Reborn in 2010, the AI in my mind is too powerful.
Chapter 260 Apple Board Meetings
A few days after the Oracle conference, the doctor called to remind Chen Yiran to take Olson to the hospital.
Because Olsen is already 11 weeks pregnant, it is the optimal window for NIPT.
When it comes to children, Chen Yiran certainly wouldn't be negligent. The next day, she took Olson to Lucille Packard Children's Hospital.
The process was simpler this time than last time. The nurse drew my blood in the VIP blood collection room and did a quick ultrasound scan, and that was it.
The doctor also explained the technique to the two of them very carefully.
"In 1997, a professor in Hong Kong named Dennis Lo discovered fetal cell-free DNA in the blood of pregnant women, and it was commercialized in the United States last year. We only need to analyze the fetal DNA in your blood to check if there is an extra copy of chromosomes 13, 18, and 21. The detection rate is over 99%, and the false positive rate is less than one in a thousand."
Olsen asked somewhat nervously, "How long will it take to get the results?"
"It will take 7 to 10 business days. Don't worry, we will notify you as soon as the results are available."
After returning home, Olsen became a little nervous, perhaps due to hormonal changes caused by pregnancy. She started to worry about the baby's health and often stared blankly at her phone, waiting for a call from the hospital.
Fortunately, her two older sisters often come to visit her, almost always taking turns traveling between New York, Los Angeles, and Silicon Valley.
Mary-Kate brought a whole suitcase full of The Row's new maternity clothes, which were made to look exactly like her sister's. Ashley, on the other hand, was keen on teaching Olsen prenatal yoga in the living room.
Finally, on the afternoon of the eighth day, news came from the hospital.
"Mr. Chen, hello. The NIPT results are in. Chromosomes 13, 18, and 21 are all negative, and the risk value for trisomy is below 1/10000. The proportion of cell-free fetal DNA is 8.7%, which is very good data quality. Also, would you like to know the sex?"
Chen Yiran hesitated for a moment, then said, "I'll tell you anyway."
"A Y chromosome was detected; it's a boy."
Chen Yiran was a little disappointed; he had actually hoped his first child would be a sweet little girl.
He came out of the study and saw Olson playing with Pidan on the living room sofa. Both of them looked up at him at the same time.
"Everything's fine. Now, would you like to know the baby's gender?"
"No, no!"
Chen Yiran felt that Olsen couldn't resist his curiosity, and sure enough, not long after, Olsen came over and asked with a frown, "Hey, my sisters and my parents really want to know if it's a boy or a girl, can you tell me?"
Chen Yiran reached out and tapped the egg lying at Olsen's feet a few times.
Olsen's eyes lit up, and he quickly took out his phone to start notifying everyone.
After a while, Chen Yiran waited until 8 p.m. in Beijing, then quickly made a video call to her parents to tell them that her grandson was on his way.
A week later, Apple's board meeting was held at headquarters.
Chen Yiran was originally too lazy to go and hoped to just have a video conference instead.
However, this was the first time Cook had presided over a board vote on an acquisition since taking office, and all the directors were very accommodating and came to Silicon Valley.
It's worth noting that not all of Apple's board members live in Silicon Valley. Bob Eagle lives in Los Angeles, Millard Drexler of J.Crew, and Andrea Jung of Avon live even further away in New York.
They've all arrived, and Chen Yiran felt that not going would be detrimental to unity.
The administration building has a dedicated boardroom with a long, light-colored oak table and assigned seating.
Chen Yiran naturally inherited the seat that Steve Jobs had sat in, while Ellison added a chair next to him.
Chairman Levinson announced the start of the meeting and began the meeting proceedings, while Apple's General Counsel Bruce Sewell began taking meeting minutes.
He began counting the number of people very carefully to confirm the quorum for the meeting.
Apple's bylaws stipulate that a majority of the board members must be present for a vote to be taken, and all nine directors were present this time, thus fulfilling the quorum requirement.
The second item was the main point, and Cook didn't speak first, giving Goldman Sachs his turn.
As Apple's independent financial advisor, Goldman Sachs' team sent all the materials to each board member a week in advance.
The PowerPoint presentation on the screen only had five slides.
Page 1, Disney's financial snapshot as of Q3 2012: market capitalization of $786 billion, annual revenue of approximately $42 billion, EBITDA of approximately $11 billion, and debt ratio of 35%.
