It's a terrible thing to fall into the pit and continue to lose money, just like many restaurants that follow Mr. Hippo to engage in seafood tanks, and fall into the big pit dug by Ali without knowing it. At this point, the negotiation personality created by Chu Yuanxi has become very vivid, rational, objective, not only for himself, but also for the interests of partners. Even if it's not optimal, don't dig a hole.

In mergers and acquisitions, we are not afraid of price differences, but we are afraid of countless dark pits, and the larger the volume, the easier it is to have dark pits. Therefore, Baren Game is a very good target for mergers and acquisitions, because it is extremely transparent and not easy to have pits.

Lao Fan was very happy about his decision to jump out of the pit decisively, and only heard Chu Yuanxi say: "The price is 34 billion." ”

"You spend so much effort to add four billion?" Lao Fan was confused, although their starting price of 30 billion is not low, but in the case of trading, there is a counteroffer, and it is normal to increase the price by more than ten percent. In other words, when there is no mini-game IP plan in the game, the number 340 is not impossible to discuss, but it is just not easy to discuss.

What's more, 34 billion is really high for an unlisted company, and Jack usually has to come forward to talk, but now this time is very special, Jack has just retired, and Xiaoyaozi didn't have the heart to move around at the beginning of his tenure.

But in the case of high scores, if you can promote the independent spin-off listing or package it in the Lingxi independent listing after you succeed, it is basically a safe and profitable transaction, and you will definitely not suffer a loss in money, and you can also get the assets, IP and genes of the Ba Ren game.

I saw that Chu Yuan couldn't help but sigh for a long time: "It seems that it is, I lost." You've earned, you've earned. However, I still have some business conditions, so let's wait for the business manager to talk about something. In fact, his way of calculating accounts is more rational, if he agrees since Ali in August, then 340 will be less, but if it drags on for a few months, the game company still has more than 700 million revenue every month.

What will inevitably happen before the merger and acquisition is that Baren Games will definitely carry out a round of important dividends, and the merger and acquisition target cannot contain cash.

Lao Fan Xin said that it was indeed earned, and he had to get it quickly, so he immediately called the business managers back, and then the business of both sides reported to their bosses respectively.

Chu Yuanxi's side of the negotiation before the face-to-face opportunity passed, all of them acted at the opportunity, but Lao Fan's business was a move, so there were more reports.

Soon, Lao Fan frowned and asked, "That...... The IP that DreamWorks collaborated with you, "The Enemy of Rome", didn't you pretend to be in? I thought it was in there. ”

"Oh, do you still know that IP? That obviously doesn't pretend, can it still be at this price if you put it in? Besides, the value of that IP is far from the top, and the overseas self-media account hasn't rushed up yet, even if we want to sell it, it's not now. Chu Yuanxi's face was ruddy, "This form of cooperation, leaving the full copyright in the hand, there are only two cases in the country, and the only two happened in the company, and we don't leave one......?

As he spoke, Chu Yuanxi patted Uncle Sheng's shoulder, "The copyright of the Ba people is here." Look at how much does this thick-eyed man get?"

Uncle Sheng had to laugh awkwardly.

Lao Fan found that he had nothing to say, Chu Yuanxi was already so kind, and there was no reason to ask for too much. Although it was rumored that "Enemies of Rome" was also going to develop a game, it was a no-brainer as far as the status quo was concerned. Even if there is a shadow, it's useless.,Because the matter of continuing to develop the game after the Ba Ren Group sells the Ba Ren game, it's been PK last time.。

Moreover, a preliminary consensus has been reached through online communication before coming to the meeting, and it must not be stopped. First of all, it's useless to stop it, and secondly, Chu Yuanxi doesn't have the heart to play word games, and he is justifiable, if he must insist, there is no need to talk about it, we don't have to sell it.

Therefore, this business negotiation mainly talks about what the Baren Group needs to avoid when both companies are playing games, and as the party that sells and gets cash, it must have the obligation to avoid.

