"What? If we don't agree to your terms, Gucci is going to carry out a share expansion?"

Facing Delphine, who stood up angrily, the Gucci representative nodded. Pen, fun, pavilion www. biquge。 info"Yes, Miss Delphina. Under the Companies Act, Gucci may not issue shares to the public until the equity you represent becomes effective, so if you do not agree to the full acquisition, the company will sell 42% of the shares to a third party, and if it is implemented, your equity will be diluted to less than 20%......"

Seeing that Delphina's face was white, the Gucci representative shrugged his shoulders and continued. "Miss Delphina, you should be aware that the acquirer, led by the Pan-French Investment Holding Company, has in fact violated the procedures of the Dutch Securities and Futures Commission for the tender offer, and given your special status, the management has had to put forward these restrictive conditions in order to ensure the independence and continued development of Gucci. Of course, if the management you represent is willing to make a full acquisition, and the management and shareholders of the company are willing to sell all their shares, you can do whatever you want after you buy this part of the shares, otherwise we will not be able to ensure the independence and continued development of Gucci for the shareholders who hold shares in Gucci ......."

Delfina took a deep breath, and when she calmed down, she raised her voice. As the current largest shareholder of Gucci, I can also file a complaint with the Dutch courts under the company law!"

The company welcomes [Pan-French Investment Holdings] to apply to the Dutch Securities and Futures Commission for ruling, but if you are not willing to accept the above conditions, Gucci's capital increase plan will definitely be implemented......

Representatives of Gucci's management left.

In the office, she lost her temper, and Delphine waited for her to calm down before dialing Arno's phone.

"What? If they don't agree to a full buyout, they're going to increase their capital and shares?"

"Yes, the management representatives of Gucci made several demands, and said that if the acquirer does not agree to the takeover, then Gucci will not rule out that in addition to increasing its capital and shares, Gucci will not rule out that it will file a lawsuit in the Dutch courts to determine that the acquirer's acquisition is illegal ......"

Arno, who was sitting in his office, pouted disdainfully after listening to all the requests. "Delphina! Ignore them! I also consulted the company's legal department about this in the morning, and according to the current securities law in the Netherlands, even if the Dutch Court of Appeal can finally support their plan to increase their capital and shares, it is absolutely impossible for the Dutch Court of Appeal to invalidate the acquisition!"

"Dad, if Gucci's management did find a third party willing to inject capital, then I'd have to raise three billion dollars as an acquirer......

"Delphina! Don't pay attention to the poison pill plan of the Gucci management! Even if you can really convince that kid to come up with so much money, the current value of Gucci is at most four billion, and only a fool will do it with an injection of three billion dollars in exchange for 42% of the equity! Gucci can't find a third party to take over, don't worry about them implementing the poison pill, their appetite is too big, this poison pill will kill them......"

She got the answers she wanted, but Delfina was still a little confused.

If the shares purchased through leverage do not agree to the requirements of Gucci's management, then once Gucci implements the poison pill plan, its stock price will inevitably fall sharply, with the current leverage, once Gucci's stock price falls by 40%, whether it is [Pan-French Investment Holding Company], or [FL Americas Investment Management Company] and London Fund Company, it is necessary to pay the margin immediately!

The disadvantage of insufficient funds was so easily exploited by Gucci's management, and if Gucci's suspension was prolonged, the interest required for financing alone could make [Pan-French Investment Holding Company] bankrupt first......

Thinking of this, Delphina dialed Fu Zhengyi, and after introducing the situation, she asked what to do?

"Fortunately, I said before that you must put aside your identity as the only daughter of the big boss of the LV Group company, and it seems that the management of Gucci is afraid that LV will completely suppress Gucci with the help of the acquisition......"

"I made this question clear to them, but the problem is that they don't believe it at all!"

Opening the notebook in front of him, Fu Zhengyi looked at the price trend of Gucci in the past few months and smiled. "Okay, well, since representatives of Gucci's management have come to the door, it means that shareholders are not reluctant to sell their shares! Their concerns are understandable, so you can tell them now that we can buy them all, but for the 42% stake in Gucci, we can't bid higher than the average price of the first 30 trading days!"

Delphine exclaimed, stunned. "What?

