Chapter 2207 The higher the purchase price, the more cost-effective it is

In March, Wu Yu also returned to Northeast China.

She is currently mainly engaged in the blind box business of football. The busiest periods are winter and summer, which coincide with the two transfer windows in football.

Now that I'm done with my work, I'm going home.

During the day, Zhou Buqi and her dressed up, just like when they first fell in love, and went for a walk on the campus of Jilin University South School together. The disadvantage was that it was still too cold in the Northeast in March.

In the evening, Zhou Buqi had to deal with some cross-border business as usual.

The news came back from Don Mattrick, and it was good news. "I have contacted several important investment institutions in Take-Two. As long as the price is right, they are willing to make a move. The only requirement is that For stock swaps, no one wants cash.”

Zhou Buqi smiled and said, "It's understandable."

Now is the trough period of the game industry. It is not cost-effective to sell the company at this time. But stock trading is different. Take-two's stocks are exchanged for Changyou's stocks, which is very promising.

"However, the board of directors seems not to be unanimous," Mattrick said.

"Ah?" Zhou Buqi was a little surprised, "Not selling? That's not true, right? Isn't Take-Two socialized long ago?"

For many companies, it's not just wealth, it's power.

Take Sohu for example. Lao Zhang controls Sohu not because of the wealth Sohu brings. In fact, if he gives up his power and lets others manage Sohu, maybe Sohu's stock price will be higher and he will be richer.

But what he values ​​​​is power, including Yahoo's Yang Zhiyuan.

Many companies are like this. They are all in the hands of the founder. If the founder is not short of money, it will be difficult to acquire such a company. Because what the founder pursues is not wealth, but the power of the company.

Once you sell the company and get the money, the power is gone.

For capital institutions, it is a completely different idea. They don't care at all whether they have control of the company. Their only purpose is to make money.

As long as you give money and make money, you can sell it. As the veteran rich man Henry said, except for his wife and children, he can sell everything else.

There is also a type of company that has transformed into a social company.

Power is delegated to professional managers, who are responsible for all shareholders. Such a company will be easy to trade. It does not have the "feelings" of the founder and will not be affected by the emotion of "treating the company as a child".

This is also the reason why in the Yahoo case, the management is trying every possible means to eliminate Yang Zhiyuan and his direct relatives.

These people are so deeply attached to the company that their feelings override their interests.

Take-two is different.

This is a very social company.

There are no emotional factors, just money.

Since we are only talking about money, for take-two, merging into Changyou should be the best choice at the moment. At least from the current perspective, the era of computer games has passed. It would be too difficult for take-two to complete the transformation on its own strength.

By merging with Changyou, all problems will be solved.

Don Mattrick said with a smile: "It's not that we won't sell. The shareholders, board of directors, and executives have no differences on whether to sell or not. They all think it should be sold. This is a good opportunity. However, when it comes time to sell, There are differences of opinion.”

Zhou Buqi was a little surprised, "What do you mean? Executives rarely have confidence? Do you want to persist for a while?"

Mattrick smiled and said: "Yes, that seems to be what it means. The management's intention is to merge with Changyou as soon as possible and complete the transaction, the sooner the better. However, take-two will launch several new games in the next few months. The executives believe that the company's performance should be very good. If they sell Take-Two now, the stock price is too undervalued. If they trade it after half a year, they may be able to sell it at a higher price."

Zhou Buqi felt that the other party's trading strategy was simply ridiculous, "What about the board of directors? The board of directors recognizes the opinions of the executives?"

Mattrick said: "It seems so, but several major shareholders of the management are negotiating with them."

Zhou Buqi said with emotion: "The management is more reliable. Are the executives at Take-Two all game producers? In terms of judging the general trend, they seem to lack accurate industry understanding and self-awareness. ."

Mattrick smiled and said, "Absolutely. Otherwise, Take-Two has been prospering in the computer game industry for so many years, but it has never been involved in social games and mobile games."

Zhou Buqi said in a deep voice: "After the merger and acquisition of take-two is completed, take-two's executives should let them do some things in the game business. Marketing, marketing, capital operations and other things should still be done Don't let them interfere, they don't seem to understand."

Mattrick couldn't help laughing.

Take-two executives are unwilling to sell the company at this time because they are confident that they can get a higher price if they wait half a year to sell.

This is certainly true.

But they missed one point.

It’s Boss Zhou who is more confident!

Half a year later, take-two's stock price has soared... What about Changyou? Changyou is a game company that is truly at the forefront of the times, and has successively reached cooperation with the Japanese game industry.

