Chapter 330: The Decision Later

Michael Reyes and his team arrived at the Cherry Mobile headquarters in Manila promptly at 10 a.m. The white Toyota Alphard pulled up to the front entrance, and Michael stepped out, followed by Bridget, Juliet, and Antoinette. The building, once a bustling hive of activity, now had an air of quiet desperation about it.

The Cherry Mobile logo, once a symbol of innovation and affordability, seemed faded, almost forlorn.

As they entered the lobby, they were greeted by a receptionist who led them to the elevator. The ride up to the executive floor was filled with a tense silence. Michael could sense the anticipation and nervousness in his team. This meeting was crucial, not just for Cherry Mobile, but for their ambitious plans as well.

When the elevator doors opened, Anna was waiting to greet them. "Good morning, Mr. Reyes, and team. Mr. Ngu is expecting you. Please follow me."

They were led down a corridor adorned with photographs and memorabilia of Cherry Mobile's glory days. The images of store launches, product unveilings, and team celebrations stood in stark contrast to the current state of the company. Anna knocked gently on the door to Maynard Ngu's office before opening it.

"Mr. Ngu, Mr. Reyes and his team are here."

Maynard stood up from behind his desk, looking slightly worn but still maintaining a professional demeanor. "Good morning, Mr. Reyes, and team. Please, have a seat."

Michael extended his hand as he approached Maynard. "Good morning, Mr. Ngu. Thank you for meeting with us. Now I have to introduce to you my Chief of Staff, Juliet Schmidt, my COO Bridget von Reimann, and CFO Antoneitte Estolas. As you can see, the biggest officials in the Reyes Corporation are here to demonstrate just how serious we are about this acquisition."

Maynard shook hands with each member of Michael's team, appreciating their professionalism and the clear display of commitment.

"It's a pleasure to meet all of you," he said, gesturing for them to sit.

Once everyone was seated, Michael began. "Mr. Ngu, we've done a thorough analysis of Cherry Mobile's current situation. While the challenges are significant, we believe that with the right infusion of technology, capital, and strategic direction, Cherry Mobile can not only recover but thrive.

"Thank you all for coming on such short notice," Maynard began as the meeting started. "I've called this meeting to discuss a significant proposal we've received from Reyes Corporation. They are interested in acquiring Cherry Mobile and have presented a detailed plan for revitalizing our company."

"Our company? It will be their company if we sell," Mr. Tan, one of the board members, interjected, his tone skeptical.

Maynard nodded, understanding the concern. "Yes, technically it will be their company, but we have to look at the bigger picture. Reyes Corporation is offering us ₱5.5 billion, which is above our current valuation. They also propose a comprehensive plan to integrate their advanced technology into our products and address our quality control issues."

Another board member leaned forward. "What exactly does their proposal entail, Maynard?"

Maynard handed out copies of the proposal to each board member. "Here are the details. They plan to invest heavily in R&D, enhance our product line with their cutting-edge technology, and maintain our workforce. They also offer me a five-year contract with a salary of ₱30 million per year to stay on as CEO to ensure a smooth transition."

The board members began reading through the proposal, the room filled with the sound of flipping pages and occasional murmurs of surprise or concern.

"This sounds promising, but why would Reyes Corporation want to invest in a struggling company like ours?"

"Michael Reyes, the CEO, sees potential in Cherry Mobile. He believes that with their resources and our established brand and distribution network, we can overcome our current challenges and become competitive again."

"This could be the lifeline we need. But what about our employees? Will they be taken care of?"

"They've assured us that the existing workforce will be retained and provided with opportunities for growth and development," Maynard answered. "Their goal is to build on our strengths and address our weaknesses."

The discussion continued, with board members raising various concerns and questions. Maynard addressed them as best he could, emphasizing the potential benefits and the thoroughness of Reyes Corporation's proposal.

After nearly two hours of deliberation, the board decided to accept Mr. Reyes's offer.