"From my personal point of view, the biggest problem with Makino Technology's acquisition of Apple is not Apple itself, but the acquisition offer that Makino Technology can give Apple. ”

Louis Martin said to Li Mu: " Apple's market value is low, $3 billion is basically bottoming out in this round, after all, Apple still has its own operating system and computer host business, and this wave of bearishness is too fierce, so Apple's stock price will have a certain overfall, and so the bearish digestion is almost, there will be a proper bottoming out, we will take 3.5 billion US dollars as an example, if Makino Technology wants the acquisition to go smoothly, the offer should be at least more than 5 billion, and the two sides will negotiate a few rounds back and forth, and it is estimated that the actual operating price should be around 55-6 billion US dollars。 ”

"5.5-6 billion?" Li Mu smiled slightly, noncommittal to Louis Martin's words.

In fact, his psychological price, even if he buys Apple for $7 billion, it is not expensive, if he can get it for 5.5-6 billion, it is really cheap to grandma's house.

However, simply looking at the figure of 5.5-6 billion US dollars, although it is cheap, this is also a huge amount of money for Makino Technology, with the current capital volume of Makino Technology, it is far from being easy to swallow such a camel than to suppress its stock price.

Louis Martin asked Li Mu: "Mr. Li, if Apple accepts a privatization acquisition at a valuation of $6 billion, how is Makino Technology going to pay for this huge amount of money? Makino Technology only raised $3.3 billion in the last round of financing, and if memory serves, $300 million of it was used to cash out the shareholders, and the actual working capital injection was only $3 billion, and Makino Technology has invested in a large number of data processing centers around the world, so this money should have been spent, right?"

Li Mu nodded and said, "Makino Technology will definitely not be able to take out $6 billion in cash, but you can choose other solutions." ”

Louis Martin asked, "Do you want to acquire some cash and some shares in Makino Technology?"

Li Mu smiled and asked: "Am I crazy? I used the shares of Makino Technology to acquire Apple? Let Apple's shareholders change from holding Apple shares to holding shares of Makino Technology? Wouldn't this be a blessing in disguise for them?"

Louis Martin nodded, surprised, "And how are you going to raise this fund?"

Li Mu said: "We can negotiate with Apple first, negotiate an intention price, and then communicate with Apple shareholders, pay a part of the cash first, and then pay the rest after Makino Technology goes public, and pay them an additional considerable interest, do you think it is feasible?"

Louis Martin said: "I personally think that Apple's shareholders may not agree, they are all masters of playing capital, if they are no longer optimistic about a project, they will choose to stop loss and cash out as soon as possible, and then use the money to make other investments, these people don't care about that interest rate the most, on the contrary, they are people who like to give other people's interest rates and use other people's money as investments." ”

Speaking of this, Louis Martin looked at Li Mu and said expectantly: "Mr. Li, in fact, the best way is for Makino Technology to conduct another round of financing, and use the money raised to acquire Apple, roughly estimated, Makino Technology's current valuation can be more than 70 billion US dollars, if another round of financing, dilute 10% of the shares, the funds for the acquisition of Apple will come out, and the rest of the money can be used for other layouts." ”

Li Mu smiled slightly and said, "Before the IPO, I am not ready to refinance. ”

Makino Technology's current user volume, product strength, team strength, and support strength are very strong, and the gap between them and other competing products has also opened up 108,000 miles, and YY's value-added service income is very considerable, "Paradise Town", "Plants vs. Zombies Online" and YY Game Hall The profits are also very high, and there are gold-absorbing monsters such as Muying ticketing system, the overall profit is very considerable, and there is no place for all business lines to burn money. At this time, Li Mu no longer needs a lot of money to grab the market, so diluting the shares is completely worth the loss.

However, for Louis Martin and Sequoia, they are also extremely optimistic about the future of Makino Technology, so they also hope to be able to fight for some more shares of Makino Technology before Makino Technology goes public, the market value of Makino Technology is rising rapidly, beyond imagination, the sooner you get the shares of Makino Technology, the sooner you can lock in huge profits.

Although Li Mu is not ready to raise funds, but now he wants to acquire Apple, money is indeed the biggest problem, Li Mu does not have so much cash, and the most valuable thing in his hand is the shares of Muye Technology, but at this time, it is really a little impossible to exchange shares for Apple.

However, having said that, now is the best window period to buy Apple, whether it is Apple's stock price, or the confidence of Apple managers will be completely bottomed out in the recent period, if you can take Apple before the bottoming out, from now on there will be no trouble, if you want to take Apple after the bottoming out, the cost will be much higher.

