Countless historical experiences have long warned people that from prosperity to decline, it is often an instant.

The subprime mortgage crisis dealt a blow to GLP, and the malicious shorting of his stock by the Assassin Fund made matters worse.

GLP's share price plummeted 80 percent within a month of the full-blown subprime mortgage crisis, and by October, the stock price had fallen to just over $2, leaving its total market value at less than 10 percent of its net worth, or from a peak of more than $40 billion to about $1.4 billion.

As a result, the board of directors forced the resignation of the company's former chairman and CEO, Sima Jinghan, who has been instrumental in the rapid expansion of GLP over the past 14 years, especially in global market expansion, and has adopted aggressive, if not aggressive, policies.

In all fairness, GLP is very good in terms of product, management and model, although the expansion is a little radical, but in fact, it is also based on the real needs of customers in the layout, and there is no too blind component, otherwise it will not be targeted by Jiagu.

In the end, it was almost pushed to a desperate situation, in fact, it was "not a crime of war", but the situation and Jiagu's planning.

Soon, the news that Zhong Huazhi had been waiting for came.

To get out of trouble, GLP's Board of Directors announced a series of strategic plans to reduce debt, reduce risk, and enhance the company's liquidity. In addition to cutting dividends, laying off employees and suspending new construction outside the existing $8.2 billion project development plan, the most important move is to sell Asian assets to "survive".

The acquisition team formed by Jiagu International immediately approached GLP.

It should be said that Sino-Japanese assets are the best part of GLP's asset portfolio, and they are basically undisturbed by the crisis of the US headquarters, and are still in a very healthy state of operation. Therefore, in addition to Jiagu International, there is no shortage of people with unique vision.

Another "white knight" from Asia is called SMG Fund.

"Who is this SMG?" asked Zhong Huazhi, who personally led the team to make the acquisition.

For this acquisition, Jiagu has made full preparations, so as soon as the SMG fund emerged, it found out the details of the other party.

Ding Xian of the Strategy Department looked at the intelligence materials collected by the Information Department with high efficiency, and frowned: "It's actually an old face." This SMG fund was established by the previously resigned CEO of GLP Sima Jinghan, GLP Asia CEO Mei Zhiming, and GLP's China-Japan senior management team and the Government of Singapore Investment Corporation (GIC). ”

Zhong Huazhi's expression became solemn: "This is a bit difficult!"

Sima Jinghan, the soul of GLP's global expansion, and Mei Zhiming, president of GLP's China region, have also made great contributions to GLP's expansion in China.

In a sense, it can be regarded as a disguised "management buyout" of GLP's senior management team.

With financial resources and sufficient understanding of M&A assets, it is not an exaggeration to say that it is the biggest adversary.

Zhong Huazhi covered his forehead: "We are still careless!"

In order to reduce GLP's vigilance, he did not contact the management of GLP China, but he did not know that his executives had such thoughts.

He didn't know that in history, it was this SMG fund that became the final winner - Qi Zheng could not be exhaustive, and he had no impression of this, so it was impossible to talk about it. It can be said that this merger and acquisition can only rely on Jiagu's own strength.

Zhong Huazhi thought for a while and said to Ding Xian: "We still have to talk to Mei Zhiming and other executives to see if there are any opportunities for cooperation." ”

Ding Xian agreed.

However, Mei Zhiming and others firmly rejected Jiagu International's cooperation proposal, and the SMG fund's offer just pressed Jiagu International.

"They are not ambitious!" Ding Xian analyzed based on his impressions of contact with Mei Zhiming.

This really speaks to Mei Zhiming's mind.

Under Mei's leadership, GLP's China business has been growing at a rate of more than 100% in the past, but a fire at its headquarters clearly hampered his ambitions, and he needed to find another financier to support his ambitions. And the equally ambitious GIC and Sima Jinghan, who is trying to make a comeback, are naturally the most suitable choices.

Although Jiagu International is not famous, he still has a certain understanding. Jiagu International also has its own logistics business, and if it cooperates with it, it is most likely that GLP's China business will be integrated into Jiagu International.

The cooperation with GIC, which is funded and acquired by GIC, will be operated and managed by them after the acquisition - without a mother-in-law and mother-in-law, can I continue to display my ambitions and continue the myth of GLP China, isn't it fragrant?

