Chapter 427： Poison pill

After the news that "cut-throat island" caused huge losses of 120 million US dollars, although the loss of Disney's belonging to it was only more than 70 million, the impact was 100 million more than the loss of Disney's summer file. The dollar is still violent. In just three days, Disney's share price has fallen by 11%, and the market value has shrunk rapidly from the $3.8 billion before the release of Cuttooth Island to 3.45 billion.

In the newspaper media, there have been many discussions and reflections on the pros and cons of the big film making, and a detailed comparative analysis of "cutting the throat" and "Terminator 2". The two films have a fiasco at the box office, a big one. Successful, the contrast is very clear.

As the discussion progressed, it gradually involved in the filming of more than 50 million US dollars in the past two years. Of course, it was also the "Tornado" that Eric was making and the "Captain Hawke" directed by Spielberg. Analysis, because both of them are the most successful commercial film directors in Hollywood in recent years, and the investment in these two films has exceeded 70 million US dollars.

At the box office of "Terminator 2" on the first weekend, Eric has completed all the shooting work of "Tornado". When I saw that the "cut throat" box office exceeded 20 million, Eric was very disappointed. The miracle 'has still not happened.

However, he did not have much surprise. The position of the original independent production company Carlock was far from being comparable to Disney, one of the seven big ones, and that Carol was jointly suppressed by the seven majors. "90 million investment only got the fierce situation of more than 9 million box office. Eric regrets that this loss of more than $120 million in this version of Cut-Rolled Island is not entirely borne by Disney. Otherwise, the acquisition of Disney will be smoother.

After the "Tornado" closed the mirror, Eric continued to spend a few days in Oklahoma to deal with some debris. I returned to Los Angeles with several masters.

In the distant city of Punk, Eric has already felt the public opinion in the media because of several movies in the summer. When the flight arrived in Los Angeles, Eric and Jeffrey, Joanna and others just left the airport and were Dozens of reporters waiting for a long time were stuck in the door of the pick-up hall.

Look at the flashing camera flash around and try to get past the bodyguard to reach your own tape recorder. Eric worried that the situation was out of control, and quickly pressed his hands and made a quiet gesture.

I was worried that Eric would leave and ask questions aloud. The group of reporters who were expecting a response quickly quieted down. Since Eric promised to answer their questions, there is no need to do so.

"Everyone. I can stay and answer some questions, but after a few hours of flight, my companions are very tired, can they let them leave first?"

I didn't expect Eric to suddenly talk about this, everyone looked at each other. Eric did not want to get a positive answer. He made a few gestures toward Jeffrey and others, and then signaled his bodyguard to open the crowd. The reporters watched Eric’s footsteps and did not move. Road.

Looking at Jeffrey and Joanna and others on the roadside car, Eric just clap his hands: "So..."

The reporters immediately remembered the messy voice.

"Stop, come one by one," Eric said. Pointed to a female reporter wearing a black suit: "This lady, come first."

The female reporter was so excited that she wanted to step forward, but she was stopped by the bodyguard. I had to scream through the wall: "Mr. Williams, the rumored script of "cutting the throat" is your first fancy. What do you think of this bleak box office that has invested over 100 million movies?"

Before Eric returned, he had already thought about the response to this problem. Of course, he could not admit that it was a pit. So I heard a female reporter's inquiry. Eric revealed a heavy look: "The Cutthroat Island was originally a very good idea. I also thought about making this movie a trilogy. Unfortunately, Disney went astray in the way of making it and ruined it. This is a promising story. I can only say sorry for this."

The Eric voice has not completely fallen. The female reporter immediately seized the opportunity and asked: "Can you talk about your production ideas?"

"Sorry, I am not convenient to disclose this question, the next one, this gentleman."

The named reporter immediately said: "Mr. Williams, since you have already conceived "cutting the throat", can you remake this series?"

"The failure of this film has given the audience a preconceived notion. Don't say remake of the film. Maybe within ten years, I estimate that within ten years, no one will dare to make a pirate."

"Do you even dare?"

Eric nodded: "Yes, I don't dare. The failure of "cutting the throat" is too thorough. It is too big for the island type movie. Although I am not afraid of failure, I don't want to experience failure so quickly, next, you."

A black-haired reporter staggered the tape recorder forward and said: "Mr. Williams, it seems that you have experienced a failure. It is said that the "Fighting Condor" series is a script that you personally selected and participated in the investment. ""

Eric’s mouth showed a smile and explained: “The first script of “The Fighting Condor” was indeed selected by me personally, and I also participated in some investment. But the second part has nothing to do with me, I don’t even have a script. I have seen this, you can go to investigate."

"Miss Connelly didn't show the script to you?" A thin reporter hurriedly inserted a sentence, and everyone's eyes suddenly lit up, looking forward to Eric's answer.

Of course, Eric knew that the problem was actually testing his relationship with Connelly. The smile on his face was the same, but there was no extra words. He replied directly: "No, the next one, come on. This is the last question, I am in a hurry."

The reporter just wanted to speak. Hearing the words of Eric, he swallowed the original question and asked after thinking: "Mr. Williams, Toy Story and Terminator 2 have once again achieved With such a bright result, will you get the firefly to go public?"

"No, the cash flow of fireflies is very abundant, so there is no need for listing financing. And after the listing. In order to maintain the stock price, in order to maintain investor confidence, fireflies may have to make some radical decisions that are contrary to the company's development strategy. It is very unfavorable for the company's development, so I still hope that the fireflies can develop more freely in an environment that is not interfered by outside investors."

