章節 1002: Chapter 1002: This is how overbearing I am!
Norman Shi Yahuai frowned as he picked up the takeover offer on the table and carefully browsed through it.
However, as he continued to read, his frown grew tighter and tighter, until he was so angry at the end that he could not help but slam the takeover offer onto the table with a 'pop'.
'This is an insult to the Shih Yawei family!'
Norman Shih Yawei could not help but be so angry. The takeover offer sent by Jiuding Securities Company was really too much. In his opinion, it showed no sincerity at all, and was completely intended to bully people and force them to submit!
The takeover offer is for the entire Swire Pacific Aviation company, and the offer price for a full takeover is 700 million Hong Kong dollars!
Just 700 million Hong Kong dollars!!!
This is a serious misrepresentation of the true value of Swire Pacific Aviation.
There are four most intuitive assets in Swire Pacific Aviation's hands right now, all of which are equity.
The first part is a 28.5% stake in Hong Kong Airport Ground Services. Based on the normal valuation of the entire company at 350 million Hong Kong dollars, the value of this stake is 99.75 million Hong Kong dollars, which is close to 100 million!
The second part is the equity of Cathay Pacific Airways. The original shareholding ratio was 37%, and according to the normal company valuation of HK$2.8 billion, the value should be HK$1.036 billion.
But there was nothing they could do about it. It was forcibly diluted by the Jiuding Industrial Group, and now only 24.67% remains. If we calculate based on the total value of Cathay Pacific Airways of HK$2.7 billion, which is based on the valuation of HK$1.8 billion at the time of the private placement, plus the HK$900 million raised from the private placement, this equity should be worth HK$666 million.
The third part is the equity of Hong Kong Aircraft Engineering Company. After the original partial replacement, there is still 23.42%. Not to mention calculating based on the company's market value of nearly 5 billion Hong Kong dollars at its peak some time ago, nor based on the current real-time market value, even if it returns to the normal market value of 710 million Hong Kong dollars, it is still worth 166 million Hong Kong dollars.
Of course, the 5.3% stake acquired in the secondary market is still in the hands of Swire Finance, and Norman Shiawai has not been transferred to Swire Pacific, so it cannot be counted as part of Swire Pacific's assets.
The fourth part is a 20% stake in Dongfeng Airlines, which is the most clearly defined value of this stake, which is worth HK$200 million.
Even if you don't count the value of Swire Pacific's office space, property, and personnel, the cumulative value of these four stakes amounts to HK$1.132 billion!
If you add in other assets, the total is a solid HK$1.2 billion!
And normally, companies are acquired at a premium. Even if it's just a random 20% premium, that's still HK$1.44 billion!
But look at the price in this offer from Jiuding Securities, it's only HK$700 million!
This price is a huge insult in Norman Shihuai's eyes!
Compare it to the first offer, when Wang Qi personally delivered it, and the price reached HK$1.6 billion.
Now the second offer is sent, offering HK$700 million, how can Norman Shiyahuai not be angry?
In this offer, Norman Shiyahuai sees a line that does not exist but clearly emerges: I am overbearing, I am bullying you!
Wade Shiyahuai fully understands his uncle's anger. When he first saw the offer, his anger was no less than his uncle's.
But on the way here, he gradually calmed down and thought about the various implications and hidden dangers.
The price offered by Jiuding Securities is low, but if they are willing to negotiate, there is still room for negotiation, but it will definitely not be higher than HK$1.1 billion!
After all, they have completely lost the initiative!
Now the four companies Cathay Pacific Airways, Hong Kong Aircraft Engineering Company, Hong Kong Airport Ground Services Company and Dongfeng Airlines are all controlled by the Jiuding consortium, and they have completely lost the ability to resist.
If Jiuding Industrial Group continues to do what it did with Cathay Pacific's private placement a few days ago, the asset value of Swire Pacific, which is currently worth HK$1.132 billion, will continue to shrink significantly. It is hard to say whether it will be worth HK$700 million in the future!
Jiuding Securities must have based its decision on this point, and so it had the audacity to offer them HK$700 million.
But if they agree to sell, not to mention the losses, the key is that the hatred between the two families has become irreconcilable. To make them bow their heads, the Sieyawei family will become the laughing stock of Hong Kong, with their reputation in tatters!
