v3 Chapter 776： Launch an acquisition

"Mr. Barn, the company’s stock is not for sale in our company. I am very optimistic about its future. That’s why I have been increasing its shareholding in the past four years. So I’m sorry, I will not sell it and let you go for nothing. Up."

In Berkshire Hathaway’s chairman’s office, looking at a manager of Merrill Lynch’s M&A department sitting opposite, Buffett suppressed the urgency in his heart and refused with a serious face.

Before coming, Barn had prepared the relevant information, so he knew that Buffett was right. Berkshire Hathaway had been increasing the company's stock.

But for Buffett's non-sale remarks, he sneered at it, believing that this was Buffett's pavement for raising the price.

He has been in the financial industry for decades and has already seen the true face of Wall Street. Here, there are no non-sale items. As long as you have US dollars, you can buy everything you want here.

If you can't buy it, then there is only one possibility-the dollar is not enough!

Barn smiled and said: "Mr. Buffett, I have made relevant preparations before coming, so I think we should be honest with each other. The company seems to be improving, but the unknown risks are too great, because of this. We at Merrill Lynch will lower its rating."

"Berkshire Hathaway's current shareholding ratio is a bit embarrassing, and your strength is not enough to eat it. Instead of getting into a fight, it is better to withdraw in time."

"Last year, Berkshire Hathaway's revenue was very high, but if it gets into the quagmire because of the company's competition, it will be very detrimental to your company."

Buffett didn't change his face, but his heart sank. From Barn's words, he heard some potential meanings.

Is this threatening him?

He frowned and said tentatively: "Mr. Barn, I remember that Merrill Lynch is the company's third largest shareholder. May I know who your stocks are sold to? Who is buying?"

Buffett is not sure if Merrill Lynch itself is acquiring, this is just his tentative question.

Although Barn said that Merrill Lynch lowered the company's market value, it cannot be ruled out that Merrill Lynch would suppress the company's market value by itself.

Barn is certainly not stupid enough to let Buffett figure out the truth. He smiled and said: "Mr. Buffett, I'm just the person in charge of the acquisition. I don't care about other things. I just need to do my own duties."

"Mr. Buffett, we are willing to bid 57 million U.S. dollars for Berkshire Hathaway's 27.3% stake. With this money, you will have more capital to invest. A more valuable company."

Buffett did not get the information he wanted, and he was full of doubts. He directly ignored Barn’s offer and declined: "Mr. Barn, I understand what you mean. I personally don’t want to sell the company’s stock, and the company’s stock is If our company’s important investment projects are to be sold, they also need to be approved by the resolution of the board of directors. For the time being, I cannot give you any answer."

Barn also knows that it is impossible to negotiate the first time. As long as Buffett and the Berkshire Hathaway board of directors are considering this matter, then his goal today will be achieved.

But he won't let Buffett keep on dragging him like this. Their Merrill Lynch Bank has this qualification and strength to set the rules.

So he smiled and nodded: "Okay, then I won't bother you, looking forward to your reply, I will visit again tomorrow!"

Buffett shook his face, suppressed the unhappiness in his heart, squeezed out a smile and said, "Okay, please!"

After sending Bath out the door, Buffett returned to the office and sat down on the sofa, frowning, thinking about Bath's purpose and motives.

At this moment, a subordinate hurriedly walked in and awakened Buffett.

"Chairman, I have a special situation to report to you!"

The subordinate stood solemnly in front of Buffett and said.

Seeing the solemn expressions of his subordinates, Buffett, who was already in a heavy heart, once again had a bad premonition. He took a deep breath and said solemnly, "What's the matter?"

The subordinate immediately replied: "The company's stock analysis department found that our company's stock price is currently fluctuating abnormally, and the scale of transactions is rising, and there is no trend of suspension or reduction."

Buffett was shocked, and immediately got up and said, "Come with me."

After that, Buffett took his subordinates to rush to understand the situation.

Soon, he knew that his subordinates did not lie to him.

He suppressed the surging thoughts, picked up the phone and made a few calls. After hanging up, his expression was solemn.

His friend works at the New York Stock Exchange and has confirmed with him that there are a large number of Berkshire Hathaway stocks trading, and the buying orders are constantly being placed. The biggest buyer is a company called Polaris Capital company, the specific information is unclear.

Xia Yu did not intend to hide this action, so the acquirer clearly showed Polaris Capital.

"Polaris Capital..."

Buffett murmured and frowned, but he couldn't recall the relevant information, and he felt very strange.

Just now Merrill Lynch came to buy the company's stock, and now there is another North Star Capital company that is buying their company's stock.

The motivations of the former and the latter are not clear.

His instinct told him that there should be a certain connection between the two, otherwise it could not be such a coincidence!

But anyway, he knew that the company was in trouble, and now it must be resolved.

Moreover, the issue of North Star Capital's acquisition of stocks is even more urgent. If he doesn't figure out the situation, he can't sleep well.

Thinking of this, he immediately ordered his subordinates to mobilize all efforts to find out the information of Polaris Capital, and at the same time raise funds to prepare for emergency.

Then, he asked his secretary to notify the other directors and immediately summoned them to convene the board of directors.

...

"Boss, this is the list of stocks that have been acquired so far."

For Polaris Capital, Xia Yu came to the special working group office and took a look at the list submitted by Xia Yu.

The stock acquisition process of the two targets is clearly written above, including information such as time, transaction target, transaction price, etc. Of course, summarized information is also essential.

Xia Yu skipped the specific acquisition process after a few glances, and looked directly at the final statistics.

Among them, the company's equity already holds 18.7%, of which Merrill Lynch alone contributes 12%, accounting for nearly two-thirds.

In addition, there is an investment institution that originally held 5.2% of the shares and had a board seat in the company, but it also sold all its shares to Polaris Capital the remaining percentage One point five of the shares were all acquired from the market.

Although the company has been in decline for four years, although it has improved, it is still difficult to change its image of junk stocks in the past few years. It has already exhausted the patience of investors. Therefore, after the purchase order is placed, the number of orders is unknown.

At present, the company is still fighting for several important shareholders. As long as it is taken down, it can easily surpass Berkshire Hathaway and become the second largest shareholder, even surpassing the original largest shareholder.

As for Berkshire Hathaway, thanks to its good performance last year, the capital market has higher expectations of it, and ordinary investors are relatively optimistic about its future, so acquisitions are more difficult.

At present, it has not won any major shareholder, but only acquired a 1.7% stake in a financial institution, and then acquired a portion of the stocks on the market. The two together accounted for 2.6%.

However, Xia Yu is already quite satisfied with this result. Peter Lynch has contributed a lot to this result in just a few days. He has served in Fidelity Fund for such a long time and has accumulated a wide network of contacts for him. Now it takes time. , Immediately played a role.

After putting the list in place, Xia Yu once again instructed and encouraged the subordinates of the acquisition team, and then checked the time before going to prepare for the interview.

Wall Street is the place with the largest number of financial elites. Polaris Capital will play an extremely important role in the acquisition field in the future. The company urgently needs a large number of talents. Now the branch has a serious shortage of talents, so it has been recruiting externally. At the same time, Xia Yu also commissioned Korn Ferry International New York branch. The company is responsible for hunting and recommending.

Peter Lynch is running around for several acquisitions, so naturally he can only come for the interview.

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