Soon. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

Regulators in the United Kingdom and the United States have successively ruled on the acquisition of Phoenix Capital by Phoenix Investment Group, agreeing to the merger.

The Phoenix M&A case has attracted great attention from all walks of life, and many media and financial analysts have come forward to interpret the M&A case, with different statements, and it is not yet known what kind of follow-up impact it will have on the outside world, but the impact of the M&A on the Phoenix Investment Group was revealed for the first time.

The Phoenix merger and acquisition case, which is said to be an acquisition, is actually the injection of Phoenix Capital's assets into the Phoenix Investment Group. Phoenix Capital is Tang Bao's sole proprietorship, with a valuation of $5 billion, which is equivalent to Tang Bao's injection of $5 billion into Phoenix Investment Group, and other Phoenix Investment Group shareholders do not want their shares to be diluted, so they can only inject capital together.

Do other shareholders want their shares to be diluted?

Of course not!

The development speed of Phoenix Investment Group is obvious to all, and the potential is unlimited, and it is too late for existing shareholders to increase their holdings, so how can they be willing to be diluted.

After the Phoenix merger was launched, Bear Stearns, Wells Fargo, Citibank, Miyama Investment (a joint venture between the Mitsui Consortium and the Mitsubishi Consortium), and East West Bank all said that they would inject capital according to their shareholding ratio and keep their equity unchanged. Horst and Mrs. Annette expressed a similar stance on behalf of the Phoenix Employee Fund and the Ink Fund, respectively......

To sum it up, it is very simple, that is, each shareholder has to pay for the Phoenix merger!

Here's the problem, not everyone can casually throw out tens of billions of dollars without blinking like Tang Bao. Some shareholders who don't have a lot of money are troubled!

Presently.

The shareholding distribution of Phoenix Investment Group is as follows: Tangbao 43.5%, Ruby Fund 26.1%, ABC Fund 13.05%, Beihai Capital 4.35%, East West Bank 3%, Bear Stearns 2.8%, Citibank 2.5%, Wells Fargo 2%, Three Hills Investment 1.215%, Moke Fund 0.81%, Phoenix Staff Fund 0.675%.

Tang Bao's largest shareholder holds 43.5% of the equity of Phoenix Investment Group.

Among them, Ruby Fund, ABC Fund and Beihai Capital are all offshore funds secretly registered by Tang Bao, and it is not clear to the outside world that Tang Bao controls them.

Therefore.

Tang Bao injected $5 billion worth of assets as the first shareholder (43.5% equity). Other shareholders should inject cash accordingly......

Ruby Fund $3 billion, ABC Fund $1.5 billion, North Sea Capital $500 million, East West Bank $345 million, Bear Stearns $322 million, Citibank $287.5 million, Wells Fargo $230 million, Three Hills Investments $139.7 million, Moke Fund $93 million, Phoenix Staff Fund $78 million.

Well.

Ruby Fund, ABC Fund and Beihai Capital have a total of 5 billion US dollars, and Tang Bao has all paid for these funds, so naturally there is no problem at all. East West Bank, Bear Stearns, Three Hills Investments, Wells Fargo, and Moke Fund also paid their funds in the fastest time.

Only Citibank and Phoenix Employee Fund have changed......

Citibank is mired in bankruptcy due to the U.S. savings and loan crisis, and is looking for funds to save its life.

Well.

The Phoenix Employee Fund was unable to coordinate for a while due to the fact that there were too many people involved and the situation was complicated. In particular, some employees who later joined the Phoenix Investment Group did not catch up with the Phoenix Employee Fund to join the Phoenix Employee Fund, so they took advantage of the opportunity of the Phoenix merger and acquisition case to put forward a request for shareholding.

……

"Horst, the issue of the Phoenix Employee Fund, you personally coordinate it, and I won't interfere." Tang Bao said with a slight frown.

Hear the words.

Horst couldn't help but smile bitterly, "Boss, I've been trying to coordinate." However, issues involving the interests of employees are not so easy to deal with, and a little carelessness may cause violent shocks...... Now the attitude of many employees is very clear, that is, they want to own the company's equity, but it is not possible to solve it through coordination! ”

"Whew~~"

Tang Bao couldn't help but take a deep breath, he also understood this reason. In the case of some employees owning equity, it is normal for latecomers to want to enjoy the same treatment. However, this merger and acquisition case does not involve equity changes.

