Chapter 1250: Is it cost-effective?

Money is not all powerful.
At the point of Li Dong, with a net worth of over 100 billion yuan, sometimes it is ridiculous to talk about money.
However, even when he became the head of state, he had to mention the money.
The head of state needs to talk about money for national development and economic construction.
Li Dong is naturally not short of money, but the development of the enterprise still needs money.
Today, in order to acquire Gome, to develop online, to open up logistics and after-sales channels, to open overseas markets, to realize his big plan ...
Without exception, these require money.
The hundreds of billions of distant groups seem to be too weak at this moment.
According to statistics in November, Yuanyuan Group's total assets are close to 200 billion yuan, including liabilities and cash flow.
Among them, the debt of banks and other parties is nearly 60 billion yuan, and the amount of money has also been embezzled from a distance by nearly 20 billion yuan.
According to this algorithm, the total debt ratio of Yuanyuan Group reached 40%.
As a business, the debt ratio is so high, it is not low.
Of course, the two major industries are logistics and real estate, which raises the debt ratio of distant places.
All in all, in the distance, the most frequently heard sentence is: No money!
In less than five years, it has expanded again and again and again, expanded, expanded ...
From the opening of the first store in the beginning, with total assets of one million, to the current total assets of hundreds of billions, the span is not generally large.
It is also because it is too fast, so that the funds in the distance often fail to keep up with the rhythm.
Even if Li Dong raises money everywhere, loans, including financing, still can't keep up.
In fact, the current distance can already barely maintain the balance of payments.
Supermarkets are starting to make profits, logistics is also partially profitable, and the Internet industry is gradually becoming profitable ...
These profits are invested in the group's operations, and if it is not expanded, it is barely enough.
Of course, there is still a lot of money left in the Far City plan, but this money can be solved through loans.
According to Yuan Chengdao's ideas, everyone should not worry about money until the end of the year.
No one expected that when Li Dong came back, he was about to do a big job.
Invest in Gome!
If this is the case, the billions of funds can still be squeezed out of the distance.
Before Li Dong returned, Yuan Chengdao actually knew the news and began to prepare for the funds.
With less than 2 billion yuan of funds, no matter whether it is from the remote city project or the supermarket, it can be moved out.
But when Li Dong sent away others, leaving Yuan Chengdao a few people, he suddenly said: "First prepare 5 billion funds for me."
"5 billion!"
Yuan Chengdao looked at each other for a while, and was a little dazed for a while.
After a while, Sun Tao whispered: "Mr. Li, is it for Gome?"
Li Dong nodded.
Sun Tao frowned slightly, then paused and said: "Then do you mean that 8% is not our bottom line, we still have to hold?"
Today, everyone is no longer the former store manager.
Sun Tao has experienced a lot in these years. After hearing the strings, he quickly guessed Li Dong's purpose.
If it is just 8% of the shares plus Gome's online channels, the total investment is less than 2 billion. According to Bai's plan for them, 1.8 billion is enough.
Now Li Dong let them raise 5 billion yuan of funds, obviously not just for these.
In front of the group's president and vice president, there are some plans that do not need to be concealed. If they can't even believe them, then the group will be almost inoperable.
Li Dong smoked a few cigarettes, and each handed one, and only then said: "I declare to the outside world that we only need online channels and offline to let everyone operate on their own, but that is relatively speaking.
I said a long time ago that small and medium-sized enterprises can ignore them, but giant companies can never let it go.
In particular, we do not have a branch in the home appliance industry that can do it well.
Retail is mainly department stores and home appliances. Today, in department stores, we have achieved top-notch, and online, many things can go with the flow.
But the home appliance industry doesn't work. We don't even have a store specializing in home appliances.
How can such a strength rely solely on the Internet to become an industry leader?
Therefore, we must increase control in this regard.
If we want to increase our control, we only have two ways to go, build our own, and acquire!