Answer this question. Eric nodded to the crowd, and then crowded out the crowd with the support of a bodyguard. Although Eric answered a lot of questions, it was enough for these reporters to play a good report, so no one was desperately blocking. Eric quickly left the Los Angeles airport.

"Trilogy, huh, huh. At this point you haven't let go of the opportunity to add to Michael Eisner," the next day, Chris Hansen from New York said this when he saw Eric. He apparently saw an interview with Eric on the reporters yesterday.

Eric shook hands with Chris and walked side by side with the pointed manor house. Said: ""Throat Island" got a $20 million box office, which is a lot more than I thought. Of course, I have to take the opportunity to vent."

"The investment of 140 million yuan, I feel that the final box office of 20 million US dollars I feel a burst of cold, you are still too much."

"Unfortunately, the loss was taken over by Robert Shea," the two said, and they had already entered the villa.

The glass curtain wall of the Freedom City Linhai, Chris sat on the sofa and looked at the small bar Eric to personally brew coffee. Said: "You are still alone, do you not feel the space of this villa?"

Eric walked over with the coffee pot and poured coffee for the two. Said: "The habit is different, I like this feeling."

Chris took the coffee cup and looked at Eric. "I don't know if it is my illusion. Although I don't have much time with you, I feel that you and the world around you always have a film. You are very good at it. Getting along with others, the ability to treat people is far beyond the level of your age. But you are always like a little oil in the water, although the contact with water is very close, but you are not willing to get in."

Eric squatted and did not refute. Smiled: "Your intuition is really keen."

Hearing Eric’s understatement, Chris was a little surprised, but then he said: “Eric, this is not a good phenomenon, and may even lead to schizophrenia in the long run.”

"Amount, are you studying finance?"

“I have chosen psychology. Many students who study finance will take psychology, which will allow them to more thoroughly analyze the opponents or customers they encounter.”

"Forget it, Chris, let's talk about business, rest assured, I will never have any schizophrenia, but I don't know how to explain it to you."

Chris groaned and said, "Okay, but Eric, you have to know, everyone cares about you. My father, I, and Drew, and... your women, if you have If you want to talk, I believe that any of us is a very good listener."

How can one's own secrets confide with others, even if it is Druid's little Nizi, Eric can't imagine what it would be like if Shantou learned his secret.

When Chris finished this sentence, he immediately turned to the topic: "Okay, let's talk about the acquisition of Disney."

Said, Chris took out the information he brought with him and gave it to Eric. He said: "The latest stock market value of Disney today is 3.43 billion US dollars and the debt is 2.07 billion US dollars. So far, I have passed several companies. A total of 11% of Disney stocks were received with agents, with a total expenditure of $376 million, while Disney’s stock market share was only about 24%, so it’s time to absorb some of it. Disney’s board includes Michael Eisner. Individually, Disney will replace the board members every year through elections. If the offer is rejected, we can get two board seats through this year's change and the subsequent absorption of Disney stock, so that we can intervene in Disney management. ”

Eric said: "I still talk about the main obstacles to this acquisition, except for the money."

Chris showed a smile: "This is what I want to say the most. I have been surprised by some of the information I have collected. Disney experienced the hostile takeover in 1984. After losing more than $300 million, there was no long-term memory. The most common anti-acquisition poison pill agreement is not."

"Poison pills?" Eric showed a confused expression.

Chris thought about it, and then tried to explain with a simple statement: "The so-called poison pill is a kind of stock expansion agreement that the target company drafted in advance to prevent hostile takeovers. Once the company encounters a hostile takeover, the poison pill will be triggered. When the company's circulating stocks are acquired by a large number of competitors, the target company's shareholders can dilute the share of the competitors' stock purchases by issuing new shares. This way, the acquisition cost can be raised to a price level, like a poison pill. Similarly, the purchasers who want to annex the target company are discouraged. At least 2,000 listed companies in North America have a poison pill agreement, and to my surprise, Disney did not."

Eric listened to Chris’s explanation and smiled: “All in all, it’s good for us, isn’t it?”

"Of course," Chris then let go of another page of information, saying: "However, although Disney's performance in the past two years is relatively bleak, "cutting the throat" has brought such a big loss, but Disney is Michael after all. Eisner has brought it out of the muddy quagmire. In the past seven years, Disney has doubled the market value in the hands of Michael Eisner. At least half of the shareholders still have confidence in Michael Eisner. So the biggest problem with our acquisition is still the existing management of Disney."

Of course, Eric knows this. According to the piecemeal memory, Disney shareholders and Michael Eisner have a huge difference. It should be after 1996 that Michael Eisner has swallowed up the abc TV station, causing Disney in the following years. The ultra-high debt ratio and huge losses. Prior to this, although Michael Eisner had just used it for himself, and even regarded the board as his own statement, he also made a lot of self-interest through the compensation committee, but Disney has always been thriving in rapid development, so these problems are all shareholders. They tolerated it.

However, Eric could not wait until 1996, when the market value of Disney had been estimated several times, and it would be even more difficult to buy.

Chris didn't know Eric's heart activities and continued: "Once Disney agrees to a goodwill acquisition, many things will be much simpler, but I think Michael Eisner will definitely not agree. So the possibility of taking the second road. Sex is above 70%, so the most important thing for us now is to consider the problems that may be encountered in the second road." (To be continued)