Xiao Yifei asked in wonder, "Did I say something wrong?" Or did I misunderstand something? ”

Catherine immediately took the initiative to admit her mistake:

"I'm sorry, it was my mistake to forget to tell you about the peculiarities of CBS. Now I'll give you a closer look. CBS issued two types of shares, both listed on the New York Stock Exchange, CBS or CBS (B) with 620 million shares and CBS (A) with 51.83 million shares. ”

"So what's the difference between the two?"

"To put it simply, A shares have voting rights, and B shares only have the right to dividends and no voting rights."

It turned out that in order to control CBS, Lei Shidong adopted this binary shareholding structure. Because B shares are large and have a lot of circulation, what we generally call CBS stocks is this kind of B shares. The share prices of the two stocks are almost the same, but 80% of the A-shares, about 30 million shares, are concentrated in Lei Shidong's All-American Entertainment Company. Lei Shidong's All-American Entertainment is the largest shareholder of CBS, but he only has about 10% of all A shares and B shares, but he controls CBS by relying on 80% of A shares.

The A-shares that are not in the hands of Lei Shidong are basically controlled by the directors and institutions, and the external circulation is very small, and the trading volume of the entire securities market is less than 10,000 shares per day.

Of the 236 million shares he sold last year, they were B shares without voting rights, so he was criticized by investors and shareholders, causing him to announce that he would not sell shares again. In order to convince the board of directors, he first converted 5.8 million A shares into B shares and reduced the A shares in his hands before obtaining the shareholders' consent to sell 26 million B shares.

After this explanation. Xiao Yifei's face was flushed, and he was worried about his feelings for a long time, this kind of stock that can only enjoy the right to dividends is absolutely no problem, even if you get 80%, the SEC will not stop it. No wonder they supported Xiao Yifei to win them all.

Xiao Yifei is still thinking about joining the board of directors affectionately, and he is still fantasizing about swallowing more stocks after Lei Shidong's death in the future. Fantasizing about CBS becoming its own in the end turns out to be completely impossible. No wonder everyone didn't speak just now, it seems that the three employees of Wells Fargo Financial Management Company who participated in the meeting were not as sophisticated as Catherine and Marshall, and they still wanted to laugh, and these two old ghosts actually did not change their faces.

Lei Shidong is too hateful to be a Jew. can actually make such a strange A and B shares. With only a small 40 million shares, such a large CBS can be controlled. No, Xiao Yifei instantly decided to get involved with him, and he must find a way to get some A shares.

"Did Lei Shidong's sale of shares go smoothly this time?"

"It must not have gone well, or I wouldn't have asked about the West Coast."

Xiao Yifei pointed to the document and said: "CBS's company and stock price look good, why is this happening?" ”

"The big guys aren't interested in this kind of non-voting stock. On the one hand, he is interested in not having money, and on the other hand, he is also seeing if he will be forced to sell at a lower price. ”

This is also, in order to repay the debt, Lei Shidong sells stocks and asks for cash, and the companies that can directly take out 300 million cash are basically billions of enterprises, of course, some funds or investment companies that have not suffered big losses in the financial crisis must have, but they are estimated to either have better investment goals, or those who are really waiting and seeing. The guy who is counting on Lei Shidong to sell at a reduced price. Everyone eats people and doesn't spit out bones, so it's definitely best to buy them at a low price.

"Can I take over the shares on the condition that I ask for a certain percentage of A shares to be sold?"

Marshall and Catherine were shocked by Xiao Yifei's words, they couldn't imagine that Xiao Yifei was so ambitious and appetizing.

"Then what percentage of A shares do you want?"

"Do you have a shareholding ratio of A shares?"

Although there are few A-shares. But anyway, it was also listed, of course they had the information, and Catherine immediately asked someone to get it.

Xiao Yifei first checked the CBS board members, and there were as many as 21. In addition to Chairman Summer. Lei Shidong, vice chairman of his daughter Sally. In addition to Lei Shidong, there are also 9 CBS company executives, including CEO, CAO, and chief tax lawyer. 9 independent directors. In addition, there are 2 shareholders, but these two shareholders are shareholders of Hemei Entertainment Company. In other words, there is not a single representative of the shareholding institution.

Lei Shidong's all-American entertainment is definitely the most. However, after converting 5.8 million A shares, he only has 79% of the equity.

"Catherine, do you think it's possible for me to get more than 5% of A shares?"

Looking at these 5% of the stocks, there are not many shares, only 2.6 million shares, and the market value is not even 40 million.

Even Marshall shook his head, if there were such conditions, other Wall Street tycoons would definitely not give up, even if the Wall Street investment companies let it go, the companies asked earlier would not let it go, and even Wells Fargo, a bank that doesn't like to invest in other companies, might be tempted, and it would not be Xiao Yifei's turn to enjoy this delicacy.

Catherine thought for a moment and replied:

"It's too difficult, it's basically impossible."

Xiao Yifei also knew that the difficulty was not ordinary, so he took the initiative to retreat and said:

"It's okay, I also know that Lei Shidong won't sell so much even if he eats brain fragments, and it's good to get half of it."

