The time soon came to the beginning of March, Jardine Matheson Group once again ushered in a new shareholder vote, in the New Bijian all kinds of help matchmaking, the general meeting of shareholders was also successfully passed, Chen Zhiwen's capital with 830 million Hong Kong dollars to continue to invest in the capital of Jardine Group's shares, so that a single person to obtain 34.9% of the shares of Jardine Group, has been clamoring for opposition, the Keswick family, itself only has 10% of the voting rights, even if some people with a good relationship are drawn, it can not change the general trend, but because of the directional financing of Jardine Matheson, As a result, the original 10% of the Keswick family's stock was reduced to 7.8%.

Hongkong Land, which originally held a 34.9% stake in Jardine Matheson, also reduced its stake to 28.6% because of this financing.

For Jardine Matheson, Chen Zhiwen holds 34.9% of the shares, and Chen Zhiwen holds 28.6% of the shares of Jardine Matheson, with a total proportion of more than 60%, officially triggering the acquisition offer.

The same is true for Hongkong Land, two companies are triggered by the same person at the same time, this is the first time in the history of Hong Kong, two companies holding each other, there will be this kind of problem, once more acquisitions will trigger each other, resulting in the acquirer's cost skyrocketing, thus forcing out other people or other consortiums who have ideas about it.

It's a pity that the people in the Jardine Department don't know what a big piece of fat just a land will be in the future, even if the acquisition offer is triggered, as long as the price is not super outrageous, then Chen Zhiwen will definitely buy it without hesitation.

However, according to the provisions of the law, it is not necessary to make a full acquisition to trigger the takeover offer, because in practice, it is very complicated, and many times the acquirer or even the major shareholder of the company itself will accidentally hold more than the upper limit, so the law will also allow the major shareholder to remove, that is, when it exceeds the cost, it does not want to make a full acquisition or the acquirer finds that the cost is too high and wants to give up, then it can reduce the shares to 34.9% within the time prescribed by law, and at the same time, in the next 2 years, no more comprehensive acquisition shall be proposed.

How should Chen Zhiwen choose? It has become a topic of concern in Hong Kong, if you choose to retreat, it means that the acquisition has been completely over, and if you choose to continue the acquisition, it will be another feast for the Hong Kong stock market.

On March 6, Zhou Jiayang, president of Hutchison Group, representing Chen Zhiwen, officially held a press conference and announced that it would carry out a comprehensive merger and acquisition of Hongkong Land, while Jardine Matheson chose to clear the excess shares, which would be completed after the acquisition of Hongkong Land, and the shares of Jardine Matheson in the hands of Hongkong Land would be cleared.

As for the purchase price of other shareholders of Hongkong Land, Hutchison gave HK$8.2 per share, which is 30% higher than the average price of 6.3 in the first half of the year before Chen Zhiwen became a shareholder of Hongkong Land.

As soon as the news came out, the share price of Jardine Matheson plummeted, and the share price of Hongkong Land skyrocketed instantly, but almost all Hongkong Land shareholders expressed dissatisfaction with this amount, and they believed that Hongkong Land's share price should be worth more.

But apparently the official did not continue to dwell on this issue, but set up tables on several exchanges in Hong Kong to officially buy Hongkong Land's shares, and any shareholder, as long as he wants to sell his shares, can come to exchange cash at any time.

"It seems that there are not many people who come to sell stocks." Chen Zhiwen looked at the somewhat deserted exchange below and said with a smile.

"A lot of people are really waiting for us to raise prices, and although a 30% increase is not low, it is still a lot worse than the share price of Hongkong Land before the real estate crisis." Zhou Jiayang said.

"Since it is a real estate crisis, it is naturally impossible to follow the previous one, at least on the surface." Chen Zhiwen shook his head and said, "How are you communicating with those shareholders of Hongkong Land?" ”

Although the number of shareholders is large, but the absolute number of shareholders are still those shareholders with a larger share, when the previous secret acquisition, many situations are inconvenient to contact these people, and there may be no channels, and now with the cooperation of Niu Bijian, it is naturally much more convenient.

"Most of these people are willing to sell, but in terms of price, they want us to raise it a little more, just like the people below." Zhou Jiayang said.

"So what do you think should be done?" Chen Zhiwen asked.

"Break each one." Zhou Jiayang replied: "Because of Yizhi Mutual Control, we already hold almost 65% of Hongkong Land's shares, and the remaining proportion is actually not high, as long as it is rumored in the market that we are constantly acquiring shares, then it will naturally cause the rest of the people to be nervous, because once our shares are acquired to 80%, the rest has no value, whether we can do it or not, but such a large retail shareholder, they don't know." ”

"So you're going to hire a trust to line up to sell your shares?" Chen Zhiwen smiled and said.

The essence of the acquisition invitation is to protect minority shareholders and shareholders, but the capital market will not only care about them, everything must have a balance, otherwise if a shareholder asks for a price, it is dozens of times the price, and then the entire large consortium can fail to acquire? This will obviously disrupt a lot of big business activities, and even competitors will buy a little bit in advance, and then just don't sell, or the lion opens his mouth.

