, they will be greedy for small profits, we don't need it. Make a deal as soon as possible, and conduct business as soon as possible." Reorganization. The copyright of "Pro Evolution Football" has been negotiated, and the next step is to join the '2K' camp."

Mattrick said with a smile: "I think it's time to release the news that Changyou has reached cooperation with many Japanese game companies, such as Capcom, Konami and Nintendo. After the news is released, Changyou's stock price will definitely rise sharply. Then, Announced that Changyou will carry out similar cooperation with the South Korean game industry in the future. Shareholders of take-two will become more and more anxious.”

Zhou Buqi said bluntly: "Okay, then do this!"

Mattrick said: "Fifa, do you need me to deal with it?"

For this kind of thing, Chinese people are more reliable, so Zhou Buqi refused him, saying that he would let Ren Yuxin handle this matter with full authority.He has already contacted the Zheng family of Hyundai Group.

Fix FIFA, no problem!
Qatar spent money to bribe several senior officials of FIFA, and was even able to buy the right to host the World Cup. It also made FIFA make an exception for this and arranged the World Cup to be held in winter under huge controversy.

Of course, the consequences were also dire.

At that time, it was the United States and Canada that competed with Qatar for the right to host the World Cup. As a result, FIFA took Qatar's black oil money and blackened the United States.

The United States is angry.

how?
No one in the world can control those scum in world football?

Do evil?

It's really killing!

Then the FBI was sent to arrest several leaders in football, and the presidents of FIFA and UEFA were all imprisoned.

The trademark right of "FIFA" is just a trivial thing.

Operate casually behind the scenes.

Even if someone finds out, there will be nothing they can do, as long as they don't be as crazy as the secret collusion between FIFA and Qatar.

In a non-market environment, non-market means are the most reliable.

Even if the matter is settled like this.

At the end of the call, Mattrick remembered something again and said with a smile: "By the way, I almost forgot, congratulations to you!"

Zhou Buqi was slightly taken aback, "Congratulations?"

"You are the richest man in the world!"

"It's all rumors."

"It's not a rumor..." Mattrick is in New York at this time, and he can get close to the water, "The news just now was only released half an hour ago. "Forbes" magazine announced this year's list of the world's richest people. What do you think? Net assets of 734 billion US dollars, ranking first in the world!"

"I go!"

Zhou Buqi slapped his forehead.

Depend on!
What should come is still coming.

Now sit down!
(End of this chapter)