Although Google did not announce the identity of the investors later, Sequoia Capital, as a top financial institution that has operated in Silicon Valley and Wall Street for many years, has its own path to find the news behind it. Pen Fun Pavilion wWw. ｂiquge。 ｉｎfo

So when Mike Moritz learned that Sid had sent a hiring offer through Wells Fargo, he immediately decided to lead the team himself. While Sequoia Capital doesn't generally accept this form of takeover offer, Mike Moritz, the leader of Sequoia, doesn't usually take charge of such small projects himself.

But Mike Moritz not only took it, but also led the army himself, and the meaning behind it is particularly intriguing.

"Gentlemen, what are we doing standing here, let's sit down and talk. Seeing that the atmosphere was a little stiff, Spencer immediately calmed the atmosphere with a smile on his face.

"Yes, yes, let's sit down. Mike Moritz took the lead and sat down, and the other Sequoia members behind him also sat down, because Sequoia Capital had a lot of people, so their posture was quite anti-customer-oriented.

Sid slowly walked back to his top and sat down, this composure made Mike Moritz nod secretly, it seems that this Hollywood kid who snatched Google from his hands is not in vain.

"So Sid, are you trying to make a hostile takeover of Victoria's Secret this time?" After the two sides sat down, Mike Moritz asked directly and straight to the point, and he also deliberately used provocative words like "hostile takeover", just to see if it would anger Sid.

But Sid's reaction was much more than he expected, "Yes, I do want to be hostile to Victoria's Secret." Sid nodded with a smile, "That's why I came to Sequoia Capital, I don't think there is any institution in the industry that is better at this than Sequoia Capital." ”

Sid quietly backhanded a rake, and the overt and deprecating rhetoric made Mike Moritz, who was born in letters, raise his eyebrows quite unexpectedly.

"Of course, unlike the Blackstone (Fund) hypocrites, we Sequoia can fulfill any request from our employer as long as we are motivated enough. Mike Moritz also smiled unabashedly, but behind his gold-rimmed glasses, there was a faint sharp eye.

"That's good! That's exactly what I wanted. Sid did not waver in Mike Moritz's provocation, instead looked at the other person head-on, smiling slightly in agreement.

"Oh-" Although he had already guessed Sid's intentions, Mike Moritz still looked at Sid in surprise, he didn't expect Sid, who had a sunny and kind image in the eyes of the world, to have a dark side.

"In that case, let's get started. Mike Moritz nodded at his men, then turned to Sid, "Then let Sid hear the information we've gathered." ”

"Mr. Leon, Mr. Moritz, here is the intel we have gathered about Victoria's Secret. A middle-aged man in his mid-30s turned on his laptop and showed the crowd what they had collected through a projector.

"Victoria's Secret, as a sub-brand of LTD, although its parent company has many sub-brands, Victoria's Secret has always been one of the best. And LTD's investment in Victoria's Secret has always been very large. After a brief introduction to Victoria's Secret's background, Sequoia Capital staff began to cut to the chase.

"Now Victoria's Secret's market capitalization in the stock market is $1.629 billion, may I ask Mr. Leon what is your budget?"

Sid glanced at Spencer, and he immediately said, "The budget on our side is $500 million in cash. ”

This offer was obviously unexpected by the Sequoia side, and there was a clear commotion on the other side, which made Mike Moritz glare at his men in dissatisfaction, and the Sequoia side quieted down.

"Sid, you seem to be well prepared. Mike Moritz said.

"Of course, I never fight unprepared battles. Sid smiled slightly: "One of my favorite European leaders once said that if you are not prepared to use force, do not take up arms, and do not intimidate others at will. It is necessary to pull out a pistol only when you decide to shoot. ”

Sid's words made Mike Moritz's eyes narrow slightly, and after a long time, his expression suddenly softened, and he smiled with his teeth bared, "Oh, what a visionary leader." How come I haven't heard that for the leader of Europe?"

Sid smiled slightly, and couldn't help but secretly slander in his heart: "The Vladimir the Great who said this hasn't shown any sharpness yet." ”

Seeing Sid laughing and not answering, Mike Moritz simply skipped the topic, "LTD Group has set up an anti-poison pill plan for Victoria's Secret, you still know Sid." ”

"Of course. Sid nodded, then smiled slightly: "So I'm looking forward to the guys at Sequoia Capital now, what kind of surprise solution can they give me?"