There is nothing entangled on the side of the Ba people in this regard, Da Wen Entertainment proposed to avoid small games, and the Ba Ren business, which had been prepared for a long time, immediately proposed that the Ba Ren Group agreed not to develop new small games in the next two years.

Two years is still a bit short, but it's acceptable. However, Ba Ren has obviously developed four mini games, corresponding to three IPs, but in the business negotiations, it was clearly proposed to retain the upcoming "Wu Dao Dum Jun", and the IP and game assets should remain in Ba Ren Group.

In other words, the actual condition is that no mini-games will be developed after "The Unconscious King".

"Hey, that's weird, why are you doing this?" Lao Fan felt a little extraordinary, he had never heard of this IP, because it hadn't been launched yet.

"Because...... Because you ask us to avoid the entire mini-game genre, including all idle games, WeChat mini-games, and action-oriented light games, etc. Chu Yuanxi said helplessly.

"Does it matter?"

"Yes, we gave you the whole of "Out of the Troubled Times", and we definitely won't let us continue to use it, right? "Animal Company" also gave it to you, and then you also cut off the way for our mini games to be IP, and we have to avoid it for two years. So we reserve the right to continue developing the game, what are we going to do?

There's got to be something to do, right? Isn't this just the case that "The Unconscious King" hasn't been launched yet, so it's better to keep this. Or don't just avoid it, everyone has their own ability, and then we will give you this, simple and refreshing, what do you think? Or "Out of the Troubled Times" still let us use it. ”

Lao Fan Xin said that it was not good!

"Then agree. He glanced back at the businessmen and asked, "There are no principled questions, right?"

There are no principled issues on his side, but Chu Yuanxi does. Chu Yuanxi and the other businessmen left, continued to negotiate the details of cooperation, and then smiled at Lao Fan: "Mr. Fan, I still have a reluctant request." ”

"Say, what's wrong?"

"The manager of the game is called Zhao Jie, my brother, I will help him ask what kind of position he has since passed. ”

"What do you mean, just say it?" Lao Fan Xin said, how else can you position it? Aren't all mergers and acquisitions in this area just a few forms?

"No, Zhao Jie didn't take the shares of Baren Games, this company is a wholly-owned subsidiary, and everyone takes the shares and options of Baren Group. ”

"I'm convex!"

Lao Fan almost vomited blood, he never expected Chu Yuanxi to manage the company like this? This problem is big, and it is completely unsuitable for any common method.

Of course, there is a way, that is, to give Zhao Jie and other backbones new incentives at the same time as the transaction, the problem is that this is thanks to this!

If it is assumed that the employees of Baren Games originally held 10% options for Baren Games, then how much would Ali pay Baren Group after the merger and acquisition? 30.6 billion, because 340 is the total price.

This part of the option is settled on a five-year basis, and even if the game has changed hands, employees still have to work hard for more than four years before they can be gradually cashed out. Therefore, the money must be left in Ali's account, and it is impossible to give the complete 34 billion to the Baren Group, otherwise it will become Chu Yuanxi to send money to Ali's employees in the next four years, which is completely chaotic.

But not now, the new incentive must be greatly entertained. Isn't this a price increase in disguise?

"Oh no!" Lao Fan suddenly exclaimed, "If we don't give Zhao Jie managers and incentives, then how can Zhao Jie's options in the Baren Group be cashed out?

"It can't be. ”

"Then you didn't make any money like this. "Lao Fan doesn't understand anymore, if you can't hack the parent company's options, assuming Ali accepts this condition in its entirety, Ali will certainly have to give an extra incentive, and the Pakistani people still have to bear the cashing of the parent company's options, and it's only the employees who benefit.

"That's why I asked you how you want to do it. Chu Yuanxi rubbed his hands excitedly, "The other brothers have fewer options, I mean negotiate with them." Zhao Jie took too many options, and it was too troublesome to negotiate.

