On October 7, when Lantau Island was calm, Wang Zifan returned to Hong Kong, secretly deployed a counterattack strategy, and successively issued several tough statements with a threatening nature in the relevant news media, but these are nothing more than Wang Zifan's death struggle in the eyes of the four major families, and the current Kowloon Construction Industry is like a fish caught ashore, no matter how it jumps, it is in vain. Pen Fun Pavilion wWw. ｂiquge。 ｉｎfo

Li Jiacheng, Bao Yugang, Xu Shixun and others have expressed their views on different occasions, suggesting that Wang Zifan is at the end of the road, and the clouds are overhanging Kowloon Jianye.

The two sides are tense, and no one buys anyone's account!

On October 10th, the long-brewing decisive battle came, the first to attack was the four major families, announcing that they held more than 20% of the shares, and announced that they would acquire more than 30% of the shares of Kowloon Construction Industry, 30% is an unusual number, according to the law, when your personal holdings of shares exceed 30% of the total share capital, it will trigger a comprehensive acquisition offer for the company's shares, so when the four major families announced, everyone understood their subtext, is to fully acquire Kowloon Jianye!

No matter what Li Jiacheng and Xu Shixun swore in front of reporters, Wang Zifan had no time to pay attention, when the four major families carried out a general attack, he had already brewed a killer plan, just waiting for this moment.

The acquisition was announced over there, and Wang Zifan began to hold a press conference here!

Reporters from major newspapers and periodicals rushed one after another, and the long and short tubes were aimed at Zhao Ning, the spokesman of Kowloon Construction Industry.

"Mr. Zhao, is it true that Kowloon Construction was acquired?"

"Why shouldn't Mr. Wang fight?"

"Does he have any plan of action?"

"Is Kowloon Development about to change hands?"

"The new board meeting is about to be held, where does Mr. Wang go?"

"Everyone, be quiet!"

"Please be quiet, I will only announce one thing at today's press conference!"

Zhao Ning raised his hand with a smile on his face, but the reporter couldn't hear the answer and gradually quieted down.

"Dear friends from the media, today we at Kowloon Construction Industry issued a plan on the anti-takeover of shareholders' rights: when someone acquires more than 20% of the company's shares, or a shareholder who has held more than 20% of the shares increases his or her shares by 1%, every existing shareholder of the company will have the right to buy the company's shares at half price, and the purchase amount is half of the shares he already holds!"

"What!"

"What does that mean?"

"Shareholder half-price preference?"

Although the reporter is not a financial expert, he also knows the horror of this resolution, the four major families spent a lot of money to acquire 20% of the shares, and they are enjoying the fruits of victory, a basin of cold water is poured down, from the beginning to the end, they have to spend more money to acquire the same shares, and the lack of virtue is that this resolution twists all shareholders into a rope, contributes together, and is unanimous with the outside world, so what is the use of the four major families no matter how rich they are!

"That's!"

"Isn't this a pit man!"

"The four major families are coming to an end!"

The reporters couldn't help but mourn for the four major families, and it was really unlucky to encounter such an opponent and come up with such a strange countermeasure!

"Is this a decision legally permissible?"

"yes, that's a bully!"

Some reporters also felt that this resolution was too whimsical, and if everyone did this, how would they buy the company in the future.

"Of course it's legal, and it's been approved by the Securities Regulatory Commission this morning!" Zhao Ning smiled confidently, in fact, he secretly changed the concept, what was approved today was the plan to issue additional shares, and this resolution was privately made by Wang Zifan, Kowloon Construction is controlled by the board of directors, and the trading is its own stocks, everyone is playing with unspoken rules behind closed doors, why do you have to notify the Securities Regulatory Commission!

"May I ask Mr. Zhao, what is this plan?"

"Poison Pill Project!"

Poison pills, it's really vivid!

The reporters had different reactions, but they all understood that once this poison pill was activated, the four major families would have to pay several times more if they wanted to acquire more shares of Kowloon Construction!

The power of the four major families is deep-rooted, and many reporters are assigned by them to participate in the press conference, and even plan to sabotage at the press conference and ask some tricky questions, but who wants people to accept the invitation at all, and directly announce the results, and the reporters with ill intentions can only give up the plan, and as soon as the press conference is over, they will inform the four families of the plan about the poison pill!

"Poison Pill Project?" Li Jiacheng was stunned for a while, his expression was very exciting, since the switch to Kowloon Jianye, they have always had the upper hand, and even in the decisive offensive in the last few days, Wang Zifan was still on vacation, thinking that the hero was sad to pass the beauty pass, but the people were disdainful, and they were only ready to beat them back to their original form with a light blow.

It's so ruthless!

Thinking of nearly one billion dollars in vain, Li Jiacheng felt a pain in his heart, and there were more than two billion yuan used in Hong Kong electric lighting, and he couldn't help but regret it, this acquisition was his organization contact, the acquisition failed, and everyone's grievances must be vented to him, the three major families are the old forces, think about it and have a headache, and now Li Jiacheng empathizes with the pressure that Wang Zifan experienced some time ago.