Changyou’s stock price will only rise faster!

Now, Changyou’s market value is US$22.6 billion and take-two’s market value is US$1.8 billion. If the deal is completed at a price of US$1.8 billion, Changyou would need to dilute approximately 8% of its shares.

Half a year later, Take-Two's share price rose, and its market value reached US$2.2 billion. The two parties closed the deal for US$2.2 billion... At first glance, take-two took advantage.

Don’t forget, this is a low period for gaming, and Changyou is also at a low period.

After a slight recovery in half a year, Changyou's recovery will only be faster.

By that time, Changyou's market value may have risen to US$30 billion.

At that time, Changyou only needs to dilute 7% of its shares to complete the transaction.

On the surface, take-two’s turnover is higher. In fact, Changyou paid less for the deal. The longer you delay the transaction, the better it will be for Changyou!

This is the magic of capital operation.

In the previous case of Asda's acquisition of Motorola, Zhou Buqi had experienced it. In order to buy Motorola, Asda apparently paid more to Google, but in fact it spent less.

Similar routines are better played by Americans.

Mattrick explained this, "I think the executives' reasons may be all excuses, mainly due to differences in interests with the management. I don't think the management of take-two is unaware of Changyou's Growth potential.”

"Oh?" Zhou Buqi asked for further advice, "Are there other factors?"

Mattrick said: "For shareholders, of course, the more Changyou shares they get in M\u0026A transactions, the better. What they focus on is the long-term capital premium of the stock. For executives, although they are also shareholders, but they hold too few shares and are more concerned about trading bonuses.”

Zhou Buqi suddenly realized, "Proportional bonus!"

Mattrick said: "Yes, the higher the turnover, the higher the bonus they will get. For senior management, the higher the turnover, the better. But this may not be in the interests of shareholders. At present, they have There’s a big quarrel and they’re debating.”

This is the disadvantage of social companies managed by professional managers. Zhou Buqi lamented, "As soon as possible, they will be greedy for petty profits. We don't have to. Conclude the deal as soon as possible and conduct business as soon as possible." Reorganization. The copyright of "Pro Evolution Soccer" has been negotiated, and the next step is to join the '2K' camp."

Mattrick said with a smile: "I think it is now time to release the news that Changyou has reached cooperation with many Japanese game companies, including Capcom, Konami and Nintendo. Once the news is released, Changyou's stock price will definitely rise sharply. Then, It is announced that Changyou will carry out similar cooperation with South Korea’s gaming industry. Take-two’s shareholders will become increasingly anxious.”

Zhou Buqi said happily: "Okay, let's do it!"

Mattrick said: "Do you need me to deal with FIFA?"

In this kind of matter, the Chinese are more reliable, so Zhou Buqi rejected him and said that he would let Ren Yuxin handle the matter with full authority. He has already contacted the Zheng family of Hyundai Group.

Fix FIFA, no big problem!

Qatar spent money to bribe several senior officials of FIFA, and was even able to buy the right to host the World Cup. It also asked FIFA to make an exception for this, and arranged the World Cup to be held in winter amid huge controversy.

Of course, the consequences are quite tragic.

At that time, the United States and Canada were competing with Qatar for the right to host the World Cup. As a result, FIFA took Qatar's oil money and blackmailed the United States.

The United States was angry.

How?

No one in the world can control those scum in world football?

Doing evil?

It’s really seeking death!

Then the FBI was dispatched and several heads in the football world were arrested. The presidents of FIFA and UEFA were all imprisoned.

The trademark right of "FIFA" is just an extremely small matter.

Just run it behind the scenes.

Even if it is discovered, there will be nothing you can do, as long as it is not as crazy as the secret collusion between FIFA and Qatar.

In a non-market environment, non-market methods are the most reliable.

Even if this matter is settled like this.

At the end of the call, Mattrick remembered something again and said with a smile: "By the way, I almost forgot, I wish you congratulations!"

Zhou Buqi was slightly startled, "How happy is it?"

"You are the richest man in the world!"

"It's all rumors."

"It's not a rumor..." Mattrick was in New York at this time, with close access to the water. "As for the news just now, it was only released half an hour ago. "Forbes" magazine announced this year's list of the world's richest people. With a net worth of US$73.4 billion, it ranks first in the world!”

"I go!"

Zhou Buqi slapped his forehead.

Depend on!

What is supposed to come will come.

Now it’s time to sit down!