If you need him on your side, then I'll discuss with him a way to exchange the options of his Ba Ren Group for Ba Ren Games. But it was more strenuous, and we had to talk again internally. If you have something dispensable on your side, then let him stay in the Ba Ren Group and it's over, and I'll be fine. I don't think you are particularly entangled in this aspect when you do mergers and acquisitions, just hand over well, and give me a convenience. ”

Lao Fan Xin said why don't we get entangled? We just don't absorb it, it is necessary to do a good handover, and after the handover, we can close and disperse!

However, considering that Chu Yuanxi was so good at talking before, his face was weird, "You, keep him, in order to let him make a game company again?"

Seeing Lao Fan's expression of "why are you so smart", Chu Yuanxi couldn't help but wonder, "No, no, in fact, I have another candidate, Zhao Jie and I keep him as a platform." In fact, he is a project manager, and after I grouped the company, I only organized the structure, and clarified the relationship and performance between each other, which was convenient for me to manage, and there was no change in people.

Zhao Jie has always been a project manager, but his title is CEO. In fact, I also did the internal structure of the branch, and I had to build the reconstruction, so he didn't know this at all, just to maintain a daily operation. And Zhao Jie has been working on "Stupid Bird Flying" recently, but it turned out to be on the street, staying in Ba actually does not affect the handover, Wang Le completely holds, and now Wang Le knows more about the "Out of the Troubled Times" project than him. ”

Wang Le used to be the Sankei of "Out of the Mountains in Troubled Times", and after the corporatization and reorganization, he became the project manager of this project, because the original project manager Yu Wenhui was pulled out by Chu Yuanxi.

"It's not a loss for our family. Lao Fan can't regress unprincipled on the issue of principle, but considering the particularity of Zhao Jie, he thought about it and said: "Zhao Jie's arrangement depends on you, but the options of other employees, you must replace part of it into the Ba Ren game, as an incentive plan in the future, otherwise we will be too passive." ”

If Chu Yuanxi does not replace it, Niu Yuanxi will be guilty of cashing out all the options of his brothers, where will Ali be passive? From the perspective of the enterprise, what can be seen is that the new employees who have been acquired and acquired suddenly get a large amount of cash, and they have not sent it. Then the question arises, how much of a new incentive setting can satisfy the appetite of these people? Too much, it does not meet their actual value, and if there are few, others will not look down on them.

This is the reason why Lao Fan is in his heart.

Similar requests were also expected by Chu Yuanxi, it would be strange if Lao Fan didn't mention it, if he didn't mention it, he couldn't explain it after he went back in the end, the price and the terms are two different things, the price can be negotiated, and it is impossible for Dawen Entertainment to sign the terms of losing power and humiliating the country.

So he took out the plan he had prepared a long time ago: "I've thought about this thing too, or I'll cash in half of it, it's not much, it's still far from financial freedom." ”

"Okay, then let the business negotiate a condition, but you can push it on, right?" Lao Fan felt that it was already cheap anyway, this is just a trivial matter, Ali is a giant who dreams of spreading to the cultural field, "Out of the Troubled Times" is the most important thing, and the decision is 340 instead of 4. Moreover, it is true that Zhao Jie is not needed much in Ali's tone, and to a certain extent, it is more convenient for Zhao Jie's position to be vacant.

"Don't worry, they're all brothers, what's there to say? It's just a matter of how to talk about it. Chu Yuanxi said with a smile on his face.

Looking at Chu Yuanxi's heartfelt and heartfelt smile, Uncle Sheng sat in the back, thinking in his heart: If the company is a hooligan, the employees can't stand it at all......

As a result, he soon witnessed an epic merger and acquisition case to reach a plan, but the transaction would not start immediately, and there were a series of formalities and processes such as due diligence. Because the amount is very large, and there are a lot of involvement, especially in the self-media accounts belonging to the Baren game, some of them are involved in WeChat, which may produce more sensitive issues, so the business of the two sides will continue to PK on the 24th to draw up TS as soon as possible.

TermSheet does not have legal effect, but if you don't sign TS, Baren Games will definitely not unlock your core data to the acquirer, and you only have one acquisition intention to see my core data?