Therefore, the acquirer will also be protected in the acquisition action, when 80% of the shares of the acquired company are acquired at one price, the remaining shares will be converted into bonds at the forced price, that is, the acquirer will acquire all the shares, and all other external shares will be converted into bonds.

Although this bond can theoretically be exchanged at any time, but when a large company completes its purpose, it is another matter, plus some companies will always raise the price a little more or less before the successful acquisition, but not on the bright side, the follow-up bonds will definitely still lose.

"There will be a little bit of trust, but not a lot, otherwise it will be easy to be discovered, but no matter how you do it, you still need to get so many shareholders." Zhou Jiayang said.

"Yes, make it clear to those shareholders that the first to sell shares to us will have a certain amount of rise, the earlier you sell, the more shares in your hands, the more benefits, and there will definitely be fewer and fewer in the future, how to do it, they will decide for themselves." Chen Zhiwen nodded and said.

This kind of thing of privatization of listed companies will definitely raise the price in the future, but this kind of thing cannot be put on the bright side, because once the purchase price is raised on the bright side, it will only cause others to wait more, but if it is not raised, everyone is waiting again.

Therefore, psychological warfare is very important, and all kinds of deadlines and all kinds of word games must be played to fly.

Of course, if it is a small company, then it is enough to directly raise the price, and there is no need to be so troublesome, while a large enterprise like Hongkong Land has too high a cost and requires all kinds of extreme operations.

"Okay, I understand." Zhou Jiayang said.

Central, inside a café:

"Lin Sheng, this is our separate offer to you, please take a look." Chen Tianlong, vice president of the financial department of Hutchison Group, said to a thin man about 50 years old in front of him.

Although it doesn't look good, but the immediate responsibility is the heir of a Hong Kong tycoon 60 years ago, their family and business have declined, but they still have a lot of real estate in many places in Hong Kong, and they can earn tens of millions of Hong Kong dollars just by collecting rent a year, which belongs to some hidden rich people in Hong Kong.

And in the hands of their family, they also have 0.8% of Hongkong Land stocks, which does not seem to be much, but for Hongkong Land's scale plus enterprises that have been on the market for decades, 0.8 percentage points is not small, and many large groups in Europe, 1% of shareholders may not have it.

After all, this kind of one-time acquisition of a high proportion of shares will save a lot of things, and it is natural and reasonable to give a higher price, perhaps, the acquisition of the same share from a bunch of small shareholders will require higher time and labor costs.

Luo Feng, a thin man, took the envelope, opened it and saw that it was 9.2 yuan, so he said: "Chen Sheng, this 9.2 yuan is indeed 1 yuan higher than your public acquisition price, but it is still too little, two years ago, the price of Hongkong Land stock began to be 10.5." ”

"Luo Sheng, you also said that it was two years ago, which is different from now, besides, if the price was 3.5 Hong Kong dollars a share two years ago, do you think I should also pay 3.5?" Before entering Hutchison, he was a senior trader of HSBC's Won Dolly, and often negotiated with the shareholders of the acquired companies on behalf of Winner, and these people's ideas, he knew very well that people's mentality was actually the same, the pursuit of higher returns, and they as representatives of their own customers, naturally to lower prices, and finally the two sides reached a balance.

"What Chen Sheng said makes a lot of sense, but I still think the price is too low." Luo Feng also knew that the reason he said was untenable, but he still didn't want to make a deal like this.

"Luo Sheng, you must know that now we have most of the shares of Hongkong Land in our hands, and shareholders like you, we have sent commissioners, one person and one talk, I have succeeded in several cases, other people's words, I don't know very well, plus some acquisitions in the open market, if it reaches 80% of the share, it will be like Hongkong Land drinking milk back then, the next 20%, but there is no right to speak." Chen Tianlong said again: "We have known each other for a long time, this price is already the upper limit of the above requirements, if you don't agree, in case Hehuang succeeds in advance, then maybe, you won't even get 8.2." ”

"Really?" Luo Feng was a little hesitant, although he didn't believe in this so-called friend who had known him for a long time, but this matter, they, the small shareholders, really couldn't get some exact news.

"Of course, you also know the financial resources of our boss, what he wants to do will definitely be done, and now it has basically reached the last step, and there will be no such shop after this village." Chen Tianlong continued.

"Okay, I need to go back and discuss it with my family, you also know the situation of our family, this kind of thing is not something I can decide alone." Luo Feng said.

"No problem, but be quick, contact me as soon as you're sure." Chen Tianlong nodded and said.

Half a month later, Hong Kong, Hutchison Building.

"Chen Sheng, we already have 80.11% of the shares of Hongkong Land in our hands, and the next step is to follow the process to privatize." Zhou Jiayang came to report with a smile on his face.

(End of chapter)