And self-built ... "
Li Dong shook his head and sighed: "It's too time-consuming and laborious to build our own store, and it's not easy to please.
At the beginning, our supermarket chose to build it by itself. That was impossible. We had no foundation and could only do so.
But in order to complete the national layout, we spent five years, during which we also acquired many companies, including Carrefour.
Even so, we are still not fully covered in the western and northern regions.
This is a supermarket and home appliances. If we still rely on ourselves, it will be another five years!
Therefore, we have only one way left, M & A!
Mergers and acquisitions are generally not acceptable. Nowadays, domestic household appliance retailers respect the five of Suning, Gome, Wuxing, Best Buy and Hongtu Sanpower.
The last three are actually much weaker, and can really have an influence, shake and change the entire field of home appliance retail, only Gome and Suning.
A few months ago, I actually had no such plan.
On the one hand, we do not have this opportunity, on the other hand, we do not have this strength.
Even when Huang Guangyu just went in, I didn't even consider merging Gome.
Not long ago, I saw the opportunity! "
Li Dong accentuated his tone. In the past, his layout has been in the department store industry.
The opportunity he said was the emergence of the Cheng family.
Just because he knew the existence of Fukang and the Cheng family offended himself, Li Dong began to get Gome's idea.
Otherwise, Li Dong may not necessarily find Gome at this time.
Cooperation is possible, shareholding is possible, but Li Dong will not think about holding.
Fukang's 8% stake has a great impact.
For a listed company, 8% of the shares are enough to change many things, including changing Li Dong ’s decision.
Therefore, before he went to Beijing, Li Dong had the idea of ​​acquiring Gome after he heard Tan Yong say about Cheng Gang.
Sometimes, decisions are often made at that moment.
The acquisition of Gome is not only in Yuan Chengdao's plan, but also in Li Dong's plan.
At the beginning, Qi Yunna said about the home appliances, including Li Dong, all executives said to ease it, and ease it.
But after seeing the opportunity, if you don't seize it, you'll be silly.
The slow one in front is that there is no chance, you have to slow it.
Now that he has it, Li Dong must of course try his best to seize it all.
"M & A Gome?"
Sun Tao's pupils shrink!
They all know the outside rumors, but they have always been a joke.
The cooperation between the distant places and Gome is true, and even they have fantasized about swallowing Gome.
But everyone understands that it is impossible now.
So when rumors appeared on the Internet and experts started to analyze, Sun Tao and they were all jokes.
These people, the alarmist work is really not weak, even if we do not have this plan, you analyze us to annex Gome?
Even if they didn't believe it, it can be seen that the so-called experts are actually scaring others.
Du Juanxin?
Needless to say, at least I don't believe it now.
Among Gome ’s shareholders and the board of directors, Cheng Gang really believed that Li Dong would do so.
Even Li Dong didn't say that Cheng Gang didn't think so.
Nowadays, no one in the entire business community, except those who are in the cloud, thinks that Li Dong will now rise up to annex Gome.
Even with this thought, Li Dong does not necessarily have this plan within three to five years.
And now, Yuan Chengdao what they heard?
Li Dong is going to acquire Gome!
There was no questioning and vetoing as in the past. In the past few years, Li Dong often turned the impossible into a possibility. Everyone was beaten over and over again, and now everyone is smart.
Ask clearly first, and then say whether it is feasible.
Don't even ask, subconsciously think it's impossible, and then continue to be beaten. The number of face beats has increased, and it's time for them to leave.
Chen Lang, who was sitting on the periphery, took a breath, and then asked, "Mr. Li, are you sure? The specific plan, have you made any plans?"
Li Dong smiled and said: "At Gome, Du Juan and the board of directors should both agree to our plan.
Huang Jia now holds 38% of Gome's shares, this time they transfer 3%, and then only 35% remains.
The remaining 5% were transferred by several investment banks. Among them, JPMorgan Chase and Morgan Stanley, the two investment banks with the most shares, also sold 3% and continued to hold 15%.
