"I ALSO BELIEVE THAT TOMTOM WILL RISE AGAIN, WHICH IS ONE OF THE REASONS WHY WE ACQUIRED IT. But it will never be this year, and Mr. Albert should agree with us on this point. Cai Siqiang said with a smile, he no longer went around in circles, and directly cut to Albert's lifeline.

"I JUST WONDER IF MR. ALBERT IS AS PATIENT AS WE ARE TO WAIT FOR TOMTOM'S RESURGENCE?"

"Well, I admit that we have very similar views on this issue, but in terms of price, a 15 percent premium is really hard to accept. I guess twenty-five percent is a good number, and honestly the price is already our limit. Albert finally gave way.

Obviously, in terms of time, Albert's urgency is higher than that of Cai Siqiang. The late acquisition of Tomtom is just a loss of some opportunities for SAL, but for Albert, this is a very critical moment, the annual financial statement deadline is very close, if this year's TOMTOM investment loss is recorded in the report, this year's investment company's performance ranking will be very bad.

For investment companies, peer rankings are almost as important as lifelines, and each ranking means that investors' selection probabilities vary by a few or even dozens of percentage points.

"Twenty-five percent is still too high for us, and you know that we are buying the entire company of TOMTOM, and the bid for your company also means a tender offer for public shares, and frankly, we can accept a price of no more than 20 percent of the average closing price of the week. That is, at the current price point, we can accept a floor price of 2.5 euros per share. ”

"If it's higher than that, I'd rather wait for a new time. According to the prediction of industry experts, TOMTOM's continuous performance loss this year has become a foregone conclusion, and the probability of continuing to lose money next year is also very high, and worse, TOMTOM will obviously have serious problems in cash flow after continuous losses. We are even considering whether it would be more cost-effective to wait for TOMTOM to go bankrupt and buy the corresponding assets. ”

Although Cai Siqiang was a threatening word, it was half-true and half-false, and Albert was also in a dilemma for a while.

With a premium of 20 percent, the company's investment in TOMTOM still has a loss of about 10 percent, that is, a loss of nearly 10 million euros, which is of course a very uncomfortable thing for the company, but it is still very important for the company to be able to reduce the loss of 20 million euros, and the company's investment income this year can remain above the positive number, and it is still very important for the company to enter the industry with positive returns in the ranking.

Albert himself could not make up his mind on such a major decision, so he had to ask for an interruption in the negotiations, and he would continue after urgent consultations with the company's top management.

After more than two hours, negotiations resumed, and given the enormous influence of the company's annual report, the top management of the investment company finally agreed to accept the new offer made by SAL to transfer 17 percent of TOMTOM shares for 2.5 euros.

For this unexpectedly good result, the SAL overseas M&A team was greatly encouraged, the purchase price of this agreement is a full 10 points less than the original estimate of 30%, so that the calculation of the entire acquisition plan will save tens of millions of dollars, and it is very important to choose a good M&A consultant, although it will cost nearly a million dollars in consulting fees, but compared to the money saved, these are just a drizzle.

This negotiation was able to increase the premium of the agreed purchase price from 30 percent to 20 percent, and the M&A consultant's familiarity with the inside story of the investment company played a big role.

With this agreement as the foundation, the negotiation with Diabi is much simpler, because Cai Siqiang examined Diaby's past manager experience, and believes that Diabi is a career talent, so the negotiation is not focused on the price of the stock with Diaby.

Instead, we exchanged the development strategy of the new company after the reorganization, and found that the two of them saw about the same, and the two of them simply felt a little late to see each other, especially after waiting for Diabi to see the navigation engineering samples developed by SAL brought by Cai Siqiang, he was full of confidence in the acquisition of SAL company, and promoted the two aspects of reducing costs and launching new leading products at the same time, and the future of the new company suddenly became very optimistic.

Therefore, in response to the olive branch thrown by Cai Siqiang, Diabi gladly accepted the position of CEO of the new company, and most of the shares held were converted into cash according to the premium between SAL and the investment company, and a small part was converted into shares of the new company.

After completing the acquisition of the two shareholders, the M&A consulting team released the news, claiming that because they were not optimistic about the future of TOMTOM, the major shareholders transferred their shares and signed a share transfer agreement, and the new company promised to buy the shares in the hands of ordinary shareholders at the acquisition premium of the major shareholders, but the maximum acquisition amount was not more than 500 million US dollars.

Market rumors believe that this is everyone's last chance to escape. It is recommended that everyone take advantage of this opportunity.

THEN A FEW PIECES OF ANALYTICAL NEWS, TRUE OR FALSE, WERE RELEASED, LEAVING TOMTOM'S COMMON STOCK HOLDERS FULL OF UNCERTAINTY ABOUT THE COMPANY. Compared with the domestic acquisition, the planned international merger and acquisition, because SAL has no precedent in the field of navigators, everyone is not optimistic.

It is important to know that in international mergers and acquisitions, the success rate is generally 20 or 30 percent, and relatively speaking, the failure rate of mergers and acquisitions is much higher than the success rate.

Therefore, the response to acquisitions in mature foreign markets is actually very pragmatic, and if the market feedback is that the success rate of acquisitions is low, the price of the company's shares will not only not soar, but will sometimes plummet.

The premium of 20% is already a good profit for retail investors who entered late, so many retail investors also took the opportunity to ship on the tender offer registration during the suspension period, and when the tender offer suspension period ended, the total number of shares acquired by SAL reached 135 million shares, accounting for almost 61% of TOMTOM's total shares, and the acquisition cost more than 400 million US dollars.

In an absolute controlling position, the general meeting of shareholders initiated by SAL completely reshuffled the board of directors, although Gerald tried his best to resist, but the overall situation was decided, the board of directors was reorganized according to SAL's intentions, SAL representatives occupied 4 of the 7 board seats, and Diaby continued to serve as the company's CEO and occupied a director, so that SAL formed an absolute majority of 5 votes on the board of directors.

After this shareholders' meeting, Gerald realized that the situation was not good, but it was too late, and the new shareholders' meeting not only kicked him out of the board of directors, but also spread the rumor that TOMTOM would implement a major strategic adjustment, which directly shook the company's development strategy that he had always adhered to.

However, Gerard, who has become a minority shareholder, is powerless to prevent the implementation of this new strategy.

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