"Yes, if the 42% stake of Gucci is worth up to $1.5 billion as I said before, if Gucci's poison pill plan starts to be implemented, then we need to face the ...... of whether to exercise the right of first refusal and pay 3 billion yuan to inject capital."

Delphine was completely stunned. "But my father said we could ignore Gucci's blackmail! We could wait for them to file a lawsuit in the Dutch courts! We could pay $1.5 billion without paying ......."

"Delphina, your father's idea is of course the most economical, but the consequences are really serious! If the Dutch Court of Appeal decides that Gucci's poison pill plan is not violated, the price to be paid as an acquirer is too great......"

In the previous life, LV acquired Gucci, and the reason was naturally because of Arnault's overconfidence, which allowed the Pinault family not only to enter the luxury market with the help of capital injection into Gucci, but also to become the world's second largest luxury group through similar acquisitions, causing Arnault's luxury empire to suffer long-term losses.

Thinking about the various changes that Fu Zhengyi said, Delfina hesitated for a moment before saying helplessly. "The problem is that I can't raise any money other than my father's help, and even if the bank provides the funds in the form of collateral, the shares held by [Pan-French Investment Holdings] are not enough to complete the purchase of 42% of Gucci's shares......"

"You don't have to worry about the money, $1.5 billion isn't a big deal, but I also need some time to raise that money. In addition, if Gucci wants to develop, I think that the current capital increase plan proposed by Gucci management also needs to be seriously considered!"

Ben felt that the situation was going beyond his expectations, and when he heard this, Delphine immediately exclaimed. "What? After a $1.5 billion takeover, do you think you need to inject money?"

"Yes, Gucci's cash flow is not healthy at the moment, and if Gucci wants to grow by leaps and bounds, it needs to be fueled," Fu Zhengyi continued, picking up the calculator and roughly calculating it. "Delphina, you should tell the management of Gucci now that there is no problem with the full acquisition, but the purchase price and payment time need to be negotiated in a sitting down, and my request is that the purchase price will be paid in full at the end of the year, so that there will be plenty of time to negotiate with the bank......"

Gucci's current stock price has risen because we have bought a large number of them in the market, and if we buy it all, the bank will give a mortgage of 60% at most before the company's performance is normal, and once the acquisition is completed, the stock price will fall, so once it touches the liquidation line, we must pay the full amount of the margin within two or three days......

"It's okay, you go and communicate with the management representatives of Gucci first, I estimate that when the specific terms are negotiated, it will be at least August, if the European banks are not willing to take over, I will ask American banks to provide funds for the acquisition, in a word, we want to show that the purpose of the acquirer is to promote the development and growth of Gucci, not to let this brand become a subsidiary of a company, and will not sacrifice the interests of Gucci to obtain compensation from other aspects!"

Confused for a moment, Delphine hesitated for a moment before asking. "Why, are you really sure you have a way to get the money? It's a lot of money......

"Don't worry, I'm responsible for the funds, the management of the company is handed over to you, if Gucci can't grow into a luxury company with a market value of more than 10 billion, then you have to take responsibility for it!"

"Fu! It's not funny......

Grumbling and ending the call, Delfina sorted out her mood and began to recalculate, shaking her head helplessly after determining the price to be paid for the full acquisition.

Jingle Bell ......

The phone on the desk rang.

Delphine picked up Arno's voice and asked what was the matter?

"Delphina, I asked the legal department to re-search the legal documents of the Dutch Securities and Futures Commission, and if the management of Gucci filed a lawsuit in the Dutch court, the probability of your acquisition being found to be valid is more than 60 percent......"

Before Arno could finish speaking, Delphine spoke. "Father, I have been on the phone with Fu Zhengyi, and he thinks that the other party's conditions are acceptable, and he will handle the funds......"

"What? Wholesale takeover? Is he crazy? There is no reason to accept the blackmail of the Gucci management! If they dare to carry out the poison pill, Gucci will not be able to turn over for ten years! Money is not spent so arbitrarily, and there is no reason to accept the blackmail of the other party when they have an advantage......

The corners of her lips curled, and Delfina suddenly felt that she should relax, so she smiled. "Father, I am ready to begin formal negotiations with Gucci management as he requested......" (To be continued.) )