Vol 6 Chapter 622: Outrageous
Although the personal wealth is still incomparable with Feng Yiping, as a person who has long been named on the Forbes rich list, he was pointed to his nose in public like this and asked, "Are you rich? If you have money, you can pay back. For Su Shiming, the scene of "Don't be forced" is already a very strange experience.
Su Shiming, who has already accumulated a huge amount of personal wealth for a while, has regarded money as a number, and he has some kind of long-lost intimacy.
He narrowed his eyes, looked over the opposite person, through the opposite wall, and looked at it a long time ago, when he was short of money, it was great!
Because at that time, I was still so young.
Lauder looked at Su Shiming, a little confused, or looked at his deputy in disbelief, is he thinking of other things?
Gary Cohen is also very surprised. If I remember correctly, the old man opposite, born in 1947, has sixty one this year. Oops, he wasn't let us behave badly!
If this is the case, it will be lively.
Is it possible? It's really possible.
Although he always looks like a good old man with a smile, just like his boss Lauder, the founder and helm of Blackstone is also not a calm person.
Everyone in the industry knows that this undersized Wall Street tycoon likes big things, big deals, big parties, big houses... and a big-breasted wife.
At the same time, he is also a shark-like character, always longing for war, and there is only one word in life's creed, that is, a madman who "wins".
Such a madman was so stunned and unable to refute it. It really wasn't because there was a sudden increase in blood pressure, or the possibility of a sudden blockage in his head.
"Steven," Cohen couldn't help but yelled.
"Well," Su Shiming replied leisurely, making Cohen immediately relieved, oh it's okay, that's fine.
Similarly, I still hold a lot of it in my hand.
Su Shiming is sharp again at this time, "Hilton is a..."
But Xu Bin happened to speak in front of him, "I heard that when Xiaomo bought Bear Stearns in March, the bid was 2 US dollars per share, and in February, Bear Stearns stock price was as high as 90 US dollars."
Lauder and Cohen looked at Xu Bin approvingly, they said it well, and this is what they were going to say.
And what Su Shiming wanted to say was blocked again.
The meaning of Xu Bin’s words is very clear. You are not saying that the current Hilton’s valuation is only 17% of a year ago, which is very unreasonable. Then take a look at Bear Stearns. It’s only a month and its valuation. , Less than 3% of what it was a month ago.
Cummins added with a smile, "Xu, after many negotiations, in the end, Xiao Mo bought Bear Stearns at a price of $10 per share."
"That is, the valuation is still less than 11% of last month's," Xu Bin said immediately.
"You are right," Lauder and the others looked at Su Shiming again, why, do you still think our valuation is low?
"Steven," Cummins said, "From now on, when Blackstone acquired Hilton last year, it was at the height of the real estate bubble."
"I just wanted to talk about this issue," Su Shiming said, "After we took over, Hilton has increased its franchising efforts."
"Our goal is to increase the scale of the Hilton hotel franchise to at least 70%. According to our plan, Hilton will no longer be affected by real estate as it is now,"
"At the same time, it can also scale up faster,"
Cummins nodded. Schwarzman avoided answering what he said. In fact, it showed that he admitted that the timing of Blackstone's acquisition of Hilton was indeed very unfortunate, just in time for the highest price of local products.
"At the same time, at the time of the acquisition, the purchase price of $26 billion was a 40% premium to Hilton's stock price at the time, right?"
From the documents in front of him, he pulled out a few pieces of paper. There were newspapers that published the news, and there were also reports that Blackstone submitted to the US Securities and Exchange Commission.
Su Shiming has nothing to say about these.
In fact, he also knew that the premium to Hilton was a bit high at the time. This was related to the ability of the person who presided over the negotiations and the timing at the time.
When Blackstone entered into substantial acquisition negotiations with Hilton, it was when Blackstone was nervously preparing for the IPO. Obviously, Blackstone during that period could not let the market see their failure on such a project.
Hilton also captured this very accurately.
But Su Shiming can always find a reason to defend himself, "You all know Blackstone’s layout in the hotel industry now. From our overall plan, Hilton is undoubtedly a very suitable target, and if we look at related acquisitions Case, you can easily draw a conclusion,"
"That is, in similar acquisitions, a 40% premium is actually a normal move,"
"Of course, we didn't say that it was a very unreasonable clause," Cummins said. "Just considering the $26 billion purchase price, it was originally a premium of more than 40%. Since then, Hilton’s valuation has , A reduction of 43%, don’t you think this is a very reasonable assessment?"
Gary Cohen picked up the evaluation report again at this time, "You can see the relevant data of Hilton in the report now and last year. According to the comparison of the data, it has shrunk by 43%. It can be said that it is a very relevant opinion.
"Investors’ attitude towards Hilton has also been clearly demonstrated through some other data,"
He turned to a page in the report, “The price of the 10 million U.S. dollar Hilton bonds in the market that provides insurance against defaults within 5 years has now risen by nearly 300%.”
This rise is close to 3 times, which naturally shows that investors are extremely disinterested in Hilton bonds.
"We also know that Blackstone has done an asset appraisal report himself," Cohen took out another document, "The purpose of this document is to discuss debt relief with us creditors,"
"In this document, your own conclusion is that Hilton’s investment has already lost nearly 70% on the books,"
"So Stephen, calmly said, you still don't recognize the fairness of our assessment report?"
Su Shiming cursed in his heart, **** Goldman Sachs, you even got this kind of file.
But don’t you know that the purpose of our assessment was to discuss debt relief with you?
It is natural to talk about the loss as much as possible.
It’s just that, I can only think about it in my heart, can it be said that because we want you to reduce or forgive more debts, our report exaggerates the loss?
"This question, we have to look at it this way," Su Shiming said while thinking.
After Cummins started to show the facts and reason, the atmosphere of this meeting finally calmed down a lot, but Su Shiming did not feel relaxed at this time, because he knew that he was following the other party's rhythm now.
This is not good, we must launch a counterattack.
"We will not discuss these data for the time being. As Cummins agreed with you just now, in some acquisitions, a 40% premium is a very normal move."
"So, how much premium are you going to pay for acquiring the current Hilton in the future?"
"I don't say 40%, a premium of 30% is a very reasonable request, right,"
"The issue is……"
"Mr. Stephen..."
Lauder and Xu Bin spoke at the same time.
Lauder smiled and made a gesture of your invitation to Xu Bin~www.wuxiaspot.com~ Xu Bin nodded to him, "But, Mr. Stephen, we are not an acquisition, are we? We are using Hilton. Set off the loan Blackstone owes us,"
"That's the case," Lauder looked at Schwarzman, "This is a debt repayment, and according to the general rule, the assets used to repay the debt must be discounted on the original basis."
"Stephen, I think a 20% discount on the basis of valuation is a reasonable request, right?"
"Haha," Su Shiming laughed, "Simply, how about giving Blackstone to you for free?"
On the basis of the remaining 17% of the valuation, another 20% off, then only less than 14% is left. What are your dreams!
Lauder acted as if he hadn’t heard it. This was ironic and sarcasm, "Thank you, on behalf of all creditors, I would like to express my sincerest gratitude to Blackstone’s generosity,"
Relative to 100%, 14% is of course a very inconspicuous figure, but when the value of 100% is US$26 billion, let alone 14%, it is 14‰, which is not a small amount.
Su Shiming began to pack things up, "Sorry, I don't think you are here to talk with the sincerity of solving the problem, so I think we don’t have to waste time anymore,"
He looked at Cummins, "Perhaps, do you have other suggestions?"
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