v3 Chapter 1246： Take risks

Latest URL: This is a very heavy problem.

But I have to face it!

For the Torii family, who see Suntory as their goal, investing in other things is not as good as investing in their own company.

Therefore, most of the assets of the Torii family are concentrated in the equity of Suntory.

If it weren’t for this kind of behavior, as a Suntory company that had a history of more than 80 years and acquired a large number of companies during the period, it was able to stand out. The Torii family would not be able to hold the current 21%. Seven shares have long since fallen to more than ten percent, or even a few percent.

In the post-war island countries, it is normal for most companies to have dispersed equity.

In most listed companies, the total equity of the top ten shareholders is only 20 to 30%, which is considered high if it can reach 30%!

With such a low ratio, most companies are still stable because of the diversified ownership, cross-holding of the company, and separation of the company’s equity and management.

However, Suntory is not a consortium company, so the cross-shareholding situation is not obvious. The company's equity and management rights are directly connected. Most of Suntory's executives are members of the Torii family.

For example, the president of Suntory is Keizo Torii, and the vice-president is Shin-Iran Torii. Keizo Torii’s 30-year-old son, Shintadori Torii, is already the president of the Osaka branch with the most resources...

Destroying Suntory's equity structure system can easily impact Suntory's management system.

Torii said with a heavy expression on his face: "Of course I know the situation of the family, and that is what I assume is the best situation for our family."

"Although the probability of realization is very small, even if there is a little hope, we should make unremitting efforts to achieve it!"

"Each of you has assets and contacts. I hope that you can give full play to your energy, whether it is selling assets or borrowing money, to raise funds as much as possible and let the family buy back stocks."

"In order to acquire as many stocks as possible and spend ten times or even tens of times the effect of one yen, I suggest directly entrusting banks to use financial leverage to help us acquire them."

"LBO?"

As soon as Torii Keisan's words fell, there was a commotion in the chamber. Everyone looked at each other as if they wanted to express their opinions, but after looking at each other, no one said anything.

They are all very clear about the common financial means of leveraged buyouts. They are nothing more than finding a reliable bank or a third-party company such as a fund, and relying on third-party funds to purchase stocks.

After all, it's just playing the side ball, the empty glove white wolf!

The bank also chooses to cooperate for high interest rates.

The case of the "Wanjia Culture" acquisition that made a lot of noise in the mainland in the past life is a typical example.

The Zhao and his wife have registered for only one month and have not yet carried out actual business activities. The total assets, net assets, operating income, and net profit of the Longwei Media shell are zero. They invested 60 million yuan, and then passed a 10% annual The interest rate borrowed 1.5 billion yuan from a third party, and then nearly 1.5 billion yuan was financed by stock pledge, with total assets as high as 3.06 billion yuan. It intends to buy 29% of the equity of Wanjia Culture, a listed company with a market value of 10 billion. !

Financial leverage is as high as fifty times!

If the Torii family can also find a third-party organization that is willing to accompany them to play this way, then the Torii family can raise 2 billion yen and use 100 billion yen to increase their shareholding.

What's more, only the acquired equity is mortgaged. The 21.7 percent of the equity that their family currently holds does not need to be mortgaged, so they can't worry about being eaten by the black hands of financial institutions.

Even if the leverage is less than 50 times, 20 to 30 times, the funds that the Torii family needs to prepare are only six or seven billion yen, far less than 100 billion yen. This is still the Torii family’s Within the scope of ability.

"Uncle, are you planning to find our domestic banks and capital companies, or foreign ones?"

Shinichiro Torii looked at Keizo Torii with scorching eyes and asked.

Torii Keizo immediately replied: "Of course, the first choice is foreign companies. The strong domestic banks and financial companies are mostly related to the six major consortia. When looking for them, let’s not say whether they are willing or not. The risk is too great."

"I believe that as long as we are willing to give sufficient interest commitments, European and American financial institutions will not refuse this temptation."

"After all, our family still has the ability to repay. The existing assets can support our family's creditworthiness. As long as we can survive this crisis, there is still a year for us to deal with hidden dangers and pay interest. I think this risk is worth taking. "

"Even if the acquisition fails, if we can sell the acquired stocks at a high level, we can also make a difference, which is also a comfort."

The chamber fell into silence again, and everyone bowed their heads and frowned in thought.

In fact, the pros and cons are very easy to distinguish.

Otherwise, in the Torii family's case, it is absolutely impossible to raise hundreds of billions of yen on their own.

If you don’t have the money to buy stocks, you can only watch Mitsui Securities and Jiuding Securities fight unscrupulously. In the end, one party decides the winner. The control of Suntory is taken away by one of them. The Torii family needs to breathe back. Complete loss of autonomy, let others knead.

If this is done, if it succeeds, the Torii family needs to pay very little money, and the money is paid by a third party. As long as the Torii family does not go bankrupt, the third party does not have to worry about losses, and just lay down and collect high interest.

The Torii family needs to pay interest and repay the loan on time. If Suntory's stock price falls, the Torii family will bear the loss. After all, the amount of the contract signed by the Torii family with a third party remains unchanged.

With the current Torii family’s shareholding ratio in Suntory, unless Suntory’s share price shrinks to less than one-third of its current value, the Torii family may go bankrupt. This probability is very low.

Even if the acquisition fails and not enough stocks are acquired, there is still a way out. Compared with the previous ones, it is still possible to make some money to enrich the family.

Risks and opportunities coexist!

Gamble or not?

There is no doubt that all the people sitting in the Torii family decided to gamble after thinking about it!

Fight!

"Uncle, I agree with your approach!"

"I agree!"

"Seconded!"

...

With one person agreeing, Keizo Torii breathed a sigh of relief, and a smile appeared on his face.

He stood up abruptly and shouted: "Since everyone has no objections, from now on, we must unite and work together for the family."

"The thing about looking for a third-party organization I and Shinichiro are in charge of raising funds. Both of us will contribute to raising funds, but you are all going to raise funds."

"Besides, don't forget to keep the company stable. The company must not mess around at critical moments."

"Please, Lords!"

After saying that, Keizo Torii bowed deeply in a full gesture.

"Eh~hh~hh~"

"Please rest assured, Patriarch!"

"The family will be able to tide over the difficulties!"

Everyone present got up one after another, all expressions solemnly promised.

Subsequently, everyone left with their own missions to fight for the fate of the family.

The storm in the dark has swept the ground more and more fierce...