Chapter 1130

The house leaks in the rain at night.

It's not rain.

It's really a knife.

When a company runs out of liquidity and borrows money to buy back its own shares, if the two are alone, it's nothing. Almost all listed companies in the United States will buy back their own shares.

Just for different purposes.

If the stock price is stable, that's bad news.

If the year-end performance, that is good news.

Obviously.

It's the middle of the year.

YAHOO is the rhythm of hard life. So the market is awesome and immediately responds to the news. Many retail investors are prepared to stop before the buyback fund runs out.

After being exhausted by the burst capital chain.

Bad news came out again and again.

Once again, Yahoo! Is in a mess

It's so painful. Yahoo's board of directors is angry and wants to scold her, but they can't find the outlet. Now, Yahoo's several strategic mistakes have become the existence of marginalization, so the name is worth some money.

They are rapidly calculating what assets they can sell.

Ali was just in sight.

Ali is not listed yet.

The market value is not easy to estimate.

However, according to the amount of several financing, together with Alibaba's industry position and future prospects, the valuation given by the relevant departments of Yahoo is about 7 billion US dollars, which is a reasonable valuation.

Yahoo owns 39% of Alibaba.

If it's all sold at a premium.

At least $3 billion, which is still a conservative estimate. However, Yahoo can't sell all of its Alibaba shares, at most half of which are worth $1.5 billion.

Compared with the first billion dollars invested.

Also made a lot of money.

And the buyer this time is Tang Qing.

A big rich man, they all want to "strike a stroke", so the premium they put forward is 100%, that is to say, Tang Qing wants to buy half of their shares, at least three billion dollars.

"I don't think so." Yang Zhiyuan's voice came out at this time.

Others looked at him.

Cast a bad look.

Yang Zhiyuan is a Chinese.

They had a preconceived idea that they were speaking for Tang Qing, and Yang Zhiyuan calmly explained.

"First of all, we need to be clear about one thing. In the future, what is our relationship with Tang Qing? If the transaction is successful, he will become one of Ali's major shareholders. Will we have a grudge with Tang Qing? "

"Secondly, will Tang Qing agree with such a high premium? If he gives up the acquisition, small cooperation may fail. In that case, as Ma Yun said, we may miss an opportunity."

"Finally, and most importantly, if this transaction fails, it's not just the crisis of Yahoo stock. Whether the next listing in Xiangjiang will affect Ali's stock price is a real problem in front of us."

A few questions were thrown out.

The meeting room quieted down.

"What do you think?"

Another founder of Yahoo asked.

"We need to build a consensus first that these shares are sold in order to obtain funds, at least to make Yahoo's operation free from problems, and by the way, to maximize the value of our investment."

"So, in my opinion, 50% is a reasonable premium level. More than that, Tang Qing does not agree. Who do we sell it to? It's impossible for Softbank. Ma Yun won't allow anyone to independently control more than 50% of Ali's shares. "

Yang Zhiyuan analyzed that Yahoo can decide how much to sell the shares, but it can't decide who to sell. Even if the island Softbank wants to buy it, Ma Yun will definitely not.

As soon as this word comes out.

Many directors quit.

"50% premium? It's too little. Tang Qing is so rich. "

"Yes, at least ninety."

"Yes, I don't think the premium is more than 200."

“。。。”

Greed.

It can make people lose their sense. Yang Zhiyuan sighs at the bottom of his heart. When the forest is big, there are all kinds of birds. Especially in this Internet company with complex shareholder structure, the quality of investors is really important.

Financing again and again.

As one of the two founders, he has less than 4% shares.

If it wasn't for being the founder.

I don't think anyone listens to me.

At this time.

A major shareholder said.

"Mr. Yang said nothing wrong. If Tang Qing is introduced into the market, it will be a great advantage for Alibaba to go public. Now Tang Qing is the richest man in China. If he says he is not optimistic about it and competes with ALI, we may lose even more."

"Don't forget that Tang Qing is good at creating miracles. No one can say for sure about the future, but he will have a place. As for the small, you will find that it is very powerful when you understand it. "

Yang Zhiyuan praised the big shareholder in his heart.

Finally, I have a brain to understand.

Short term benefits.

Long term benefits.

The trade-off between the two.

It is the core that Yang Zhiyuan wants to emphasize.

"Small, what's the big deal?"

"It's just a small piece of software. Ali can do it, and we can do it."

"This is Tianyan's investigation report. Have a look."

Yang Zhiyuan sent a document to the person who was doing it, which he investigated several days ago, including Tianyan group's business model and share in the world, as well as a small evaluation report.

Ten minutes later.

Finish reading.

They were silent.

Ali can do it.

Yahoo can do the same.

But.

People have become the climate now. They have made rapid progress in the international market, and Yahoo has followed suit. It's too late for them to grow up without stopping. It's not their specialty.

As for Ali?

Is Ma Yun willing to fight with Tang Qing?

Can this solve the fund problem of Yahoo now?

The answer is No.

"Small, it's estimated that in Ma Yun's view, it's the same as Qingyuan technology that hasn't announced the 'era'. Once it's released, it's a collapse and market reshuffle. Therefore, I'm very optimistic about this cooperation." The independent shareholder confessed.

"You say, how about we exchange Alibaba's shares for Qingyuan technology's shares?" One person.

Then.

Someone else is in love.

But most people look at him like idiots, Qingyuan technology? Let's not talk about the company's future prospects, let's say that you have changed your shares. How to solve Yahoo's current financial problems?

Do you pay?

So.

This proposal has no direct significance for discussion.

At this point.

The wall also shows the shares of Yahoo in real time. Looking at such green lines, they are distressed. In just two months, the market value has evaporated 20 billion dollars, which can be said to be painful to the bottom of their hearts.

Today.

It is possible to make the biggest one-day decline after the listing of Yahoo! And depending on the number of shares in circulation, they expect that the decline will stop soon because... The shares they bought back were not sold.

That is to say.

They will soon be the last recipients.

So.

You can't fall short, but don't want to rise.

"I agree to sell half of Yahoo's Alibaba shares, but at a premium of 60%, which is our bottom line." In the end, Yahoo's board of directors passed the resolution after another founder weighed it.

。。。

The news went home.

Ma Yun calls Tang Qing in person.

This price.

Tang Qing didn't return either. 20% of the shares are still a little small. However, with Alibaba and a small share swap, we should be able to hold about 30% of Ali's shares after this time.

As for the remaining Alibaba shares in Yahoo and Softbank.

Tang Qing is not in a hurry.

Next year.

In the financial crisis, he will let the two sides spit out some more, especially Yahoo, which is now the market leader of its own stock. With his money, it can last until next year, but that's all.

After next year.

Yahoo.

It's estimated that Tang Qing will apply for bankruptcy. In fact, he has another choice. That is to say, he doesn't cooperate now until the stock price of Alibaba plummets next year, but he still doesn't choose to do so.

It's just a little money.

What are you doing with all this complexity.

We don't need money.