Therefore, on the 24th, it is necessary to pull on the double legal task, pre-review some contract terms that may be signed in the future, determine the framework, and see if there are any hidden holes in it, so as to accelerate the progress.

After the big framework is determined, it can't be changed randomly, this speed is in line with Chu Yuanxi's expectations, and it is precisely in order to quickly determine the framework that he gave the green light, otherwise he won't be able to catch up with the launch of "Wudao Dusk".

In the end, because both parties intended to complete the transaction quickly, the largest non-public M&A in China in 2019 was finalized to sign TS on Double 11, so that Alibaba could carry out due diligence as soon as possible.

The deal is certainly expected to be closed no earlier than December. In this way, just in time for the launch of the film and television drama "Out of the Mountains in Troubled Times", the Ba people can stand on the last shift and fulfill their responsibilities to all partners. In addition, it is also necessary to leave time for the Ba people to collect money from Knight Mabao and the channels.

Soon, the news that Baren Group and Ali were negotiating large-scale mergers and acquisitions spread, and Chu Yuanxi was suddenly brought to the spotlight.

The specific amount has not been exposed, because only Lao Fan, Chu Yuanxi and Uncle Sheng know the number of 340 exactly, and the executives of other businesses and the two companies have not been told, and there is no need for a specific price when agreeing on the terms of cooperation.

However, because of this, the relatively transparent income scale of the Pakistani game, through the market value distribution of the benchmarking enterprises in the open market, the people who eat melons will only be overestimated, 60 billion, 80 billion, 100 billion, and some people blow it even more outrageous, for a while, the "uncle" is flying sideways, and the high price can scare Chu Yuanxi up, and the heart said Why don't I know that the Ba people game can be sold for so much money?

This is actually an extremely absurd valuation method, and it does not conform to business logic, but the helpless thing is that finance is a very professional field, and the vast majority of people who do not understand it can't even judge the market position and value changes of listed companies.

The problem is that for the vast majority of companies, listing is a chicken to a phoenix, and the value is definitely different, and the valuation in the middle and late stages is usually a summary of the current corporate information and market information, while the stock price contains metaphysical expectations for the future.

Only a very small number of unicorns in the true sense, the kind that are expected to dominate the track, can enjoy the high premium of non-listing. But this kind of premium is extremely dangerous, because companies that can enjoy the aura of the industry are bound to grow rapidly, and they have to face the biggest problem of entrepreneurship, that is, the problem of whether the growth rate of the soaring speed is with or without the development of the dynamic market at the same speed. It is usually manifested as a problem that the business of the enterprise is expanding too fast, but the organizational strength cannot keep up.

Many star startups have fallen at this threshold, no matter how they take it, they are heroes. In the future, the speed of the well-off will face the same problems, and after experiencing it once, thinking of a solution in advance is the biggest dividend of Chu Yuanxi's crossing.

As for monsters like Huawei, it is rare to endure decades without going public and endure to become an uncrowned king. There are special conditions for that, and others can't envy them.

In short, the difference between listing and not listing is big, and it is the difference in the valuation center.

There is such a misunderstanding in public perception, Chu Yuanxi is of course on the cusp, although several other co-founders have also been mentioned, but Chu Yuanxi is the actual controller and led the transaction.

As a result, posts similar to "Baren Entertainment promised that we would never cut leeks, so they sold leeks" frequently appeared in various media, and the comments under Baren Entertainment's Weibo account surged.

There must be someone who is leading the rhythm, and there is no shortage of fierce people in the Weibo messages, but Chu Yuanxi has no heart to pursue it now. Lu Yu was busy extinguishing all kinds of fires, not to mention anything else after entering the Ba people, Lu Yu's skills in regulating public opinion have been exercised very well.

Chu Yuanxi also had a lot of sadness when he looked at these posts and messages, it seems that players are still quite satisfied with the game operation of Ba Ren, because they are satisfied, they don't want to see this kind of transaction, and they will feel betrayed.

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