Although their reputation isn't great now...
Seeing that his uncle is still angry, Wade Sieyawei doesn't say anything, waiting quietly.
After a long while.
'Hoo~'
Norman Sieyawei let out a long breath, forcing himself to calm down as much as possible.
Seeing this, Wade Shiyahuai immediately asked, 'Uncle, now that Jiuding Securities has sent a challenge, what should we choose?'
His underlying line of dialogue was, do we want face or money, or both?
Norman Shiyahuai said with difficulty, 'Talk to them and sell at a suitable price.'
After saying this, Norman Shiyahuai seemed unable to support the weight of his upper body with his backbone, and his back leaned against the sofa.
Making this difficult decision was too hard for him. The hatred and humiliation involved were more than an ordinary person could bear, let alone a big shot of his level.
But in terms of interests, and with all initiative lost, the best choice was to bow to Jiuding Securities. To continue fighting would result in even greater losses!
As the saying goes, 'while there's green mountains, there's no need to worry about firewood'. With the outcome already predetermined, the first thing is to get back as much profit as possible.
Wade Shijiahuai froze for a moment, his face looking unpleasant, and then he nodded slightly and said, 'Okay, but Uncle, the price of 700 million Hong Kong dollars is too low. We definitely have to negotiate. What's the bottom line?'
Norman Shijiahuai frowned and pondered for a long time, and said firmly, '1 billion Hong Kong dollars!'
On hearing this figure, Wade Shih Ya-Huai looked troubled and asked with concern, 'Uncle, right now our Swire Pacific assets are worth around HK$1.2 billion. Judging by the attitude shown by Jiuding Securities so far, they have an insatiable appetite. Can we hold out against a HK$1 billion bottom line?'
'The last time Jiuding Industrial Group diluted our shareholding, we lost HK$370 million. If they do it again with other companies, they could easily make us lose another HK$200 million.'
'I'm worried that they won't let go easily!'
Norman Shi Yahuai also thought of his nephew's concerns, but he thought even further.
He replied, 'This is only our initial bottom line. Let's talk first and the longer we can stall, the better, so that they don't have the time to set their sights on our other companies.'
'You have to be prepared to negotiate with a negative mindset. As long as they haven't completely lost patience and want to warn us by diluting our shareholding, then stall.'
'In the meantime, you leak the news and actively contact consortia in other countries to see if you can find other forces to take over and shift the conflict to other consortia.'
After thinking about it, Wei De Shi Yahuai nodded and said, 'Okay, I will contact all the consortia that have ties with our family.'
After that, the living room fell silent.
After a while, Wei De Shiyahui said with some concern, 'Uncle, if we don't find another force to take over and end up selling the shares to Jiuding Securities, it will be a huge blow to the reputation of our family, and the adverse impact will be extremely far-reaching. I'm afraid there will be a situation where Chinese-funded consortia unite to besiege us.'
This was what happened to the Jardine Matheson consortium before. In the face of Xia Yu's first wave of attacks, the Jardine Matheson consortium gave in and retreated. Then the Chinese-funded consortium rallied, saw the weakness of the Jardine Matheson consortium, and finally rose up against it, causing the Jardine Matheson consortium to completely disappear.
Now if they bow to Xia Yu and 'cede territory and pay reparations,' he fears that the scene of being besieged like the Jardine Matheson consortium will repeat itself.
A Jiuding consortium is enough to deal with them, but if they face the siege of a Chinese-funded consortium that is even stronger after swallowing up the Jardine Matheson consortium, Wade Shiyahuai doesn't have a single ounce of confidence in his heart.
Norman Shiyahuai also took into consideration the same point that Wade Shiyahuai was worried about.
He immediately said, 'I have considered this, which is why I asked you to find other forces to take over and help us withstand the pressure of the Jiuding Consortium.'
'On the other hand, buying time will also give us enough time to restore our reputation and losses.'
Wade Shiyahuai's eyes lit up, and he immediately asked, 'Uncle, how do we restore our prestige?'
Norman Shiyahuai's eyes narrowed, his gaze becoming cold and deep as he said faintly, 'If the Song family hadn't betrayed us, Cathay Pacific would not have been taken away, and we would not have fallen to our current state. They must pay for their actions!'
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