It's a terrible thing to fall into the pit and continue to lose money, just like many of Mr. Tamar's shops make seafood jars, and fall into the big pit dug by Ali without knowing it. At this point, the negotiators created by Chu Yuanxi became very lively, rational and objective. They considered not only for themselves, but also the interests of their partners. Even if it's not optimal, never dig a hole.

In M & A, we are not afraid of price differences, but of innumerable dark pits. The larger the volume, the easier it is to have dark pits. So barman game is a very good acquisition target, because the transparency is very high, it is not easy to have a pit.

Lao Fan was very happy with his decision to jump out of the pit. He only heard Chu Yuanxi say, "the price is 34 billion."

"You put in four billion with all this effort?" Lao Fan is confused. Although their starting price is not low at 30 billion yuan, there is a counter-offer when there is an offer. Normally, it's normal to increase the price by more than 10%. In other words, when there is no small game IP plan in the Ba people's game, the number of 340 is not impossible to talk about, it's just not easy to talk about.

What's more, 34 billion is really high for an unlisted company. Jack has to come out to talk about it as usual, but now it's a special time. Jack just retired, and xiaoyaozi didn't want to move around when he took office.

However, in the case of high score or low score, if we can promote the independent split listing or package it in Lingxi, we can basically make a steady profit without losing money. We can also get the assets, IP and gene of Ba Ren game.

Chu Yuan could not help sighing: "it seems that I lost money. You make it. You make it. But I still have some business conditions. Let's wait for the business manager to come up with something. " In fact, his way of accounting is more rational. If Ali had promised since August, that would be less than 340 yuan. But after a few months, the game company still has more than 700 million yuan a month.

The inevitable thing before M & A is that barman game must carry out a round of important dividends, and the target of M & A cannot contain cash.

Old fan Xin said that he really made a profit. He had to catch this shit quickly. He immediately called the business managers back, and then the business of both sides reported to his boss.

Before the negotiation on chuyuanxi's side, he gave the opportunity to each other. They all acted according to the circumstances. Instead, the business on Laofan's side broke up with each other, so they reported more.

Soon, Lao Fan frowned and asked, "that The IP that DreamWorks cooperates with you, the enemy of Rome, doesn't come in? I thought it was in there, too. "

"Oh, you know that IP? That obviously doesn't have to be installed. Can it still be this price if it is installed? Besides, the value of that IP is far from the top, and the overseas we media accounts have not been developed yet. Even if we want to sell it, it's not now. " Chuyuan Xi looks ruddy, "this form of cooperation, the full copyright left in the hands of, the country's only two cases, only two occurred in the company, we do not leave one ah? What we sell you is Ba people's game, not Ba people's copyright.... "

Then Chu Yuan Xi patted uncle's shoulder, "Ba people's copyright is here. Look at this one with thick eyebrows and big eyes. How much does it cost? "

Uncle Sheng had to laugh.

Old fan found no words, Chu Yuan Xi has been so kind, no reason to ask too much. Although there was a rumor that "enemies of Rome" also wanted to develop games, as far as the status quo is concerned, it is not a matter of influence. Even if there is a film, it's useless, because after the sale of Ba people's game, Ba people's group still has to continue to develop the game. Last time, it was PK.

And before this meeting, we have reached a preliminary consensus through network communication, which can't be stopped. First of all, it's useless to stop it. Second, Chu Yuanxi doesn't have the heart to play word games, and he has a strong sense. If we insist, we don't need to talk about it. We don't have to sell it.

Therefore, this business negotiation is mainly about what Ba people group needs to avoid when both sides play games. As the party who sells for cash, it must have the obligation to avoid.

In this respect, there is no entanglement in Ba people's side. Big entertainment proposes to avoid small games. Ba people's business, which has been prepared for a long time, immediately proposes that Ba people group agrees not to develop new small games in the next two years.

Two years is still a little short, but it's acceptable. However, Ba Renming has now developed four small games, corresponding to three IPS. However, in the business negotiation, it is clearly proposed to retain the upcoming online "no way, HunJun". IP and game assets should stay in Ba Renming group.

In other words, the actual condition is that no small game will be developed after "no way to fool the king".

"Ah, that's strange. Why are you doing this?" Lao Fan thinks it's a bit out of the ordinary. I've never heard of this IP before, because it's not online yet.

"Because Because you ask us to avoid the whole type of small games, including all placement games, wechat games and operation type light games and so on. " Chu Yuan Xi said helplessly.

"What does it matter?"

"Yes, we've given you the whole book out of the mountains in troubled times. We won't let us continue to use it, will we? "Animal company" also gave you, and then you also cut off the way of our little game to make IP, and we have to avoid it for two years. Then we reserve the right to continue to develop the game. What can we do?There must be something to do, right? We also have difficulties. It's just that "no way to fool the king" hasn't been launched yet. Just keep this. Otherwise, don't give way. Everyone depends on their ability. Then we'll give you this. It's simple and refreshing. What do you think? Or "gone with the wind" is still for us to use

Old fan Xin said that's not so good! What's the matter with you or with me?