This is similar to the mentality of domestic retail investors speculating in stocks, when the stock continues to fall to the limit, the stock in the hand wants to sell but can't sell, at this time I dream of cutting the meat quickly, but once the limit is opened, many people are reluctant to sell, because he feels that since the limit has been opened, it indicates that it is not far from the rebound, and you might as well make up for some of the losses before getting rid of it, and even hope that the stock can rise to a new height.

After thinking about it, Li Mu still felt that it was safest to buy Apple in the near future, so he said to Louis Martin: " Luis, I immediately set up a business unit specifically responsible for the acquisition of Apple, the division is personally responsible for me, and you will serve as the senior consultant of the business department, you have worked hard in the past two days to help sort out the specific plan for Makino Technology to acquire Apple, and also start to investigate the lowest offer that Apple may accept, and after the World Health Organization has lifted the warning of the epidemic in China in the past few days, I will personally go to the United States to land this matter. ”

Louis Martin nodded and said, "Since I'm here, I'll naturally do my best to help you and Makino Technology achieve your goals, but then again, why did you wait for the WHO to lift the epidemic warning before going to the United States?"

Li Mu said: "I have fulfilled my responsibilities and obligations as a public figure, and I stayed in Yanjing throughout the epidemic process, hoping to set an example for myself and improve everyone's confidence in resisting SARS, and I don't want to affect some people because I left the epidemic area halfway." ”

"I see. Louis Martin said: "In this case, then we will start to prepare for it in the next few days, and we are not in a hurry in terms of time, after all, Apple will not be able to deal with this mess in a while." ”

……

Today, the SARS epidemic in Yanjing and the whole country has been very effectively controlled, according to the first-hand information mastered by Makino Technology, there have been no new patients in Yanjing in the past few days, and patients in Xiaotangshan Hospital have been cured one after another.

At this pace, in less than a month, the impact of SARS will be completely over, and by that time, the people of the whole country will be able to breathe a sigh of relief.

However, Li Mu speculated that the WHO should not be so strict, and it is impossible for them to wait until all the patients have been discharged from the hospital before announcing the lifting of the threat.

Once the WHO announces that the crisis of the epidemic in China is lifted, Li Mu's task in SARS will be completed, and the first thing Li Mu will do at that time is to fly to the United States as soon as possible and deal with the recent backlog of things in one go.

The most important issue was the acquisition of Apple, in addition to Makino Technology's other business development in the United States.

Mark Zuckerberg's Facebook has also been launched, in order not to interfere with his own thinking, and in order not to let Makino Technology frame the development space of Facebook, Li Mu has adopted a big operation mode for this project, and let Mark Zuckerberg take a big deal on this project. Zuckerberg tinkered with it himself, but even so, Li Mu still had to understand the situation, see if there was any deviation from this young man's thinking pattern compared to his previous life, if so, quickly help him change it, if not, continue to let him run forward by himself.

There is also Elon Musk, who has been waiting for further communication with Li Mu on the project of electric vehicles and commercial launch vehicles, both of which require a long time and money to develop slowly, and Elon Musk does not dare to act before Li Mu's final answer.

Li Mu plans to spend a month to go to the United States to get all these things done, and then communicate with the people of Sequoia Capital about the listing of Makino Technology in the United States.

The IPO is an opportunity for a company like Makino Technology to create a miracle.

The market of capital is relatively calm, how much is Makino Technology worth, and the valuation given by capital is also relatively conservative, although looking at the meaning of Louis Martin, Sequoia Capital is willing to give Makino Technology a latest valuation of more than 70 billion US dollars, but Li Mu does not recognize this valuation very much.

Just one AOL, with a peak market value of nearly $200 billion, and Makino Technology only takes one YY out, the number of users, influence, and coverage, which data is not far more than AOL? Not to mention the huge power when the entire ecology is integrated, such an Internet giant is only valued at $70 billion, which is really nonsense.

However, Li Mu also knows very well in his heart that with the manipulation of capital, the valuation of 70 billion is not a pit, and the maximum of 80 billion is the sky, because they also have to reserve profit margins for themselves, and even they are waiting for the shares in their hands to skyrocket after listing, so it is impossible to value Makino Technology with the market value after listing.

For the circulation market, investors have great confidence in a healthy and storytelling company, which can often bring a higher price-earnings ratio to the company, and the final result is that the stock price and market value soar even more.

Based on the current market of the entire Internet industry, if the successful acquisition of Apple, Li Mu is confident that after the IPO of Makino Technology, the market value will quickly exceed 150 billion US dollars, and even hit the market value mark of 200 billion US dollars after Mango-ME2 and YYtunes mature and Makino Technology successfully digests Apple.

By that time, the amount of financing of Makino Technology may reach 20 billion US dollars, and that is the real realization!