After receiving the acquisition offer, Disney management naturally needs to initiate an investigation into the acquirer and make suggestions on the board of directors;

As for whether to accept it or not, the board of directors needs to vote!

Soon, the information of Star Media was placed in front of the board of directors, and even the information of Metro Group behind Star Media was placed in front of everyone.

Disney Board of Directors

Chairman Don Tatum said first: "Although this company is well-funded, it is not a good partner to run Disney! At the same time, their offer is too low, which is simply an insult to Disney!"

After Don Tatum received the acquisition offer, he felt extremely uncomfortable;

Being acquired means that one’s position as chairman must be given to others;

So, Don Tatum must block the acquisition.

Since Roy Disney's death in 1971, Don Tatum has been elected as chairman and president by the board of directors because he was Disney's legal counsel, vice president and administrative assistant to Roy Disney.

Later, the president was given to his supporter Card Walker to avoid being criticized.

Don Tatum also knew that if it weren't for Roy Disney's son and Walt Disney's son-in-law, neither of them had enough qualifications, and it wouldn't be an outsider's turn to serve as chairman and president;

In order to control Disney for a long time, Don Tatum is currently planning to drive Roy Disney's son Roy e. Disney out of Disney;

The reason is that the product department under Roy e. Disney has been in charge of the product department, and its quality has been declining over the years!

As for Walt Disney's son-in-law Ron Miller, it really doesn't work. Card Walker can give way to the position of president.

Don Tatum's reason is obviously supported by everyone!

However, the reason for most shareholders to support is very simple, that is, this is the first round of quotations!

Therefore, many shareholders still want to sell their shares;

After all, Disney has been losing money for two or three years!

"Since that's the case, I'll issue a notice, the reason is that the quotation is too low!" said a shareholder.

The potential meaning of this sentence is to ask the initiator to add a price increase!

Sure enough, after finishing the statement, this shareholder received many shareholders' approval;

And the four opponents, Don Tatum, Card Walker, Roy E. Diss, and Ron Miller, remained silent and unified the front;

The reason is very simple. Don Tatum and Card Walker, as the two managers at the top, naturally don’t like changing bosses, not to mention that there is no boss yet;

Roy E. Disney and Ron Miller, two Disney families, don’t like Disney to become someone else’s. After all, this is a family asset. Although the two have not become Disney’s heads for the time being, they know that as long as they live, they have the chance to become Disney’s heads, and the chance is very high.

However, the total shares of the four people are not 10%, so at the shareholders' meeting, once other shareholders agree, the four people cannot control it.

If you are the founder, even if you own 10% of the shares, your appeal will naturally be self-evident;

Unfortunately, both Disney founders are dead!

Finally, Don Tatum said: "Okay, just reject them at the low price!"

Don Tatum thought to himself that shareholders are all greedy, and even if the premium is 40%, everyone may not have a unified opinion;

And Star Media may not be willing to pay this price!

.........

When Wu Xianlei's team and Goldman Sachs team were rejected, there was no accident;

The first offer is a test and a politeness;

Before the first quotation, the acquisition team did not contact the acquirer's shareholders and greeted him first with the quotation;

This is a manifestation of a good-will acquisition!

In the conference room

Goldman Sachs President Wengerber said: "Next, we will send a team to convince Disney shareholders! Then for the second offer, we recommend a 30% premium, and I believe we will soon be able to gain a large amount of shares!"

Wu Xianlei did not answer, but looked at Jonas;

Jonas is Wu Guangyao’s private M&A consultant, but he has retired to enjoy life in the United States;

This time, he was commissioned by Wu Guangyao to help Wu Xianlei complete this epic acquisition.

At the same time, Jonas also got some important information from Wu Guangyao;

Jonas smiled and said, "President Wengerber, the second premium, I recommend 25%!"

Wengerber dared not look down upon Jonas's words;

Jonas enjoyed a certain reputation in the world in the 1960s, especially when he acquired the Motorola TV business for Lenovo Electric, which was even more classic;

That battle cut off the future of the United States' television business!