"Then agree." He looked back at the businessmen and asked, "is there no question of principle?"

There was no question of principle on his side, but chuyuanxi did. Chu Yuanxi and other business people left, continued to discuss the details of cooperation, and then showed a honey smile to old fan: "Mr. Fan, I still have a heartless invitation."

"Come on, what's the matter?"

"The manager of Ba Ren game is Zhao Jie, my brother. I'll help him to find out what his position is after he's gone."

"What do you mean, just say it?" Old fan Xin said, how can we position ourselves? Isn't there only a few forms of M & A in this aspect?

"No, Zhao Jie didn't take the shares of Ba Ren game. This company is a wholly-owned subsidiary. All of them take the shares and options of Ba Ren group."

"Damn it!"

Old fan almost vomited blood, never thought Chu Yuan Xi actually so manage the company? This is a big problem, and it is not applicable to any general method at all.

Of course, there is also a way, which is to give Zhao Jie and other backbone new incentives at the same time of trading. The problem is, thanks!

If it is assumed that the top and bottom employees of barman game originally hold 10% options of barman game, how much will be paid to barman group after Ali's merger and acquisition? 30.6 billion, because 340 is the total price.

This part of the option is settled in five years. Even if the Ba Ren game has changed its owner, the employees still have to work hard for more than four years to gradually realize it. So the money must be left in Ali's account. It's impossible to give the entire 34 billion yuan to the Ba people group. Otherwise, Chu Yuanxi will give money to Ali's employees in the next four years. It's a complete mess.

But it's not right now. The new incentives must be for entertainment. Isn't this a disguised price increase?

"Oh, no!" Lao Fan suddenly exclaimed, "if we don't give Zhao Jie managers and incentives, how can Zhao Jie's options in Ba Ren group be realized? You can't blackout the option of his parent company just because he came to us after selling his subsidiary, can you

"Certainly not."

"Then you don't make money like this." Old fan doesn't understand it any more. If Ali can't blackmail the options of the parent company, assuming that Ali fully accepts this condition, of course, Ali needs to offer an extra incentive, while Ba Ren still has to undertake the fulfillment of the options of the parent company. It's only the employees who benefit from the realization of the old options. Isn't it a good idea to get Ali's new incentive? Can't chuyuanxi be so stupid?

"That's why I asked you about his position." Chuyuan Xi excitedly rubbed his hands, "other brothers take less options, I mean to negotiate with them. Zhao Jie has too many options. It's too troublesome to negotiate.

If you have to ask him over there, I'll discuss with him how to exchange his options of Ba people group for Ba people game. But it's hard. We have to talk about it again. If you don't have it, it's over to let him stay in the Ba group. I'll be simple. I don't think you are particularly entangled in this aspect when you do M & A. just hand it over and make it convenient for me. "

Old fan Xin said, why don't we tangle? We just don't absorb it. It's necessary to do a good job of handover. After the handover, it's easy to close and disperse!

However, considering that chuyuanxi was so easy to talk before, his face was strange, "you, leave him, in order to let him do a game company again?"

Seeing Lao Fan's "Why are you so smart?" expression, Chuyuan Xi could not help but smile, "no, no, in fact, I have other candidates. Zhao Jie, I left him as a platform. In fact, he is a project manager. After I collectivized Ba Ren entertainment, I just collectivized the structure. I made clear the relationship and performance between them, which is convenient for me to manage. There is no change in people.

Zhao Jie has always been a project manager, but his title is CEO. I actually built the internal structure of the branch company. I had to build the reconstruction. He didn't know how to do it. He just maintained a daily operation. Moreover, Zhao Jie has been working on stupid bird flying recently. As a result, he went online and went to the streets. In fact, staying in Ba people doesn't affect the handover. Wang Le has completely held his residence. Now Wang Le knows more about the project "out of the mountains in troubled times" than he does

Wang Le used to be the production manager of out of the mountains in troubled times. After the company reorganization, he became the project manager of this project, because Yu Wenhui, the original project manager, was pulled out by Chu Yuanxi.

"It's not for our family." Lao fan can't retreat without principle on the issue of principle, but considering the particularity of Zhao Jie, he thought about it and said: "Zhao Jie's arrangement depends on you, but you have to replace some of the options of other employees into the Ba Ren game as the future incentive plan, otherwise we will be too passive."

If Chu Yuan Xi doesn't replace, Niu Qi makes a mistake and cashes out the brothers' options, where is Ali passive? From the perspective of enterprises, what we can see is that these new employees who are acquired suddenly get a large amount of cash, which is not issued by them. So the question is, how big is the new incentive set to satisfy these people's appetite? More, not in line with their actual value, less people look down on.That's why Lao Fan is so upset.

Similar requirements are expected by Chu Yuanxi. It's strange that old fan doesn't mention them. In the end, he can't explain them when he goes back. Price and terms are two different things. The price can be negotiated, and it's impossible for Da Wen Yu to sign the terms of humiliation.

So he took out his long prepared plan: "I've thought about this, or I can cash half of it. In fact, it's not much. It's far from financial freedom."