Next, it is Fukang, holding 8%.
After the plan was reached, we also held 8% of the shares.
The five of us hold a total of 66% of the shares. In addition, the Yongle Department holds about 10% of the shares. Other large and small investment banks and risk institutions also hold about 10% of the shares.
What remains is the outstanding shares in the secondary market.
At present, if we want to surpass the Huang family and complete the conversion of controlling rights, we must hold at least 35% of the shares. "
Everyone nodded their heads, Yuan Chengdao flicked his cigarette ash while frowning, "I think, Mr. Li, you should have hit your idea with several investment banks."
Both JP Morgan Chase and Morgan Stanley have cooperation with us.
Including several Citigroups, we also have cooperation with us.
If we are willing to give up some of the benefits and want to get their shares, it is still possible.
Many investment banks now hold at least 25% of Gome shares.
I won it all, I think it is impossible. If you pay some price, about 18% is still promising. Mr. Li, am I right? "
Li Dong said with a smile: "Yes, this is my intention.
At least for now, investing in Weibo is more profitable than investing in Gome, which everyone knows.
The purpose of several major investment banks is to make money, there is no reason not to agree.
Of course, according to the agreement they signed with Gome, Gome has the right to repurchase their shares.
Now, it just happens to be a rare opportunity. Gome has no money and the Huang family can't raise so much money in a short time.
Using this time difference, we can quickly complete the share transfer.
If you can get about 18% of the shares, plus our existing, that is 26% of the shares.
And then I can get another 10% of the shares. At this time, my shareholding ratio is as high as 36%, exceeding the Huang family! "
Several people's faces changed slightly, 10% is not a small number, Gome is currently suspended, the secondary market is temporarily unable to trade, that is to say, Li Dong is not acquired from the secondary market.
At present, Li Dong wants to obtain so many shares, there are only two options!
First, the Yongle Department!
Second, Beverly!
The Yongle Department is not a person. Although Cheng Xiao is the leader of the Yongle Department, Li Dongzhen wants to negotiate with the people of the Yongle Department. There are too many people.
That is to say, Li Dong and Fukang reached an agreement!
Thinking of this, Chen Lang's eyes moved slightly: "Mr. Li, are you sure?"
Li Dong smiled and said: "The things that count on the board!
However, this 10% requires a total of 2.1 billion of funds, plus Gome has 1.8 billion, which is 3.9 billion.
At this time, we only held 36% of the shares, a little more than the Huang family. The attitude of the Yongle department is debatable.
And at this juncture, the Huang family is likely to choose to inject the remaining unlisted stores into the listed part.
Once this happens, the shares will be diluted.
According to my estimation, once these industries are injected into Gome's listed portion, the equity in our hands should be diluted by at least about 20%.
By the time, our 36%, only about 29% left.
On the Huang family's side, the newly added 20% of the share capital and the previously diluted part have a shareholding ratio of about 48%, which is almost a holding.
And we have no way to prevent them from injecting. After all, Gome is one. Once they are not allowed to be separated from them, the value of Gome is greatly reduced, and the layout also has loopholes.
So not only can't stop it, but also encourage them to inject.
In this way, the gap between us and the other party widened again, and there was a big difference.
The only thing that can offset this change is the batch of convertible bonds previously issued by Gome.
The Huangjia injection of unlisted assets, if we take this batch of bonds and convert at the same time, the value on both sides is not much different.
The bonds are nearly 5 billion, and the value of their unlisted portion is probably this number.
According to Gome's current market value, it's about 20 billion.
After all injections and conversions, the market value will be as high as 30 billion yuan. Two dilutions, we can get about 40% of the diluted portion of the bonds and the original 36% shares.
The Huang family is almost in this ratio.
After the remaining shares of the Yongle Department and the investment bank were diluted, they accounted for about 10%, and the remaining part was the circulating part.
