Xu Qianqian split her head and covered her face and told Huang Ligong.

Her voice was not loud, her tone was calm, and she couldn't catch the slightest anger, but Huang Ligong could hear that something was exuding a rock-like aura inside. Huang Ligong faintly felt a burst of pressure, omnipresent pressure, like a body diving into deep water, and his breathing began to become difficult.

He knew he was wrong.

After the dust settled on the patent dispute with Digong Group, Ruili Technology's prospects in the capital market were very optimistic, and Xu Qianqian began to follow Huang Ligong's bold words when he introduced investment. The acquisition of the company is not over? Naturally, she would not let it go and asked for reasons and details. Huang Ligong had no choice but to confess the truth.

On the fifteenth day after the Four Seasons meeting, an email from Frank was received. And they met the deadline. Huang Ligong opened the email, surprised, and even a little annoyed. Frank's email was short: We can't terminate our partnership with Yamalan Automation Japan, and we can't accept your terms. Thank you for the invitation and your trust.

Huang Ligong has made a plan, what if he can't get along with Frank? Then the price will increase. His psychological expectation is three times, and he takes three times Frank's annual salary as a return or commission. Unexpectedly, Frank left no room for bargaining. These elm heads.

"Bribing a company's employees is a felony in the UK." On the other end of the phone, Xu Qianqian's voice was not emotional, "You will be punished until your family is bankrupt, and you will be imprisoned for several years." ”

There was no overhead light in the living room, only the floor lamp on the corner of the sofa was on, casting Huang Ligong's shadow out for a long time. He watched his shadow on the ground, changing as he paced, lengthening, shortening, and lengthening.

"You've entered the international arena, so don't use your national conditions as a shield. We must learn to compete according to international norms. Xu Qianqian said, "In the future, your overseas M&A actions must first go through professional consultation." ”

"Okay." Huang Ligong was reluctant, but he still allowed himself to accept it clearly.

"The acquisition of the company is back on the agenda."

"Is it okay?"

"Of course, Frank is only a professional manager, not a shareholder. The actual controller of the company is Dr. William, who also owns a team in the UK and is also interested in Chinese mergers and acquisitions. Xu Qianqian said, "I will do some preliminary work, I will go back to China next week, you arrange the itinerary and wait for me." ”

"Okay, wait for you to start the merger. After buying it, I was the first to swap out Frank! ”

"I just let you compete according to international norms...... Xu Qianqian sighed, "Don't think about it." Frank is a good CEO. ”

Huang Ligong didn't say anything anymore and hung up the phone.

A week later, Xu Qianqian took Harry to Wushan.

Entering Huang Ligong's office, Xu Qianqian handed over the agreement, "The merger and acquisition of the company will be carried out by Huiquan Investment." Don't meddle in your hands and feet, and make extraneous branches. ”

Huang Ligong flipped through it, a little hesitant.

"There is a century-old enterprise in the United Kingdom, and the company's cash flow on the account is 100 million pounds, which is 860 million yuan at today's exchange rate of 8.6. This company agreed to your purchase price of 900 million yuan, what do you think of this deal? ”

"It's going to depend on the debt."

"Century-old companies in the UK, they don't like leverage very much, and the debt ratio is generally not high."

"That's a good deal." Huang Ligong said, "It is equivalent to only spending 40 million yuan." "A fool would settle the account, he thought to himself, for less than 5 million pounds, buying a century-old British company is like pie falling from the world.

"You should also be looking at inventory and employees." Harry reminded gently.

"There are always market price fluctuations in inventory. However, the impact will not be too great, and the established enterprises that are still operating do not have to worry too much about the book value of the inventory. Xu Qianqian took it and said.

Huang Ligong nodded, he understood. But what does it mean to focus on employees?

"This company has more than 200 employees." Xu Qianqian tapped lightly on the table, "This alone is enough for you to toss." If you want to quit and terminate the contract with these employees, according to British labor law, you can't get out without paying hundreds of millions. She sat down and pointed to the agreement in Huang Ligong's hand, "This kind of problem is the hidden cost of your overseas mergers and acquisitions, which will not be written anywhere, but at a critical moment, it will drag you into the abyss." This is where our invisible value lies. ”

Huang Ligong smiled and motioned for Harry to sit down. He also sat in his office chair, took out the signature pen from the pen holder, signed his name on the agreement, and handed it to Xu Qianqian.

"Again, our commission is a lot of money." Xu Qianqian put the agreement into her bag, "However, you will be glad to pay this commission soon." ”

Xu Qianqian acted vigorously and quickly promoted the merger and acquisition of the company. Dr. William also had a strong interest in the Chinese market, and the two hit it off and basically reached a consensus on the core terms.

The final negotiation was in Wushan, China, where Dr. William led the team to Ruili Technology for a field trip. Frank was originally on the list of peers, and he has been in the Asian market for a long time, which is half of Asia's knowledge. Xu persuaded Dr. William that the M&A negotiations were mainly shareholder-level transactions without managers.

