Chapter 428： Golden umbrella

Time unknowingly came to five o'clock in the afternoon, outside the glass curtain wall of the Freedom City, the sunset will dye the horizon of the distant sea and the sky into a magnificent orange, Eric and Chris are still in the original position. It seems that I have not moved all day.

It has been half a year since Eric’s decision to acquire Disney. In the past six months, in addition to secretly taking in Disney’s stock, Chris has also conducted extensive and detailed investigations of the entire Disney Group, including Disney’s shareholders, Disney. The creditors and their attitude towards the Disney management, as well as the details of the assets of the Disney Group, just spent millions of dollars on these data surveys, and even no one knows more than Chris now. Disney.

For a whole day, Eric has always maintained a listener's attitude and raised his own questions from time to time. Chris always patiently answers Eric.

But when the sunset completely sank into the horizon, things were also discussed. Chris finally said: "The Cut-Roller Island has just been painted. Because of the huge losses, it is now the most dissatisfied moment for Disney shareholders and creditors to the management. The best time for us to initiate the acquisition, so we tried to start the takeover offer in a week. We need a week to integrate the scattered Disney stock and set up the acquisition team. Right, I just forgot to say... ”

At this time, Eric holds a list of movies that Disney will release in the second half of the year. He raises his head and asks: "What?"

"The people in my hands are not enough to form a professional acquisition team. So I want to work with Morgan Stanley. You know, I have a certain network of contacts in Morgan Stanley. And they have ready-made corporate M&A teams that can take assets. All acquisitions such as assessment, legal affairs, price negotiations, etc."

Eric said: "This is no problem."

Chris said again: "Actually, I mean, you should have heard of it. Michael Ovitz led the team of caa to help Panasonic buy Global, and finally got a commission of 70 million US dollars. Morgan Stanley’s price is not It will be cheap."

Eric smiled and said: "Everyone knows that the Japanese are the fat sheep that they have come together to slaughter. We are not ourselves. How much is the team that hires Morgan Stanley?"

"If I follow the 100-person team, I estimate that it will cost $50 million. Once a hostile takeover is initiated, it will take at least half a year to complete the acquisition, and it will not be impossible to drag it for a year or two," Chris said, looking forward to Eric. . Waiting for his decision.

Although Disney's current market capitalization is only more than $3 billion, the final acquisition involves no less than $5 billion. Morgan Stanley is equivalent to a 1% commission. This ratio is very reasonable because Eric It is vaguely remembered that these big investment banks will help the shareholders of listed companies to sell stocks, but they will charge more than 10% commission.

Thinking of this, Eric quickly made a decision, saying: "Take a Morgan Stanley team. In addition, tell the head of Morgan Stanley. If they can complete the acquisition in half a year, I can On the basis of the original commission, it is increasing by 30%."

For corporate mergers and acquisitions. The longer the drag, the greater the variable, the higher the cost will be. The many malicious acquisitions will not be finalized in the long delay, so Chris not only did not discourage Eric’s suggestion, but instead Rick’s decisiveness revealed his appreciation: “I will pass this condition to Morgan Stanley.”

In the following week, Chris was secretly making the final deployment. Eric did not stay out of the way.

With "Toy Story" in the first week of the third week, the box office successfully broke through 100 million, and the "Terminator 2" box office climbed. The professional box office statistics agency has made a $200 million valuation for the two box office North American total box office. One summer file also has two box-office movies with a box office of 200 million. This achievement is enough for all Hollywood studios to be jealous.

Therefore, Firefly Film Company held a grand celebration party at Erik's Sharp Point Estate. This is the third large-scale party held by Sharp Point Estate, and a constant low-key, Eric not only invited a large number of Hollywood. Stars and film company executives also approved dozens of media reporters to enter the party.

All this has been done, no surprise is to build momentum for the next acquisition, the greater the influence of fireflies, the better the next acquisition.

In just one week, not only the box office results of "Terminator 2" and "Toy Story" were widely publicized, "Clear Throat Island" and Fox's "Anti-Fighting Condor 2" were shot again, Eric started It is intended to make a wholly-owned acquisition like Sony and Panasonic, and is not prepared to replace the stake in Disney shareholders with Firefly shares.

So this series of campaigns is not intended to give Disney investors confidence in fireflies and sell their stocks. In many newspaper articles, Eric has always expressed a point of view, if you don’t sell it. Disney will continue to appear as "Rosting the Throat Island" or "Anti-Fighting Condor 2" and will be attacked by fireflies. Of course, although many people were keenly aware of some gunpowder flavors, it wasn't until the fireflies filed an offer with Disney that someone realized the meaning of Eric's previous remarks.

On July 22, 1991, Monday, on the weekend of two days, Michael Eisner did not make the slightest rest. Because of the fiasco of Box Office, he had been trying to appease Disney’s shareholders and creditors for more than half a month.

Eric’s remarks on the so-called “cut-throat island trilogy” made Michael Eisner hate it. A short sentence made his situation worse. A large number of shareholders accused Michael Eisner of giving up. In a good relationship with Eric, Michael Eisner is also hard to say. He certainly wants to cooperate with Eric, but after the storm last year, the two sides have had difficulty cooperating.

Have had breakfast in the villa in Malibu. Michael Eisner did not mean to go to the Disney headquarters.

He has already bought a ticket, and today he is going to visit Disney's current largest shareholder, the Bath family in Texas.