On page two, the merger plan is designed: Apple will exchange 0.15 shares for 1 share of Disney, with a total consideration of approximately $1120 billion, of which 30% will be paid in cash ($340 billion) and 70% in newly issued shares. Apple has over $1200 billion in cash on hand, so there is absolutely no pressure on its cash reserves.
Page 3, Synergy Estimation: The merger will improve the efficiency of streaming media and content licensing, saving approximately 800 million to 1 billion in annual costs. The combination of Apple's global hardware distribution channels and Disney's IP can generate an additional 15 billion to 2 billion in incremental revenue.
Page 4, Independent and Fair Opinion: Goldman Sachs has demonstrated that the $112 billion consideration is fair from a financial perspective.
Page 5, Antitrust Forecast: Apple and Disney do not overlap in the horizontal market. The legal teams of the US FTC and the EU have each given a preliminary assessment, and there are currently no substantial obstacles.
After Goldman Sachs finished speaking, Iger, a senior executive from both companies, added: "As everyone knows, Disney has acquired Lucasfilm, and the official handover will take place the day after tomorrow. The Star Wars rights and Industrial Light & Magic's special effects team will be merged into Apple along with Disney."
Then the discussion began, which was also very formulaic. In fact, everyone had already discussed all the issues. The purpose of the discussion was simply to ensure that there was something to write about in the meeting, so that it wouldn't seem like the board of directors was doing nothing.
Gore spoke first, expressing concern about the independence of ABC's news editors after the merger, and asking Iger if he could guarantee that the news department would not be influenced by the company's commercial interests after the merger.
"ABC News has an editorial charter that has existed since the Metropolitan/ABC merger era, and we will not give anyone any leverage over this."
Drexler was asking about the capital expenditure of Disneyland. Paris and Shanghai Disneyland are still under construction; will Apple continue to invest those billions after the merger?
"The return on investment in Paris is already positive, and the Shanghai park is expected to open in 2015 without interruption."
Andrea Chung asked about the impact of the Apple-Disney merger on Netflix. Apple already has a controlling stake in Netflix, so will this merger face questions about content platform monopoly?
Sewell continued, "Netflix and Disney have very little overlap in their businesses. Netflix mainly licenses third-party content, while Disney produces its own content. Under the current legal framework, this does not constitute vertical restriction of competition."
The discussion lasted for about thirty minutes, and everyone basically acted out the script.
This is Apple under Steve Jobs' rule, because the experience of being kicked out of his own company last time was too painful.
Therefore, he is very dedicated to the current board of directors, which consists entirely of his staunch allies who unconditionally trust Jobs. Now, this trust has been inherited by Chen Yiran.
The advantage is that such a board of directors makes the company's power very centralized, making it very easy to implement various things.
The downside is that if Jobs, or rather Chen Yiran now, were an incompetent person, the company could collapse in just a few years.
Finally, after everyone had spoken, Levinson concluded: "If there are no further questions, I propose that Apple acquire all outstanding shares of The Walt Disney Company through a stock-for-cash deal, for a total consideration of approximately $1120 billion."
For detailed terms, please refer to Appendix A of the meeting materials. Now, let's vote. I'll go first; I agree.
Bob Eagle: "Agreed."
Al Gore: "Agreed."
Millard Drexler: "Agreed."
Chung Bin-Hsien: "Agreed."
Ronald Sugar: "Agreed."
Bill Campbell: "Agreed."
Ellison nodded. "Agreed."
Chen Yiran also raised her hand: "I agree too."
Levinson slammed his fist on the table: "Unanimously approved. I declare the resolution in effect. Mr. Sewell, please prepare your 8-K filing with the SEC. Mr. Cook, you and Mr. Eagle will jointly draft the transaction announcement. Ladies and gentlemen, this is the largest transaction in Apple's history. Thank you all for your time and judgment."
After the meeting ended, everyone stayed and looked at Chen Yiran, as if they needed him to say something.
Chen Yiran thought for a moment and said, "We won't stop. We will acquire Warner next year. We will make long-term plans for content."
Then, I believe that after this Disney deal is completed, Apple will definitely reach a market capitalization of one trillion US dollars within the year, and we will become the first trillion-dollar company in the United States!
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