v3 Chapter 1009： I'm so overbearing!

Norman Shiya frowned and picked up the tender offer on the desktop and scanned it carefully.

It was just that as he kept looking down, his brow furrowed tighter and tighter. When he saw it behind him, he was so angry that he was so angry that he threw the tender offer on the table with a "slap".

"This is an insult to our Shi Yahuai family!"

No wonder Norman Shi Yahuai was so angry that the takeover offer sent by Jiuding Securities Co., Ltd. was simply too much. In his opinion, there was no sincerity at all. He wanted to suppress others and force them to submit!

The takeover offer is for the entire Swire Airlines, and the price for a wholly-owned acquisition is HK$700 million!

Only 700 million Hong Kong dollars! ! !

This is seriously inconsistent with the true value of Swire Airlines.

There are four most intuitive assets in the hands of Swire Airlines, all of which are equity.

The first part is the 28.5% equity of the Hong Kong Airport Ground Service Company. According to the normal valuation of the entire company of 350 million Hong Kong dollars, the value of this equity is 99.75 million Hong Kong dollars, which is close to 100 million!

The second part is the equity of Cathay Pacific Airways. The original shareholding ratio was 37%. According to the normal company valuation of 2.8 billion Hong Kong dollars, the value should be 1.036 billion Hong Kong dollars.

But there is no way, it was forcibly diluted by Jiuding Industrial Group, and now only 24.67% is left. If the valuation of the private placement is 1.8 billion Hong Kong dollars, plus the 900 million Hong Kong dollars for private placement financing, Now Cathay Pacific Airways is worth 2.7 billion, and this equity is worth 666 million Hong Kong dollars.

The third part is the equity of Xiangjiang Aircraft Engineering Company. After the original replacement part, 23.42% is left. Not to mention the calculation based on the company's market value of nearly 5 billion Hong Kong dollars at the peak of the previous period. The current real-time market value, even if it returns to the normal market value of 710 million Hong Kong dollars, is worth 166 million Hong Kong dollars.

Of course, the 5.3% of the equity acquired in the secondary market is still in the hands of Swire Financial. Norman Shiyahuai has not been transferred to Swire Airlines, so it cannot be included in the assets of Swire Airlines.

The fourth part is the 20% equity of Dongfeng Airlines. The value of this equity is the most clear, which is worth 200 million Hong Kong dollars.

Even without calculating the value of the office space, properties and personnel of Swire Airlines, the cumulative value of these four equity interests has reached 1.132 billion Hong Kong dollars!

Adding other assets, the real deal is 1.2 billion Hong Kong dollars!

And under normal circumstances, company acquisitions have to be acquired at a premium, even if it is a random premium of 20%, there is a HK$1.44 billion, right?

But look at the quotation of Jiuding Securities' takeover offer, only 700 million Hong Kong dollars!

This price is a huge insult to Norman Shi Yahuai!

Compared with the first time Wang Qi personally sent the tender offer, the price of the tender offer reached 1.6 billion Hong Kong dollars.

Now that the second tender offer is issued, and the purchase price of 700 million Hong Kong dollars is quoted, how can we keep Norman Shiyahuai from angry?

In this takeover offer, Norman Shi Yahuai saw a line of words that did not exist but appeared brightly-I am domineering, I am bullying you!

Wade Shiyahuai fully understands his uncle's anger. When he first saw the takeover offer, his anger was no less than his uncle's current anger.

But on the way here, he gradually calmed down and thought of various influences and hidden dangers.

The price quoted by Jiuding Securities is low, but if you are willing to negotiate, there is still room for negotiation, but it will definitely not be higher than 1.1 billion Hong Kong dollars!

After all, they have completely lost the initiative!

At present, the four companies, Cathay Pacific Airways, Xiangjiang Aircraft Engineering Company, Xiangjiang Airport Ground Service Company and Dongfeng Airlines, are all determined by the Jiuding Consortium. They have completely lost the ability to defend themselves.

If Jiuding Industrial Group continues to do the same as Cathay Pacific’s private placement a few days ago, Swire Airlines, which has an asset value of 1.132 billion Hong Kong dollars, will continue to shrink substantially, and will it be worth 700 million later? Hong Kong dollars are hard to say!