Disney has grown to the present. The Disney family that created the Disney brand has long ceased to be Disney's major shareholder. Currently, the Disney Family Foundation only owns about 3% of Disney's stock, and the Bass family who made oil through the oil industry has won Disney 16% in the 1970s and 1980s. The equity has become Disney's largest shareholder.

In 1984, with the support of the Bass family and the Disney family veteran Roy Disney, he was able to sit in the position of Disney ceo.

The driver drove Michael Eisner to Los Angeles airport, and a small private jet was ready to stop. This is Michael Eisner as chairman of the Disney board and one of the benefits of ceo.

After the plane took off, Michael Eisner explained a few words to the assistant. I was going to take a break in the lounge. These days, he was exhausted in order to cope with the fiasco of the box office of Cut throat.

Not long after I fell asleep, the door of the cabin lounge was ringing. The assistant’s voice was a little short: “Mr. Eisner, Mr. Eisner, Mr. Wells has an urgent need to call.”

Suddenly awakened, Michael Eisner frowned and walked out of the lounge. The assistant looked at the gloomy look of Michael Eisner and handed the microphone of the cordless phone, whispering: "I said you are resting. But Mr. Wells said there was an emergency."

Michael Eisner nodded in a blank expression, took the phone and closed the lounge door. Turned to the sofa and poured red wine for himself, asked: "Frank, what's the matter?"

"..."

The president of Disney at the end of the phone, Frank Wells, was in a hurry. It took more than a minute for Michael Eisner to react. The red wine in the goblet has overflowed into a large piece, but Michael Eisner has no intention to care about it anymore. The bottle is placed on the table and the phone is hung out of the lounge. The assistant yelled: "Nick, inform the captain. Return immediately after the plane landed and return to Los Angeles."

Near noon, Michael Eisner finally returned to Disney's headquarters, and the Disney board members who were notified were already waiting in the conference room.

Sitting at the conference table, Michael Eisner read the purchase plan submitted by the fireflies in detail without saying a word, and whispered a low sentence before asking Frank Wells: "Frank, you are sure this is not Are you kidding, where did the fireflies buy Disney, how much money do they have?"

Looking at Michael Eisner, who is excited and can jump at any time, Frank Wells patiently explained: "I have personally called Eric Williams to confirm this."

"I was asking them where the money came from?" Michael Eisner's voice has become a roar.

Frank Wells shook his head, Michael Eisner was about to continue, and a director sitting next to him suddenly tried to say: "Is it the previous oil crisis?"

Michael Eisner paused and thought of Eric’s actions in July and August last year. He quickly confirmed this, and Eric raised a total of 700 million U.S. dollars.

It’s been almost a year since I started. Eric didn’t do anything. Everyone thought that Eric didn’t make much money, but when he saw the offer, Michael Eisner realized everyone. They were deceived by Eric.

His face was embarrassed and his fists were embarrassed. Michael Eisner looked up and said, "Now, let me talk about it, what should I do? If Eric Williams buys successfully, then everyone in the room may be It’s time to get things done. So we can’t let him succeed.”

The conference room soon rang a vocal discussion. Disney’s 16 directors either had a good relationship with Michael Eisner or were former Disney employees, because Michael Eisner’s powers were monopolized. Power has been greatly weakened, but these directors do not care about this. Anyway, in the unlikely event of Disney's major decision-making mistakes, Michael Eisner will definitely go to the black pot himself, just like "cutting the throat." Therefore, this kind of work that is not responsible and can still take a high salary, no one will be dissatisfied, so they do not want to lose their jobs because of the acquisition.

"The most important thing now is to stabilize shareholders. As long as they stand with us, it is unlikely that the fireflies will want to acquire Disney."

"Oh, unfortunately, "cutting the throat" has just caused such a big loss, and the time for the fireflies to seize is very good."

"Don't forget the creditors. Last week we just discussed the plan to postpone the payment of the principal and interest of the debts. Now the plan can no longer be taken out, otherwise the creditors will definitely put pressure on us. After all, the firefly's performance is It’s great.”

"The firefly has already mastered 11% of the shares, which is a big problem."

"..."

"..."

The meeting room was discussed for five minutes, and Michael Eisner did not have any useful suggestions from these people, which made him very angry and even ignored the situation. In order to consolidate their rights, Disney’s board of directors is certainly more hospitable.

Ignore the nonsense of these people, Michael Eisner told the assistant: "Call all management meetings, and let the Ministry of Justice send a letter to the fireflies, we refuse to buy."

"Mr. Eisner, according to the process, we should disclose this to shareholders," the assistant whispered.

Michael Eisner dismissed the assistant and glanced at him: "You just have to do what you should do."

The assistant’s guilty voice echoed and left silently.

Michael Eisner patted the table and let everyone stop talking. He said, "Well, don't bother, wait until the management comes to discuss it."

A bunch of directors are quiet.

On the day the Firefly submitted the offer to the Disney board, the Disney board made a decision to reject the offer and selectively disclosed some of the firefly's acquisitions to shareholders, along with Michael Eisner's remarks. Sincerely personal letter.

While disclosing the offer to shareholders, the Disney board of directors passed the first counterattack, a golden parachute, to protect the interests of all Disney executives within a short period of three days.

While disclosing the offer to shareholders, the Disney board of directors passed the first counterattack, a golden parachute, to protect the interests of all Disney executives within a short period of three days.

While disclosing the offer to shareholders, the Disney board of directors passed the first counterattack, a golden parachute, to protect the interests of all Disney executives within a short period of three days. (To be continued)