Wengerber said modestly: "A 30% premium will help to reach an agreement with Disney shareholders faster, and the possibility of successful acquisition is higher!"

In this era, premium acquisitions will not be too high, because it is not the Internet era, and it always depends on the future and prospects;

In this era, acquisitions look at value, brand value, asset value, technical value, cultural value, and comprehensive value.

Jonas smiled and said, "To be honest! We are not optimistic about Disney's future development, which means that Disney's losses will increase at this time of year. Moreover, a 30% premium cannot meet the appetite of all shareholders, and the possibility of completing the acquisition is not 100%. In addition, we have a good intention to acquire; therefore, the pursuit process is very important and a kind of enjoyment!"

Yes, Jonas got Wu Guangyao's trick;

That is to learn from Wu Guangyao that under the oil crisis, Disney's low point will continue as the product quality of Disney's company declines, and the company's value will depreciate!

Wu Xianlei also reacted after hearing this, and his father also told him that Disney would further depreciate at this time next year.

"Mr. Wengerber, since this acquisition is a good intention, I have made long-term preparations! At the same time, I am not optimistic about Disney's development in the past two or three years; so, even if it is quoted for three or four years, I am willing to wait."

Wengerber nodded and said, "According to the general acquisition case, the longer the acquisition process is, the lower the chance of success! But you are right, Disney may not have outstanding results in a short period of time, and the possibility of depreciation is very high! So, we propose the acquisition again at a premium of 25%. In the next time, we will leave it to Goldman Sachs, and we will have a good talk with Disney shareholders."

Wengerber also said: "We don't have to acquire stocks in the secondary market first to avoid causing severe fluctuations in the stock!"

At this time, Disney stocks are in a sensitive period. Once someone discovers that Star Media is secretly absorbing funds, Disney stocks will soar;

If the second offer is rejected, Disney stock decline will be a foregone conclusion. If you slowly acquire the part, you can save some money.

Wu Xianlei nodded, he was not in a hurry to acquire the stock, and naturally he was not in a hurry to acquire that little stock in the stock market.

After this meeting, the two sides started contacting Disney;

We must communicate with the management and the trade union in advance, including the acquisition funds, the future development direction of the company, the arrangements of managers, whether to lay off employees, etc. After negotiation, everyone agreed, and the subsequent operations will be much easier.

Even if I don’t agree this time, I will gain something, laying the foundation for the next acquisition!

When Wu Guangyao was preparing to return to Hong Kong, he handed over the outlines of "Beauty and the Beast" and "The Legend of the Wind" to Wu Xianlei;

As for the outline of "The Lion King", it was left by Wu Guangyao because it is a bit out of place with the current technology and market.

Of course, in addition to the two outlines, Wu Guangyao also said: "In addition to these two works, you can also consider investing in a Disney World in Tokyo and entering the American cable channel. Of course, I will keep communicating with you at any time."

Wu Xianlei said with emotion: "Thank you for your help!"

Wu Guangyao patted his son on the shoulder and said, "You are my child, so I will naturally help you! By the way, let me hold my grandson as soon as possible and learn from your elder brother!"

Fang Susu gave birth to a son for Wu Xianshuo in August this year, and Wu Guangyao has also been upgraded to his grandfather!

Wu Xianlei nodded seriously. His father has been worried about his family career all his life, so he naturally wants to join!

Star Media’s second offer still failed to reach a deal;

However, it also achieved great success. In this quotation, after investigation, half of the shareholders were willing to trade the stocks in their hands;

However, this kind of thing that determines the fate of the company is only valid after passing the Disney board of directors;

Such a vote must be agreed upon by at least 67% of shareholders before an acquisition invitation can be reached.

In order not to be a malicious acquisition, and a series of disputes after the acquisition;

Therefore, Star Media temporarily stopped continuing to acquire.

Fight again next year!
Chapter completed!