Could it be that Jiagu is going to make wedding dresses for others?

Zhong Huazhi thought for a long time, and sneered: "I don't know what to do! Since this is the case, then kick them out completely!"

"In this way, we divide and conquer, continue to engage with other managers, select people who can work together, at least to ensure the stability of the management team after the acquisition, and in addition, we can offer the same terms of cooperation by communicating with the Japanese senior management team alone. ”

"For GLP's board of directors, we also have to show our cards, and we can't delay it. ”

Just kidding, Jiagu has been arranging for so long, could it be that he is just watching from the side?

......

GLP headquarters is happy to see the competition between Jiagu International and SMG Fund, without competition, where will the price increase? To get rid of the debt crisis, it is natural to hope that the higher the quotation, the better.

In the new round of negotiations, Zhong Huazhi said undoubtedly: "$1.2 billion in cash, this is our final offer." ”

GLP's new president shook his head and said forcefully: "This is impossible, SMG's offer has exceeded $1.2 billion, if you stick to this offer, then I can only say goodbye to you." ”

Zhong Huazhi smiled slightly: "Then please take a look at this information first." ”

He took the information suspiciously, opened it, and looked at it, his face was grim.

Zhong Huazhi's calm voice came: "We have already acquired nearly 10% of GLP's shares on hand, if this deal does not work, then we can only start a forcible acquisition of the entire GLP." ”

The Assassin Fund not only suppressed GLP's stock price, but also took the opportunity to buy a lot of GLP's shares at a low price. Because they were all acquisitions separately and did not reach the 5% information disclosure line, they did not arouse their alarm during the personnel turmoil period of GLP's "war and chaos".

Theoretically, if Jiagu International is interested, in addition to acquiring GLP's shares, it can also acquire the voting proxies of its minority shareholders, and as long as it obtains enough voting rights, it can try to reorganize the board of directors and finally achieve the purpose of forced mergers and acquisitions - with GLP's current stock price, it is really uncertain.

Besides, who knows how many shares Jiagu International has?

GLP's new president is pale, although the company can start an anti-hostile takeover process, but in this stormy situation, it is difficult to say how effective it can be, and even if it wins, it will definitely outweigh the losses.

"I can't decide on this, and it needs to be approved by the board. ”

Zhong Huazhi shrugged: "It's understandable, but please give us an answer as soon as possible, otherwise ......"

Faced with the threat implicit in the conversation, GLP's new president gritted his teeth and left.

Zhong Huazhi looked at his back with a hand. Although in terms of financial resources, Jiagu International really hopes to acquire GLP, which is now worth only $1.4 billion, but it is more just a threat - the acquisition of GLP's Chinese assets can complement its own business, but the whole GLP is too big, and the price to be paid is by no means as simple as billions of dollars.

However, GLP, who could not stand the toss, did not dare to gamble, and reached an agreement with Jiagu International with lightning speed: Jiagu International acquired GLP's assets in China and Japan and the corresponding estimated debt for $1.2 billion in cash.

At the same time, all the shares on hand of Jiagu International will be repurchased by GLP at the market price, and GLP will not be allowed to enter the Chinese and Japanese markets to engage in related business for three years.

Mei Zhiming and the others of SMG Fund were dumbfounded, they had to raise the price back and forth several times before the dust settled, right?

But Zhong Huazhicai didn't care how aggrieved Mei Zhiming and others were, anyway, through contacts and commitments, most of the management has remained stable, including the Japanese management.

Now is the time to enjoy the victory!

The acquisition provides Jiagu International with more than US$7 billion worth of logistics infrastructure in Asia, including more than 2.6 million square meters of completed and under-construction logistics infrastructure in China, more than 6.1 million square meters of land in reserve, and nearly 2.4 million square meters of facilities in eight markets in Japan.

Even in terms of value, this is a very cost-effective transaction, and more importantly, this acquisition fully strengthens the general warehousing and logistics system of Jiagu International, and is a great benefit to JD E-commerce and Yonghui Fresh Supermarket, which are strategic investments in Jiagu System.

And this is only the first battle of Jiagu International's acquisition!

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