Dr. William and his entourage arrived in Jiangcheng, the treatment was very grand, Huang Ligong personally drove a luxury car to pick up the station, accompanied by the officials responsible for investment promotion of the local government, and stayed in the five-star hotel in Jiangcheng. The hotel is built near the river, standing in front of the floor-to-ceiling windows, with a wide view, freighters crowded on the river, and busy transportation. Arriving in Wushan the next day, the same scene was seen at the entrance of the Industrial Robot Industrial Park, where large trailers were lined up at the door, loading and transporting. "The world's second largest economy, with strong vitality and a reputation worthy of its reputation." Dr. William said to Huang Ligong. He naturally knew that it was specially arranged by the host, but unlike visiting the workshop, the busy circulation of a city and a park would more truly reflect the economic vitality of the region itself.

In the evening, Huang Ligong took Dr. William and others to a small local restaurant in the town. Stinky tofu, fried rolls, and stewed pork ribs with yam are all favorites when I was a child. In his tireless explanations and demonstrations, Dr. William and others clumsily held chopsticks with both hands, picked up stinky tofu, and put it in their mouths, with mostly strange and interesting expressions on their faces, and put down the chopsticks to make comments.

What he wanted was this effect, Huang Ligong looked at Xu Qianqian proudly. Xu Qianqian just looked at him with a smile. She must have shook her head in her stomach and said that the local method was made, Huang Ligong thought to himself. However, who says that the local method is bad? When U.S. Vice President Baie Deng visited China, he went to Beijing Drum Tower to eat Yao Ji fried liver, and Canadian Prime Minister Harper also went to Beijing Fangzhuang to eat a bowl of Juza noodles. It is a good way to make people relax and enhance their feelings.

When it came to the formal negotiation, Huang Ligong immediately tensed, and sincerely threw out his appeal at the beginning: "The price is a bit expensive, can it be reduced?" ”

Dr. William was puzzled, and his lawyer shook his head. The M&A price is a core clause and a basic consensus has been reached in the UK. Naturally, there is still room for adjustment according to the actual situation, but Huang Ligong's proposal seems to have been re-discussed. "I think the risk of this price is too high."

Xu Qianqian remained silent. Huang Ligong's appeal had not been communicated to her in advance, but she was not surprised, she went out with Huang Ligong to talk about the verdict and knew his style.

"What risk?" Dr. William asked.

"For example, the performance has changed face." Huang Ligong listed several unsuccessful cases after mergers and acquisitions, and the performance of the former owner fell sharply after it was sold.

"Our team of professional managers is very dedicated, our customers are stable, and our performance has been stable." Dr. William said it simply.

"Let me clarify." Xu Qianqian looked at Huang Ligong, "What you're really worried about is performance risk, right?" If you can avoid risks in the arrangement of mergers and acquisitions, then the price consensus is acceptable to you? Huang Ligong pondered for a moment and nodded. Xu Qianqian looked at Dr. William, "We can consider setting up a VAM clause according to the usual practice. ”

"Risk pricing is included in the price we agreed."

"We can agree on a more innovative arrangement that is fairer for both parties and more effective in moving the deal forward." Xu Qianqian looked at Harry. Harry walked to the end of the conference table and looked at both sides, "We have a proposal to make a more flexible arrangement for the merger price, a more reasonable incentive, and bundle the interests of both parties." ”

The M&A price is set within a tolerance range of 10% of the positive and negative considerations, that is, for the benchmark price agreed upon by both parties, 10% is raised as the ceiling price and 10% is lowered as the guaranteed price, and then the final M&A price is determined according to the profit index of the company in the new year.

The payment of the acquisition price is divided into four installments. 80% of the first instalment before the transaction date; In the second period, after the issuance of the next annual audit report, 10% will be paid; In the third period, after the issuance of the next annual audit report, 5% will be paid; Fourth, after the issuance of the next annual audit report, the remaining 5% will be paid. In addition, if the audited annual net profit of the second and third periods is less than 90% of the forecasted net profit, the current payment will be tentatively made and the payment will be made after the audit results meet the above conditions.

After the completion of the transaction, the shareholders led by Dr. William jointly established a limited partnership, returned to Ruili Technology, subscribed for equity, and agreed on the purchase price in advance.

"I believe that this is in the best interests of both parties." Harry ended his statement with a single sentence.

This Xu Qianqian has already made all kinds of preparations. Huang Ligong nodded slightly. This solution is in the best interests of the three parties, not just the two. For Huang Ligong, although he may pay a higher price for the merger and acquisition, it is obviously cost-effective to calculate the general ledger, and the return investment clause is what he needs. For Dr. William, based on his confidence in the team and performance, there is a high possibility of a premium, and he is already interested in investing in China, and investing in Ruili Technology will be a good first step. For Xu and Harry, it naturally extends from a Chinese investment business to an investment in China business, harvesting Dr. William as a potential long-term customer, and C2W and W2C form a closed loop.

There was no objection from both parties, and after some tug-of-war, the final terms of the deal were negotiated.

Since then, Ruili Technology has embarked on a global M&A journey.