Reinventing the Millennium.

Chapter 1084 Tender Offer (4K)

Liu Suyi has been in a bad mood since receiving Mr. Fang's call today.

He has always disliked and had little chance to hang out in front of Mr. Fang. He was slightly dissatisfied before, but later he felt that this was not bad. Looking at Mr. Fang's attitude towards Sina, it probably comes from the trust and respect of the richest man in the mainland.

It's just that the bland, almost informative content of "let's talk about the company's stock" in today's call still lifted that layer of self-comfort.

I knew this day would come, but I always felt that there was still time, but I didn't expect it to be so close.

In short, Yu Yongke is not just a major shareholder. His invisible influence is a bargaining chip for Yongke to be unimpeded in many places.

"It's been a long time from Yonghe to Yongke." Fang Zhuo sipped his tea and said, "Boss Liu, are you rich now?"

Liu Suyi was pulled back to reality by Mr. Fang's emotion. He kept a smile on his face and said with a little exaggeration: "Mr. Fang, I have been known as Liu Yiyi for a long time, and of course I am a rich man now."

Yonghe Real Estate was only a small player in Shencheng at the beginning. Since being led and met with Mr. Fang, first borrowed money to acquire land, then cooperated for win-win results, and finally reorganized and went public. The changes in the industry's status along the way are not the same.

Liu Suyi himself has also changed from a small real estate owner worried about the company's shortage of funds to a half-real estate tycoon who owns luxury cars and villas.

The reason for half of them is because everyone knows that Mr. Fang is standing behind Liu Yiyi.

Fang Zhuo nodded slightly: "Real estate is to make money, and it will be good for a while in the future. Since you are prepared, it will be very good."

Liu Suyi picked up his teacup, knowing that Mr. Fang was going to talk about reducing his stock holdings next.

From the perspective of profit maximization, this is the beginning of a reduction in holdings. Mr. Fang will definitely not sell all his holdings in the short term, otherwise it will be no different from selling. 2% or 1% reduction?
Fang Zhuo continued: "You should start preparing funds to buy this month."

Liu Suyi swallowed the tea in his mouth, a little dazed: "Buy?"

Isn't Mr. Fang reducing his holdings?Do you buy it yourself?

"Well, didn't you just say that you will make a comprehensive tender offer for Morningstar, the scale of the funds is still relatively large, considering that Yike does not have any substantial business help for Yongke now, you should also directly make a tender offer here, I read Yongke's accounts, and the funds are relatively abundant, which will not affect normal operations." Fang Zhuo said calmly.

Liu Suyi: "..."

He was stunned!
Mr. Fang, what are you talking about?
You are not reducing your holdings bit by bit, you are going to ship them all at once!

This is a tender offer, which may lead to the company's privatization and delisting...

Liu Suyi suddenly realized what he said just now, Mr. Fang asked himself that he is rich now, not referring to his personal wealth at all, but to prepare for the company's change of ownership...

It was finally listed on the market, Yongke has only been more than a year...

too much shock...

Liu Suyi couldn't accept it.

He froze for a while before making a sound: "President Fang, this..."

"Shouldn't you have made this preparation very early?" Fang Zhuo asked, this is a situation that has been communicated before and is clear to each other.

Yongke Real Estate has always been out of place in the entire Yike Ecology, and he hardly intervenes in the operation of this company. In addition, considering the complexity of real estate, he once expressed his withdrawal from this field with the leadership.

Yike didn't need to get involved in real estate. It was just a chance meeting at the beginning, but now he quit with a generous reward, which just happened to bring Morningstar Semiconductor into his pocket.

The extra money can also be used to divest the Lin'an factory of the ice core, and promote the relatively independent operation of the memory.

Fang Zhuo's own funds are enough to complete these two items, but he prefers to invest in well-known funds, which can be combined with overseas funds to hold shares, which is safer in name.

If it is prevented before it happens, it is more conducive to resisting pressure to combine the funds of different capitals in name, whether it is domestic or foreign.

Selling Yongke can also be regarded as an ecological reduction.

Liu Suyi felt that this was not a matter of unpreparedness, but that it was not overdone at all, and it was done in one step... It was not easy to bear mentally. I thought it was just being hit by the morning star, but I didn't expect it to be paralyzed.

He grabbed the teacup and drank the tea in one go, regardless of how hot the tea was. Then he said, "Mr. Fang, the amount of capital is too large. It won't be a short while before I find other employers to cooperate with."

Yongke Real Estate was listed during the financial turmoil. It picked a very bad period, but it has been rebounding since this year.