Following Hutchison Whampoa, Cheung Kong will also be greatly injured!

The Zheng family!

When Zheng Jiachun ran in in a panic, Zheng Yutong was reading the newspaper and frowned: "What's so flustered?"

"Poison Pill Project!"

"What poison pills?"

"Dad, Jiulong Jianye has formulated a poison pill plan!" Zheng Jiachun walked over in despair, feeling like the end of the world, there was nothing but regret, empty and very frightened, the four major families had been brewing for so long, they could only kick the door, but they stepped on it, but what they encountered was a mine, and it was a mine array, disgraced, unable to advance or retreat.

Zheng Yutong put down the newspaper and sighed: "Wang Zifan made a move?"

Zheng Jiachun forced himself to concentrate, he had a relationship with Kowloon Construction Industry, and he learned the most comprehensive information, the "poison pill" plan is generally divided into a "pop-up" plan and a "pop-in" plan, the "pop-up" plan usually refers to the implementation of share options, the purchase of preferred shares, for example, the preferred shares purchased at $10 can be converted into shares of Kowloon Development Company at $20, "pop-up" The initial effect of the plan is to raise the minimum price that shareholders are willing to accept in the acquisition, and if the share price of Kowloon is $5, then shareholders will not accept all acquisition contracts below $15, because $15 is the premium that shareholders can get from the share options, which is equal to the share price of $5 plus the share price of $20 minus the purchase cost of $10, and the minimum share premium that Kowloon Development shareholders can receive is 200%.

That is to say, if the four major families want to acquire the shares in the hands of the shareholders of Kowloon Construction, they must pay a premium of 200%, 20 yuan per share, and bid 40 yuan, which is equivalent to the acquisition of two Kowloon Construction Enterprises!

The most terrifying thing is that in the "pop-in" plan, Kowloon Development shareholders buy back their issued share options at a very high premium, usually as high as 100%, that is, 100 yuan of preferred shares are bought back at a price of 200 yuan, and their four families are not included in the buyback, they are also board shareholders, they are thus excluded, greatly diluting the interests of the four major families in Kowloon Development Group.

After Zheng Yutong listened, Rao was stunned and forbidden, and sighed: "This Wang Zifan has created another miracle!"

In 1981, this was indeed a miracle, because the poison pill plan was invented by Martin Lipton, a famous American merger and acquisition lawyer in 1982, and it was not applied to the business war until next year, and now Wang Zifan accidentally replaced the lawyer as the inventor, this poison pill is simply a rebellious existence for weak companies, because it does not require direct shareholder approval to implement, so it was widely adopted in the late eighties.

Especially in the 1980s, the U.S. economy underwent major changes, the company turnover rate was high, the company's equity control changed greatly, and the poison pill plan was a widely used anti-takeover method, and it was not surprising that Zheng Yutong sighed, but in the eyes of Wang Zifan, the poison pill was not so perfect, but in the 21st century, when corporate governance was becoming more and more important, the adoption rate of the poison pill plan dropped significantly, because the board of directors of any company did not want to give the outside world the impression of layers of protection, and the corporate governance evaluation agency often gave those companies with a low rating of the poison pill plan, under normal circumstancesInvestors also don't want to see the board of directors artificially erect an obstacle to the free flow of capital.

These defects are all experience obtained through specific cases, Wang Zifan knows, but others don't know, especially Xu Shixun, when he received the news, he was stunned for a full three minutes before he reacted, looked up at the sky, and felt a kind of shame and anger of being played, I really want to ask the old man, Wang Zifan is not your own son! Why every time he is cornered, he can reverse the situation and survive!

Bao Yugang got the news is the most calm, not calm, no, he is negotiating with the relevant leaders of the mainland to donate a university, and he endured the pain for a long time before deciding to donate 10 million US dollars, but as soon as this poison pill plan came out, he lost hundreds of millions, and even the money for the purchase of Hong Kong Electric Light may be wasted, and the depression in his heart can be imagined, but even if he is depressed, he can only swallow tears in his stomach.

"Mr. Bao, thank you so much!"

"It's nothing, it's my duty to contribute to the cause of education in the mainland!"

"Great! If the people of Hong Kong have such an awareness as you, they will be called the real descendants of China!"

"Yes, Hong Kong people always have to return to the embrace of the mainland, by the way, I suggest you find someone, no matter what else you say, donating a university is easy for him!"

"Who?"

"Wang Zifan!"

Bao Yugang said this name, and his heart was quite weird, with both the pleasure of revenge and a little shame.

As a defensive mechanism, under normal circumstances, the poison pill technique does not reflect its existence value, but once the company encounters a hostile takeover, or the hostile acquirer collects more than a predetermined proportion of the company's shares, the effect of these warrants and terms will immediately appear, and the implementation of the poison pill technique will objectively dilute the shareholding ratio of the hostile taker, increase the acquisition cost, or make the target company's cash flow have major difficulties, causing financial risks, making it difficult for the hostile taker to take over。