At this time, there is too little circulation, we can choose to issue new shares, as long as we win the Huangjia in the secondary market, we can even reach the point of absolute control!
Overall, the previous 3.9 billion, plus the bond portion of nearly 5 billion, requires close to 9 billion in capital.
In addition, we have to buy back part of the equity in the secondary market, at least we must prepare between 2 billion and 3 billion of funds.
Stabilizing a little, 3 billion is the most appropriate, that is to say, with a total investment of 12 billion, we have the hope to control Gome, which has bought back convertible bonds and injected unlisted assets.
This transaction is definitely cost-effective. Gome, which has bought back bonds and injected some industries, can have a total asset of more than 30 billion, which is still calculated according to its current value.
In fact, the entire Gome is injected and can be raised later, 50 billion is an absolute value. "
Sun Tao coughed and said: "Mr. Li, it's not 12 billion. The investment bank's 18% hasn't counted. I want to get so much equity from these guys who eat people and don't throw bones.
At least, we have to exchange about 4 billion Weibo shares in exchange.
Counting it, the investment is over 16 billion.
Even so, whether it can obtain a controlling stake is still between the two.
In my opinion, even if it can be controlled in the end, the investment will be almost 18 billion.
Of course, if you really want to be able to control, the money is worth it.
With less than 20 billion yuan of funds, I control Gome, including their unlisted industries. I agree.
Now I am worried about two things. First, we may not be able to succeed. Among them, the risks are very great, and this should be something that Mr. Li himself should know.
Second, even if it succeeds, the Huang family's shareholding ratio is too high, and if it is a little careless, it may be overturned.
Not to mention the investment bank and the secondary market, the Yongle Department is actually a trouble.
The best way is to kick out the people of Yongle Department and get the equity in their hands. In this way, the Huang family wants to make a comeback, it is not that simple.
Of course, this is my personal opinion. After all, Cheng Xiao's group has been operating for a long time and it is difficult to kick them off. "
Yuan Chengdao lightly knocked on the table and then said, "To be honest, I didn't expect President Li to have done this.
At present, Huang's external worry and internal trouble are indeed an opportunity.
If new shares are issued, they will also have difficulty raising funds for repurchase, and our probability of winning is still very high.
I ’m afraid, someone will help the Huang family halfway.
After all, we want to control Gome, not just about Gome.
It's okay to switch to someone else's shot. It's just a new owner. It's a common thing in the industry ~ EbookFREE.me ~ No one cares.
We are different!
We are in the department store field, even if it is not the first, it is not much different from Bailian, plus online, that is the well-deserved first.
If we are the first in the field of home appliances, even I feel terrible, not to mention others.
Those companies like Suning will not watch our holding Gome. Once we start supporting the Huang family, or simply enter the market and fight with us, we need to spend more money.
In general, we must at least ensure that the funds available on hand are close to 20 billion.
Of course, the four billion yuan of several investment banks will be released, that is to say, at least 16 billion yuan must be prepared. "
Others nodded one after another, but Li Dong said: "One more thing, don't forget, bondholders are almost all investment banks, in fact, you can also consider trading Weibo shares.
In this way, 10 billion nods are enough. "
Yuan Chengdao smiled bitterly: "But in this way, we may lose the controlling interest in Weibo.
We have sold nearly 9 billion Weibo shares before and after, and our shareholding ratio in Weibo, even with option stocks, is only more than 65%.
According to the valuation of the second round of financing, even if it is a little higher now, after the shot, our shareholding ratio may be about 30%.
In the future, C round of financing will be conducted, and then be listed for dilution ... "
Yuan Chengdao couldn't talk about it any more. As a result, Weibo's big owner, far away, may hold about 20% of the shares.
Is it cost-effective to take Weibo for Gome?
Of course, it does not mean that the distant place completely abandoned Weibo, holding 20% ​​of the shares. Perhaps it is still the largest shareholder, but there is a risk of changing the owner.
Now, it depends on what Li Dong thinks.
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