Liu Suyi is a good hand in real estate. When he took root in East China, he gave Yongke the nickname of "Tiger of East China". The "real estate tiger" refers to Yongke.

Yongke has a very good commercial real estate cooperation with Wanda in Beijing. It has the headquarters construction of a well-known group in Shanghai. The quality of residential buildings in East China has always been well-known. It also has old city renovation projects with local administration.

Today's Yongke is inferior to Vanke, Poly and other companies, but it is almost the first echelon.

As of November 11, Yongke's Hong Kong stock market value was 27 billion Hong Kong dollars.

Fang Zhuo holds 28.9% of the shares, while Liu Suyi holds 12.6%.

If it is a tender offer to buy the shares in the hands of the general manager, it needs to prepare 210 billion Hong Kong dollars, and taking these shares will trigger a mandatory general offer. The Hong Kong Stock Exchange requires the capital scale of a comprehensive acquisition, that is, this time period You must have the funds to fully acquire the remaining shares in your hands, at least 425 billion Hong Kong dollars.

This requires relatively high capital strength and capital costs.

Liu Suyi has calmed down, and quickly calculated the request from Mr. Fang in his mind.

However, on the other hand, how much value can Yongke bring after the change of ownership?
This is not an outrageous request, well, this time is a little bit outrageous.

Liu Suyi couldn't help but sighed: "Mr. Fang, this is really beyond my expectation today. I need to think about it."

"Well, you can think about it carefully. The most important thing is to introduce a reliable partner." Fang Zhuo didn't mean to ask Liu Yiyi to give a definite answer right now.

However, since he brought it up, this matter can be operated. The funds for the tender offer seem to be tens of billions, but Yongke’s own operation is very healthy, and real estate is not like SMIC and Bingxin. The scruples about proportion can be eaten directly by finding one or two local state-owned assets and financial institutions.

Liu Suyi leaned forward and asked, "Mr. Fang, how is Luzhou?"

"Reliable is reliable, but there may not be much money over there." Fang Zhuo said, "Shencheng must be interested."

Luzhou's foundation is poor. In recent years, the finances are still tight. Shencheng is different. It has money, a reputation for doing things, and a leader who has a good relationship with Yongke.

Liu Suyi nodded silently, and still felt that he could contact Luzhou. Although Fang always wanted to cash out and leave, since it was a benefit sharing, things could be done more beautifully, and he didn't know when it would be useful.

"Mr. Fang, Yongke wouldn't be here today without you and Yike." Liu Suyi said emotionally, "No matter what, I, Liu Suyi, always follow Fang in my heart."

Fang Zhuo waved his hands, too lazy to be emotional or pretend to be emotional: "Mr. Liu, Yongke's development to this day is due to you and our era."

He paused, and then said: "Real estate must still have a very good development period. How Yongke will go next, whether it will be a high-leverage rapid development, or continue to be steady, it depends on your art of management."

Seemingly two routes, but the emotional leaning that sounds is only the latter.

Liu Suyi had considered the development of the "Era of President Fang" early on, and now he didn't feel rebellious when he heard President Fang's warning words. He nodded and said, "President Fang, don't worry, I won't smash Yongke's signboard."

"Well, you go back and think about how to do this." Fang Zhuo didn't mean to keep Liu Yiyi. Although the other party was already restraining his emotions, he could still see that he was a little confused.

It should be considered a happy event to go back to digest the news, calm down and calm down, and then join the capital to be the real head.

Fang Zhuo got up to send Liu Suyi out.

These are actually two tender offers, first for Yongke and then for Morning Star, but the roles were reversed in these two rounds.

Liu Suyi drove here by himself today. When he walked to the door, his heart was ups and downs, but he didn't know what to say when he saw Mr. Fang's plain expression.

Yongke can continue to help you make money and earn production lines...

You also know that real estate is still developing very well, why is there such a rush...

Yongke finally went public, if it was privatized, it would be too much to cherish the results...

Mr. Fang, don't betray me, I don't want to leave...

However, tens of thousands of words, thousands of words, eventually turned into a title.

"Mr. Fang..."

Fang Zhuo smiled gently at this time: "If I were to reduce my shareholding, it would definitely hurt the stock price. On the contrary, it is now like this. I get funds, shareholders get a premium, and other capital parties get high-quality assets. You also become the chairman of Yongke , this is the best choice."

Seeing that Liu Suyi hadn't spoken, he continued, "I'll ask the secretary to send you a plan later. A tender offer is also a technical job, and we'll try our best to get it done at once."