"If you have 1.3 million shares, it is estimated that you will have to eat all the shares he sold, and the price is definitely not the 12 yuan he wants now."

Xiao Yifei looked at the information, which contained the quotation of All-American Entertainment, and there were 26040909 CBS shares sold, and the quotation was 310 million, exactly $12 per share. 310 million, this is not a small amount, Xiao Yifei will definitely not sell Sotheby's shares, then the funding gap is relatively large.

"Are you really willing to lend me money?"

"Of course."

"Is it an extended mortgage for oil paintings?"

"First of all, how much are you going to borrow?"

Xiao Yifei now needs to choose between Apple, Netflix and Gold.

"How about a loan of 200 million?"

Marshall thought for a moment and replied:

"It's not enough, although the value of your oil painting has increased a little, it is definitely not worth 400 million."

Xiao Yifei didn't want to pay too much for oil painting. He thought for a moment:

"Why don't I pay some of the cash and use this stock as collateral."

Marshall thought for a moment and replied:

"I agree in principle, but if you use shares as collateral, if the stock price falls. When the outstanding loan amount is approached, we have the right to cash out. And the cash-out funds must be repaid first. ”

"Yes. But I also have conditions. ”

"What conditions, let's say."

"I will pay off the A shares I purchased, and I can't mortgage them to you."

Marshall didn't expect Xiao Yifei to split the A and B shares, and after thinking about it, he summoned Matt, the head of the loan department. As soon as Matt came in. When he saw that it was Xiao Yifei, he immediately greeted with a smile:

"Mr. Xiao, long time no see."

Xiao Yifei stared at him, it was this bad guy who fooled him into taking out a loan of 200 million. However, it was 80 million of this loan that bought Sotheby stock. is now worth 160 million, so Xiao Yifei doesn't know whether to thank him or hate him.

This guy is really a ruthless person, and after understanding the whole story, he directly smashed over with one condition:

"We can give you a loan amount of up to 70%, and we also allow you not to pledge A shares, but if you sell A shares or B shares, the proceeds. We're going to take half. ”

Xiao Yifei stopped doing it as soon as he heard it, this is estimated to be red-eyed Xiao Yifei is now making a profit of 80 million on Sotheby's stock, according to his conditions. If Xiao Yifei sells B shares, the income will directly shrink by half, and once he loses, the money that Xiao Yifei began to give out will be equivalent to a waste.

However, Xiao Yifei did not plan to sell B shares, on the contrary. He will continue to increase his holdings in the future, because although Lei Shidong is now able to control CBS and Viacom with a small number of B shares and a large number of A shares. But when he hung up, his daughter would definitely not be able to control the situation. At that time, in case A and B shares merge, Xiao Yifei will naturally join the board of directors by the way.

But the interests that should be contested still need to be fought for:

"No, your risk is very small, half is too much, at most twenty percent."

After some haggling, this ratio was fixed at 3%.

Seeing that this matter was settled, Catherine finally got back to the point:

"Since Mr. Xiao wants to take CBS shares, then we will write our takeover offer."

"What is the main thing to write in the takeover offer?"

"The main thing is that you can buy how many shares of him at what price, and what do you want."

"That's it?"

Everyone else laughed.

"The last page of the information is their offer to sell, and if your takeover offer fully meets his requirements, then of course the two parties can sign the contract directly. But if you have other requirements, they may receive several offers at the same time, and they will choose the one they feel is best for them to negotiate. ”

Xiao Yifei flipped through the offer to sell again, in addition to the $12 per share mentioned at the beginning, there was also information such as that the payment must be in cash, and the date of payment.

Xiao Yifei asked:

"Let's ask for 1.5 million shares first, what do you think?"

"Yes, it's good to leave a margin."

"What do you think about the price?"

"At first, I didn't consider the situation that you want A shares, and at that time, it was speculated that if you bought them all, it was estimated that the lowest price would be $11, and it would definitely not exceed $12. But now if you want A shares, it is estimated that it will cost more than 12 yuan, which is estimated to be about the same as the stock price, and the worst case is a premium acquisition. ”

The stock price is now 12.8 yuan, that is, he has nearly 20 million more than he can, and 1.5 million A shares are also 20 million, that is, he spent 40 million to buy 1.5 million A shares. With these 1.5 million shares, he is also the fourth largest shareholder in CBS. But it's also good that this location is not inconspicuous and the security is great. Basically, it will not be hyped by the outside world and touch the nerves of all aspects.

"Then this batch of shares is worth 330 million."

"yes."

It's a pity that I know that I know, this thing is really only this way, CBS's A shares are very rare, if you want to collect on the stock market, it is basically impossible, tens of thousands of transactions per day, how long does it take to get enough of 1 million? And if Lei Shidong does not release more A shares, after deducting the dead hands of various institutions, it is not known whether there are 100,000 A shares circulating in the stock market.

Seeing that everyone was looking at him, Xiao Yifei thought for a while:

"We quote a full buy for 12 yuan, and the condition is to add 1.5 million A shares." (To be continued)