"Horst, what do you suggest?"

"This ...... The most fundamental solution, of course, is to give equal opportunities to those who come after them as soon as possible. Horst mused.

"Nonsense!"

Tang Bao said angrily.

Belch.

Horst said helplessly, "Boss, this is a one-and-done solution. In fact, I have wanted to mention this matter for a long time, with the rapid development of Phoenix Investment Group, many employees are eager to share the fruits of success, and the call for equity incentives within the company has never stopped. It's time for Phoenix Investment Group to launch an equity option incentive plan...... This way everyone will be more motivated to work! ”

Equity incentives!

Tang Bao fell silent, he has never implemented an equity incentive plan, but he believes that he has not treated everyone badly, and the year-end bonus is several times that of his peers on Wall Street.

There is also a reason why the equity incentive plan has not been implemented. Tang Bao does not personally manage the company, all handed over to professional managers, if there is an equity incentive, professional managers will often go to great lengths to fight for equity option awards, long-term accumulation may become the company's main shareholders, or even doves occupy the magpie's nest.

This is not because Tang Bao is worried, but there are practical cases. The most famous is Disney Chairman and CEO Michael Eisner, who was originally a professional manager employed by the Disney family, but took advantage of the Disney family's trust to increase his equity option awards under various names, and more than 20 years later, he became the majority shareholder of Disney and became the king of Disney. Later, the Disney family expelled Michael Eisner, but it was a difficult time......

Tang Baoke didn't want to encounter similar things, so he has always been secretive about equity option rewards, preferring to give high year-end rewards.

Pity.

Now it seems that his idea is unrealistic.

"Well, Horst, you start working out an equity incentive plan. In addition, you tell everyone that as long as you have been staying in Phoenix Investment Group and working hard, you will get an option reward when the company goes public. The value will not be less than its gross salary for one year! ”

"Ah, good!"

Horst hurriedly replied. If there is a clear equity incentive plan, those employees who ask for shares have the opportunity, and the trouble of the Phoenix Employee Fund will be solved.

Then.

Horst asked again: "Boss, Citibank emphasizes the reinjection of capital to keep the equity unchanged, but it drags on not paying the funds in time......"

Citibank.

Tang Bao showed a faint smile, he had been silently waiting for Citibank to fall into the bottom of the mountain, it would have taken some time, but now, the Phoenix merger seemed to be able to make him get what he wanted in advance. It is clear that even if Citibank is in dire straits, it is still unwilling to give up its stake in Phoenix Investment Group.

"Limit them to pay the funds within three days, just say it's my opinion!" Tang Bao said.

Forehead.

Horst was stunned for a moment, and secretly thought, with Citibank is in a situation, let alone three days, even if it is relaxed to three weeks or three months, there is no hope.

"Hey, Horst, do you remember when I talked to you about Citibank last year?" Tang Bao asked with a smile.

Last year......

Horst fell into the memory and quickly remembered. Tang Bao once mentioned that he planned to seize the favorable opportunity of Citibank's predicament and take a stake in Citibank.

"Boss, are you trying to take the opportunity to force Citibank to comply?"

"Oh, yes, but it doesn't need to be said. Citibank is reluctant to have its shares diluted and can't get the funds, so we will definitely take the initiative to negotiate with us, and then we will wait for the opportunity to propose the matter of joining Citibank......" Tang Bao said his plan.

"Boss, are you sure it's possible?" Horst asked suspiciously. Citibank has been raising funds for a long time, and after being rejected from borrowing funds from Phoenix Investment Group, it would rather run into walls everywhere than talk to Phoenix Investment Group about capital injection, obviously resisting Phoenix Investment Group's shareholding.

"Okay, I'll know after trying." Tang Bao said with a smile.

"Okay."

Horst replied.

After the call, Horst called Tostan, Citibank's director at Phoenix Investment Group, directly and relayed Tang Bao's exact words.

"What, three days? President Horst, Phoenix Investment Group does not have a place where it is in urgent need of funds, and Citigroup's later payment of funds will not have much impact. As soon as Tostan heard that Citibank had three days to pay the funds, he was immediately anxious.

$287.5 million!

In the past, Citibank didn't care about this amount of money at all, but now it's Alexander, and a penny is hard to beat a hero.