Mike Moritz looked at his subordinates, then nodded secretly, and the suitr who was the host pressed a new PPT file.

"As you know, LTD Group has set up a poison pill plan for Victoria's Secret, which allows the owners of Victoria's Secret to issue additional shares without the consent of shareholders when they are hostile takeover, so as to dilute the equity in the hands of the hostile takeover to a certain extent. ”

Listening to Sequoia Capital's explanation, Sid nodded silently and listened.

"However, the anti-virus pill program does not really prevent hostile takeovers, and from our past experience and the acquisitions of our peers, even if the anti-poison pill system is fully functional, it can only increase the acquisition cost and delay the acquisition time. ”

"And we can be prepared in advance to avoid it. ”

"How can that be avoided?" Sid asked.

The host of Sequoia Capital smiled confidently: "The main thing is a two-pronged approach, on the one hand, we want to secretly acquire Victoria's Secret shares in the stock market. On the other hand, it starts with Victoria's Secret's market shareholders, who are generally small institutional investors. ”

"Once we have earned a sufficient share of the equity, we can directly ask the board of directors of Victoria's Secret for the position of director, insert our people, and then prevent LTD, or Leslie Wexnay, the owner of Victoria's Secret, from activating the anti-virus pill system. ”

"And what if Wexner preemptively activated the anti-poison pill system?" asked Sid with a calm sword stabbing at the point.

"It's also very simple. Mike Moritz took over and said, "Wexner wants to issue more half-price shares, and we need someone to buy them, so we can find the existing minority shareholders and let them sell their shares to us at a high price." In addition, at the same time, you can also send a letter to attack Victoria's Secret executives and tell them to get out of here!"

"Can you do that?" asked Spencer, surprised.

"Why not?" said Mike Moritz with a laugh, "Wall Street companies do this all the time. ”

"And what are you going to do?" asked Sid.

Mike Moritz smiled and said: "It's very simple, we have investigated, whether it is for Victoria's Secret or LTD Group, there is only one person who is really important to them, and that is the chairman Leslie Weckersnay!"

"So as long as you stink him, things will be much easier, and you won't even have to face poison pills. ”

"him, do you mean ......," Sid remembered the "Victoria's Secret story" he had told Larry Page and the others.

Seeing Sid's expression, Mike Moritz also laughed: "It seems that Sid knows the story of the origin of Victoria's Secret?"

"I've heard a little. Sid nodded slightly.

Seeing that the others were still blinded, Mike Moritz couldn't help but say excitedly: "Although Victoria's Secret is now a subsidiary of LTD Group, it was actually founded by a graduate of Stanford, a guy named Roy Raymond. ”

"When he founded Victoria's Secret, the company was in good shape at the beginning, and he made some good decisions. But later, because of financial problems, Roy Raymond sold Victoria's Secret to Leslie Wexney, and two years later, Wilny Snay ran Victoria's Secret public with a market value of $1 billion, while Roy Raymond jumped off the ...... because of the bankruptcy of his business."

"Golden Gate Bridge!" Sid said.

Those who hadn't heard the story immediately let out a low cry in unison, "It's a good idea to start with the 'feud' between Wexney and Roy Raymond." ”

Sid first nodded in agreement, and then shook his head slightly: "But after all, there is no actual connection between these two things, will it be difficult for people to believe?"

"It doesn't matter whether it's true or not, it's important to convince the public that Leslie Weckersey is a cold-blooded and ruthless bandit, so that other institutional investors can look down on Victoria's Secret's stock price and let it depreciate on its own initiative. Mike Moritz's words surprised everyone on Sid's side.

But when Mike Moritz saw Sid's smiling expression, he couldn't help but ask, "Don't you think Sid's plan is not good enough?"

"The direction is good, but the pads are still not effective enough. Sid said bluntly.

"Oh, then Sid, you have a better idea, Luo. Mike Moritz asked.

"I do know a little bit about Leslie Wexnay. Sid said with a smile, but what he said next surprised everyone, including Sequoia.

Mike Moritz couldn't help but look Sid up and down, "Sid, I didn't expect this idea to come out of your mouth. ”

"I've always been a surprise guy. Sid shrugged indifferently as he straightened up to look at Mike Moritz, "So, can we get started?"

"Of course!"