"OK, let's let the business talk about a condition, but can you push it on?" Lao Fan feels that it's cheap anyway. It's just a small matter. Ali is a big Mac who dreams of spreading to the cultural field. "Out of the mountains in troubled times" is the most important thing. It's the 3 of 340 instead of the 4. What's more, it's true that we don't need Zhao Jie in Ali's tone. To some extent, Zhao Jie's job vacancy is more convenient to operate.

"Don't worry. They are all brothers. What can't be said? It's just about how to talk. " Chuyuan Xi said with a smile on his face.

Looking at chuyuanxi's heartfelt and heartfelt smile, uncle Sheng sits behind him, thinking: if the enterprise plays hooligans, the employees can't stand it

As a result, he soon witnessed an epic M & a plan, but the transaction will not start immediately, and there are a series of procedures and processes such as the full adjustment. Because the amount is huge, it also involves a lot, especially some of the we media accounts belonging to Ba Ren game are involved in wechat, which may cause more sensitive problems, so the business 24 of both sides continue to PK, in order to draw up TS as soon as possible.

TermSheet doesn't have legal effect, but if you don't sign ts, barman game won't unlock my core data for the acquirer. Do you want to see my core data with only one acquisition intention? That doesn't exist.

Therefore, on the 24th, the legal affairs of both parties will be involved to pre examine some contract terms that may be signed in the future, determine the framework, and see if there are dark pits in it, so as to speed up the progress.

After the big frame is determined, it can't change. This speed is in line with Chu Yuanxi's expectation. It's in order to quickly determine the frame that he gives the green light, otherwise he won't be able to catch up with the online version of "no way, faint king".

In the end, because both sides intend to complete the transaction quickly, the largest non-public M & A in China in 2019 is determined to sign ts on the double 11 day, so that Ali can start to do its best as soon as possible.

The deal is certainly not expected to close earlier than December. In this way, just in time for the film and TV series "out of the mountains in troubled times" to go online, Ba people can stand on the last post and fulfill their responsibilities to all partners. In addition, it is also necessary to set aside time for Ba people to collect money from Knight code treasure and channels.

Soon, the news that Ba Ren group and Ali discussed large-scale merger and acquisition spread like wildfire, bringing Chuyuan Xi to the focus.

The specific amount of money has not been disclosed, because only Lao Fan, Chu Yuan Xi and Sheng Shu know exactly the figure of 340. The executives of other businesses and the two companies have not been informed, and they do not need a specific price when negotiating the terms of cooperation.

But just because of this, with the relatively transparent income scale of Ba Ren game, through the market value distribution of benchmarking enterprises in the open market, people who eat melon will only estimate at a high level, 60 billion, 80 billion, 100 billion. Some people even boast that it is even more outrageous. For a time, "Uncle" flies wildly, and the high price can frighten Chuyuan to jump up. How can I not know that Ba Ren game can sell so much money What about it?

In fact, this is an extremely absurd way of valuation, which is not in line with commercial logic. But unfortunately, finance is a very professional field. Most people who don't understand it can't even judge the market position and value changes of listed companies. Don't they think it's just going to the market? What's the difference between an enterprise and that one?

The problem is that for the vast majority of enterprises, listing is like a chicken changing into a Phoenix, and the value is certainly different. The valuation in the middle and late stages is usually a summary of the current enterprise information and market information, while the stock price contains the metaphysical expectation for the future.

Only a few unicorns in the true sense, the kind that is expected to dominate the track, can enjoy the high premium of unlisted. But this premium is extremely dangerous, because companies that can enjoy the aura of the industry are bound to grow rapidly, and they have to face the biggest problem of entrepreneurship, that is, the problem of whether to bring the same growth rate or not to develop at the same speed. Usually, the business expansion speed of the enterprise is too fast, but the organization can't keep up with it.

Many star start-ups fall at this juncture. No matter how they step forward, they are heroes. In the future, we will have to face the same problems when we speed up the well-off society. Once we have experienced it, we should think of a solution in advance, which is the biggest bonus of chuyuanxi crossing.

As for monsters like Huawei, it is rare for them to endure not being listed for decades and to become the king without a crown. There are special conditions. People can't envy it.

In short, there is a big difference between listing and non listing, which is the difference of valuation center.

There is such a misunderstanding in the public perception. Of course, chuyuanxi has to be in the limelight. Although several other co founders have also been mentioned, chuyuanxi is the real controller who dominates the transaction.

As a result, posts like "Ba Ren entertainment promised that we would never cut leeks, so they sold leeks" frequently appeared in various media, and there was a surge of messages under Ba Ren Entertainment's microblog account.There must be someone with rhythm, and there are many fierce people in microblog messages, but chuyuanxi is not in the mood to investigate now. Lu Yu is busy putting out all kinds of fires. After entering the Ba people, he has been very good at regulating public opinion.

Chuyuanxi also has a lot of sadness when he looks at these posts and messages. It seems that the players are quite satisfied with the game operation of Ba people, because they don't want to see this kind of transaction because they are satisfied, so they feel betrayed.