Liu Suyi let out a long breath, nodded and said, "Okay, Mr. Fang, I'll start this matter when I get back."

He bid farewell to Boss Fang, turned around and took a few steps, and drove away.

As the speed of the car became faster and faster, Liu Suyi's mood also became indescribably surging and complicated.

Today's Yongke is no longer that weak Yonghe, its own scale and strength are sufficient to deal with many challenges.

It's going to rain, my mother is going to get married, and Mr. Fang is going to leave, what can I do for it.

……

Fang Zhuo sent Liu Suyi away, turned around and entered the courtyard, and called Wei Boyun of Morningstar Semiconductor.

Now that the market value of Morningstar has dropped to 90 billion, this inverted market value is already a good acquisition opportunity.

However, as he and Liu Suyi said, acquisition is a technical task.

In the proposal that the secretary has not yet sent to Liu Suyi, Yike's department suggested that Liu Suyi increase his shareholding to 30% and touch a hard mandatory general offer.

In the Hong Kong stock market, in order to protect the rights and interests of shareholders, as long as the acquirer acquires more than 30% of the voting shares, it must issue a request to all shareholders to acquire the shares in their hands—mandatory offer.

After Liu Suyi triggers the compulsory offer, Fang Zhuo will sign an irrevocable letter of commitment agreeing to be acquired, because he holds 28.9% of the shares, which directly completes the compulsory offer.

30+28.9=58.9%.

As long as more than 50% of the shares with voting rights are obtained in the mandatory offer, it is considered successful, and the offer can be made unconditional to achieve the purpose of enhancing control.

However, even if the "offer is unconditional", according to Heung Kong's takeover code, after the comprehensive document of the offer is sent, it must remain acceptable for at least 21 days.

In other words, Liu Suyi has successfully controlled the company with 58.9% of the shares in his hand, but the offer process is not over yet, so he cannot refuse other shareholders to sell their shares to him.

Once Liu Suyi holds too many shares, it may lead to too few tradable shares and trigger forced delisting.

It can be said that Fang Zhuo's sale of shares this time may indeed cause fluctuations in Yongke's stock price, but if he directly rushes to privatize and delist, then there will be no problem of fluctuations.

If the performance is good, then it will go up, if the Hong Kong stock market fails, then it will be a big A. The performance of Yongke Real Estate is still very good.

Of course, Fang Zhuo was relaxed here, but Liu Suyi was also allowed to feel heavy.

If the same operation is placed on Morningstar Semiconductor, it is not about a partial acquisition or an unconditional 50% offer, but Fang Zhuo wants to directly privatize Morningstar.

With a market value of 90 billion, even if the price of the tender offer generally rises, it will be in the early 100 billion.

This price is quite worth it, and even the market value of Yongke Real Estate's changing hands can't be spent, which will greatly enhance the strength of Yike and Bingxin in semiconductors.

However, this requires the cooperation of the executives inside.

Wei Boyun played such a role.

When Fang Zhuo contacted Wei Boyun in Beijing in the first half of the year, he first let him work inside Morningstar. Now is the time to show his achievements, because everything must be done in accordance with the regulations, so the opinions of some executives and shareholders are very important. .

In addition, because Morningstar Semiconductor is registered in Cayman, its acquisition procedure has an additional "head count" requirement, which requires more than half of the on-site shareholders attending the privatization voting shareholders' meeting to approve it.

This is one person, one vote, and has nothing to do with the number of shares held by investors, that is, whether you hold 1 million shares or 1 lot, it is only counted by one person.

Such "head counting" also requires executives to do more work, otherwise, it is very likely that the acquisition will fail.

All in all, without the cooperation of executives like Wei Boyun, the difficulty of privatizing Morningstar will increase by several levels.

Fang Zhuo briefly chatted with Wei Boyun on the phone about the next move.

"Mr. Fang, no problem. Morningstar has a lot of disputes over its development direction, and many shareholders are dissatisfied with it." Wei Boyun's voice was filled with excitement, "Morningstar...has been waiting for a long time."

Chenxing has been waiting for Fang for a long time!

Wei Boyun has been waiting for a long time!

Ever since his heart was in Fangying, he has been watching the debates and even the battles within Morningstar with a cold eye. He feels more and more that it is difficult for such a Morningstar to break through the competition with its opponents, and it is difficult to reverse the current disadvantage.

If you can’t make a breakthrough or turn around, then join. Whether it is spun off after privatization or still operates independently, Morningstar’s future will be better.

(End of this chapter)