"Director Tostan, this is not a problem that has no impact, the key is that the other shareholders have already paid their funds, but Citibank is dragging it, which will cause other shareholders to question it. And $287.5 million is not a small amount, and there is a lot of interest in the bank account......"

Tostan almost cried, Nima, we at Citibank are waiting for money to save our lives, and you are still chasing our life-saving money to earn bank interest.

"This is what the boss meant, you should go back and report the situation to Citibank." Horst was too lazy to talk nonsense and waved Tostan away.

Tostan did not dare to delay and hurried out.

……

Citibank Headquarters.

"What, give us $287.5 million in three days? Now you don't know the situation of Citibank, how can there be funds? Citibank CEO yelled.

Tostan smiled bitterly and said helplessly: "These are Citibank's affairs, and Phoenix Investment Group will not consider it." What's more, Horst made it clear that this was Don's opinion. ”

"Don? Damn it...... He is worth tens of billions of dollars, why is he staring at this little money? The CEO of Citibank scolded in a low voice.

Cursing is swearing, but the matter is still settled.

Citibank convened an emergency board meeting to discuss the response.

"That's the way it is, what do you think?" The CEO of Citibank asked after briefly stating what had happened.

Then the directors bowed their heads and discussed.

Soon.

One of the directors said: "Citibank can't come up with the money, and we have to negotiate with Phoenix Investment Group to seek a deferral of payments." ”

"If it doesn't work, we will give up the capital injection......"

"Phoenix Investment Group is the most promising financial company in history, and Citibank must not lose those precious shares, otherwise it will regret it for life!"

"No matter what, you have to keep the shares of Phoenix Investment Group!"

"Without money, what do you take to protect? Citibank is our foundation......"

"I agree with John's opinion and negotiate with Phoenix Investment Group to get grace time!"

"Idiot! Are you deaf, Horst said it was Don's decision. You go to Phoenix Investment Group to talk, and Horst doesn't dare to change it, right? ”

"How do you know ...... without trying"

……

……

The conference room seemed to have turned into a vegetable market, and the directors were arguing with each other, and they all seemed to be a little irritable.

The CEO of Citibank looked coldly at the quarreling directors, his face was ugly, but he did not break out. He knew that Citibank's plight was annoying to everyone.

Then.

Miller, vice president of Citibank, who had been silent, suddenly said, "Wait." Horst said that the three-day deadline was Don's decision? ”

"That's right. This is what Horst told me personally! Tostan, who was in attendance, nodded in certainty.

"Citibank's predicament is well known, and we asked Tang for help before, and Tang couldn't have known that Citibank couldn't get the money...... Knowing it, he gave us three days. This is not simple, we need to carefully figure out Tang's intentions! Miller narrowed his eyes slightly, mused.

"Hmph, what can be the intention? Only Citibank did not pay the money, and it was reasonable for Tang to urge. One director disagreed.

"It's not that simple!" Miller shook his head.

Then.

explained, "Phoenix Investment Group has sufficient funds and does not lack these hundreds of millions of dollars, so there is no need to rush so urgently under normal circumstances." They ignored Citibank's difficult situation and demanded payment within a time limit, which is obviously a bit of a fall......"

Reasonable.

The other directors nodded in agreement, and they also fell into thought.

"Miller, what do you think is the intention of Don's behavior, is it because of East West Bank that he came to target Citibank? Both are large U.S. banks, but there has been no conflict of interest, on the contrary, there have been a lot of happy cooperation. Citibank CEO said.

"It's probably unlikely. Tang is Chinese, and it is inconceivable that East West Bank can become one of the top ten banks in the United States, and even if Citibank is forced to go bankrupt, it will be difficult for East West Bank to benefit from it, and it will only cheapen other rivals. Miller shook his head.

Silence for a moment.

Miller spoke again: "There are two possibilities for Don's move. First, Citibank was in deep trouble, and it lost its use value to Phoenix Investment Group, and he took the opportunity to dilute Citibank's equity and even take the opportunity to drive Citibank out of Phoenix Investment Group. Second, Tang may have a place where he needs to use Citibank, but he doesn't want to take the initiative to open up and embarrass us with the matter of capital injection, so as to take the initiative. ”

"Which of you do you think has a better chance?"

"It's really hard to say. But in either case, we'll have to take the initiative to meet Don...... That may be what he intended! (To be continued.) )