Jiuding Securities must also be based on this point, and they dare to shamelessly quote the price of 700 million Hong Kong dollars.

But if you agree to sell, let’s not talk about the loss. The key is that the hatred between the two is irreconcilable. If you want them to bow their heads, their Shi Yahuai family will become Xiangjiang’s laughing stock and their reputation is discredited!

Although the reputation is not good now...

Seeing his uncle still in anger, Wade Shiyahuai did not speak, and waited quietly.

a long time.

"Huh~"

Norman Shi Yahuai let out a long sigh and forcibly calmed his mood as much as possible.

Seeing this, Wade Shiyahuai immediately asked: "Uncle, now that Jiuding Securities has sent a war note, how should we choose?"

His underlying line is, do we want face or tickets, or both?

Norman Shiyahuai said with difficulty: "Talk to them and sell it at a suitable price."

After finishing speaking, Norman Shi Yahuai seemed to be unable to support the weight of his upper body, his back leaned on the sofa.

It was too difficult for him to make this difficult decision. The hatred and humiliation in it were not something ordinary people could bear, let alone a big boss of his level.

But from the point of interest, in the case of losing all the initiative, choosing to bow to Jiuding Securities is the best choice, and the loss will be even greater if you blindly confront it!

Keep the green hills without worrying about no firewood, and when the result is doomed, first get back as many benefits as possible.

Wade Shi Yahuai froze for a moment, his face was ugly, and he nodded slightly and said, "Okay, but uncle, the price of 700 million Hong Kong dollars is too low. We must negotiate. What is the bottom line?"

Norman Shi Yahuai contemplated for a long time, and said firmly: "One billion Hong Kong dollars!"

Hearing this number, Wade Shiyahuai looked embarrassed and asked worriedly: "Uncle, our assets at Swire Airlines are now around 1.2 billion Hong Kong dollars. With the attitude shown by Jiuding Securities, their appetite is too great. Big, can we hold the bottom line of one billion Hong Kong dollars?"

"The last time Jiuding Industrial Group diluted our equity, we lost 370 million Hong Kong dollars. If they came from other companies several times, they could easily cost us another 200 million Hong Kong dollars."

"I'm worried they won't let go easily!"

Norman Shiyahuai also thought of his nephew's worries, but he thought more.

He replied: "This is just our preliminary bottom line. Let's talk about it first. The longer the delay, the better, lest they free their hands and focus on our other companies."

"You have to negotiate with a negative mindset. As long as they don't completely lose their patience and want to warn us by diluting their equity, then drag on."

"At the same time, you release information to the outside world and actively contact consortia in other countries to see if you can find other forces to take over and transfer the contradiction to other consortia."

Wade Shiyahuai thought for a while, nodded and replied: "Okay, I will contact the consortium that has an intersection with our family After speaking, the living room fell silent.

After a while, Wade Shiyahuai said with some anxiety: "Uncle, if we do not find other forces to take over, and finally sell the equity to Jiuding Securities, it will be a huge blow to our family’s reputation and a bad impact. It will be extremely far-reaching, and I am worried that there will be a situation where a Chinese consortium will unite and besiege us.

This was the case with the Jardine Consortium before. Facing Xia Yu’s first wave of attack, the Jardine Consortium gave in and gave in. Then the Chinese people were excited and saw the weakness of the Jardine Consortium. Finally, they rallied and attacked. And the consortium completely disappeared.

Now if they bow their heads to Xia Yu, "ceding up land for compensation", he is worried that there will be another scene of being besieged like the Jardine consortium.

A Jiuding consortium is enough for them. If facing the siege of more powerful Chinese capital after the annexation of the Jardine consortium, Wade Shiya has no confidence in his heart.

Norman Shi Yahuai also took this into consideration for Wade Shi Yahuai.

He immediately said: "I have taken these into account, so I asked you to find other forces to take over and resist the pressure of the Jiuding Consortium for us."

"On the other hand, delaying time also leaves enough time for us to restore our prestige and loss."

Wade Shi Yahuai's eyes lit up and he immediately asked: "Uncle, how can we restore our prestige?"

Norman Shi Yahuai narrowed his eyes, his eyes became cold and deep, and said quietly: "If it weren't for the Song family to betray us, Cathay Pacific would not be taken away, and we would not be reduced to where we are now. They You must pay for your actions!"

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