Media Tycoon since 1999

Chapter 284 4000 million, I want it!

On September 9, the autumnal equinox, 23 Renren started an internal test with tens of thousands of users.

In Shanghai, Gao Yang and his party continued to negotiate with Yingtai on the purchase of Foxmail.

It was still the same people who met yesterday, Zhu Yue and Zhang Xiaolong continued to accompany them.

After the opening remarks, continuing the same as yesterday, Yingtai insisted on transferring Boda as a whole, while Gao Yang and Jinyang naturally only considered the acquisition of foxmail.

The two sides held a stalemate for about half an hour, which was almost equivalent to talking with a duck.

Gao Yang decided to retreat and advance, and said to the president of Yingtai:
"Mr. He, we came here with sincerity, so there is no need to make such detours.

What 51.com values ​​is the product foxmail, the related brand and intellectual property rights, and the technical team. This fits well with 51.com's business and development direction.

We want to be a free email, but if we can’t negotiate, we can also develop it ourselves, but in terms of user traffic, we need to accumulate slowly.

Other aspects of Borda's business, including related assets, are not the direction 51.com wants to do, and they are meaningless to us.

Therefore, we can only accept the separate project of foxmail, including the technical team of the placement project.

Yingtai can quote directly according to our needs, and then we have the need to continue the discussion.

After Yingtai's transfer of foxmail, the related value-added income can also increase the performance of Yingtai's listed companies. In the current bear market environment, it can also drive the increase in the market value of Yingtai Education's stock.

We have carefully analyzed the financial reports of Yingtai Education in the past two or three years. Boda has not been well operated, and Foxmail itself has failed to drive Boda to produce relevant performance. This has actually dragged Yingtai Education.

Yingtai's transfer of foxmail can generate relevant investment income, and Boda's original business can still be promoted.

Such a transaction is beneficial to both of us..."

Mr. He of Yingtai saw Gao Yang's attitude. After thinking about it, he said, "How about this, Mr. Gao. Let's rest for 20 minutes, and then continue to discuss."

Gao Yang said: "Okay, then everyone have a rest."

The five people from Yingtai left the meeting room immediately, probably to discuss countermeasures.

The four of Gao Yang continued to stay in this conference room, drinking tea and chatting.

Gu Yawen smiled and said: "It seems that Mr. He's attitude has begun to loosen."

Gao Yang said: "As we deduced last night, Yingtai really wants to transfer Boda, because Boda has become a drag on Yingtai in the past two or three years.

The performance of Yingtai Education in the first half of this year is also not good. Now it is the trend of the second half of the stock bear market, and Yingtai's current stock price has also fallen a lot.

Since the acquisition of Foxmail, Boda has not invested much in itself except for manpower expenses.

Now Foxmail is transferred, and then we take over the entire technical team, Boda shrinks the business, and it can still be maintained.

Yingtai holds 70% of the equity of Boda. If Foxmail can be sold at a good price, Yingtai can also make a fortune, and is still satisfied. "

Jin Yang asked with a smile: "If the other party really makes an offer for Foxmail later, what is the bottom line you expect?"

Gao Yang thought about it: "No more than 4500 million, try to talk about 4000 million."

Jin Yang asked in surprise, "Is it too high?"

Gao Yangdao: "We have already discussed in Beijing, a client mail product with 500 million users, and it is the only product that can pose a certain threat to Outlook, plus a complete technical team, it can still be worth 4000 Ten thousand.

Otherwise, in 2000, Boda would not have spent 1200 million to buy Foxmail and the programmer Zhang Xiaolong. "

Shao Hanyun smiled and said, "Mr. Gao, why does it sound like this talent can also trade?"

Gao Yang said with a smile: "In principle, it can be said this way, because talents are very important, and programmers like Zhang Xiaolong are talents among talents.

For example, suppose we cannot acquire the product foxmail, but Zhang Xiaolong, a 21-member technical team, is willing to go with us.

Then each of us would spend 20 or even 30, for a total of 600 million. It would be a good deal to take them away. "

Jin Yang said happily: "Your assumption is not valid. If the entire technical team leaves, the value of Foxmail will be greatly reduced."

Gao Yang also laughed: "So, I guess, Mr. He is not discussing how to quote now, but he is probably asking Zhang Xiaolong's attitude towards this matter.

Even if Yingtai is unwilling to let go of Foxmail and insists on being tied to the whole Boda, there is hope for us to poach Zhang Xiaolong and bring a few technicians with us.

Mr. He should consider this possibility..."

After a while, Gao Yang had just smoked a cigarette, and five people from Yingtai's side came in again.

Yingtai Mr. He said: "Mr. Gao, we have discussed just now, and we can accept the plan of independently transferring the Foxmail project."

Gao Yang said: "Mr. He, how does Yingtai value the Foxmail project?"

Mr. He said: "The result of our discussion is that 5500 million is a relatively accurate valuation. This project is worth the price."

Gao Yang was delighted: "Mr. He, such an offer is too dishonest. Boda bought Foxmail for only 1200 million yuan. Four years later, the user growth rate is less than 4%. How could there be such a high price premium?"

Mr. He said: "Mr. Gao thinks the quotation is too high, so please make an offer."

Gao Yang said: "We believe that 3000 million is almost enough for a reasonable valuation."

Mr. He followed suit and was also happy: "Mr. Gao, when buying clothes in a clothing store, no one can bargain like you. Almost half of them can be cut off with one knife."

The two continued to haggle over the price, which was really the same as buying clothes or even vegetables at the vegetable market.

To put it bluntly, this is mainly a relatively mature Internet product with its own traffic and related intellectual property rights. There is no way to use the usual method of asset measurement in project acquisitions to objectively value it.

There is no need to invite a third-party agency to conduct asset evaluation and related due diligence.

Negotiate the price and sign the agreement.

In the end, Gao Yang counter-offered to 4000 million, and he refused to let go.

The opponent is biting at 4200 million and refuses to make any further concessions.

Gao Yang wanted to test the other party's patience, so he said: "Mr. He, 4000 million is also our final psychological bottom line. With this valuation, Yingtai already has a high investment return.

For the last 200 million, if Mr. He is not willing to give in, then there is nothing we can do.

There are more than a dozen investors in 51.com. Mr. Jin and I represent the highest valuation level that all investors have negotiated before, and it is also because this project is valuable to the future development of 51.com. "

After a stalemate for a while, seeing that Gao Yang did not seem to make any more concessions, Mr. He said: "Well, Mr. Gao, we also involve other shareholders, including foreign shareholders. Let's talk about this first today. Boda, too. We need to convene a meeting of all shareholders to discuss, and we will give an answer within this week."

Gao Yang said: "Okay, let's talk about this first today, we are also preparing to return to the capital, and wait for Mr. He's reply."

Afterwards, Gao Yang and his party left, and Zhang Xiaolong and Zhu Yue sent them downstairs.

Back at the hotel, Shao Hanyun started to book air tickets, Gu Yawen asked with a smile, "Didn't you say you can accept 4500 million?"

Gao Yang said: "To save 200 million, of course the most ideal."

Gu Yawen said again: "What if the other party still bites 4200 million and won't let go?"

Gao Yang said with a smile: "Then we will agree, it will take a long time. However, I guess Yingtai is likely to accept the 4000 million offer. Zhu Yue originally planned to withdraw, and Zhang Xiaolong also has the intention to cooperate with us. The so-called small foreign shareholders , can not affect Yingtai's decision."

In the afternoon, Gao Yang and the others returned to the capital.

After 9 pm on September 24th, after the stock market closed, Wu Ruohan was showing off to Gao Yang that she had successfully made a T of nearly 3 points today. Mr. He from Yingtai called and agreed to the 4 million offer.

The two followed up with discussions. On Monday, September 9, they formally discussed the relevant transfer text, resolved it within two days, and then formally signed the transfer agreement.

Then on September 9, the last working day before the National Day holiday, Yingtai needed to arrange for the listed company to issue an announcement.

Afterwards, Gao Yang went to inform Jin Yang that next Monday, he would lead the team, together with He Guangwen, to go to Shanghai to negotiate the transaction details and sign the agreement on behalf of 51.com.

In the evening, Gao Yang called Zhang Xiaolong again and asked about his wishes.

Zhang Xiaolong expressed his willingness to join 51.com, and will start to consult other members of the technical team tomorrow.

Gao Yang reported the situation to Jin Yang and He Guangwen. They will go to Shanghai next week and they will be in charge of communicating with Zhang Xiaolong's team.

At a price of 4000 million, taking down foxmail and adding a technical team like Zhang Xiaolong, Gao Yang also felt that it was worth it.

It can be regarded as rushing ahead of the goose factory and cutting off the beard.

According to Gao Yang's vision, the future development plan of the 51 series that has not been disclosed to Jin Yang and others, there will be a battle between the 51 series and the Goose Factory in the future, and it cannot be avoided.

In the past two days, Gao Yang also checked the information. In mid-June this year, Goose Factory was listed on the Hong Kong stock market. The issue price was 6 Hong Kong dollars per share. It issued 3.70 million shares and raised 4.2 billion Hong Kong dollars.

Now that Goose Factory has money in hand, the acquisition of Foxmail is naturally a trivial matter, but fortunately, it was preempted by itself.

Gao Yang couldn't remember exactly when Goose Factory bought Foxmail, let alone how much it cost.

Reasoningly speaking, it should not be far from the present time, because Goose Factory now has funds in hand, and the acquisition of foxmail is naturally in line with the current traffic value of this product.

Therefore, Gao Yang estimates that even if Goose Factory sells now, it is estimated that it will talk to Yingtai about the valuation of about 4000 million, and it may even be only high or not low.

Goose Factory is now a listed company, and looks like a wealthy man.

Gao Yang searched for the stock information of Goose Factory on the Internet. After searching for a long time, he found that Goose Factory had dropped below the issue price two or three times after its listing, and the current stock price is only around 3.80 Hong Kong dollars.

In the first half of this year, Hong Kong stocks also experienced a bear market with a decline of nearly -30%, but they have slowly recovered recently, and their performance is better than that of A shares.

The stock price of the current goose factory is indeed very cheap, and the Hong Kong stock market as a whole is also quite cheap.

Gao Yang even had the idea of ​​buying some Goose Factory stocks, but then denied himself.

The 51 series is destined to become rivals with the Goose Factory, so there is a high probability that the Goose Factory will not become the Goose Factory in memory again...

(End of this chapter)