In a private club near Fifth Avenue in the heart of New York City, Kaos was quietly drinking tea in a private room, waiting for the guests to arrive.

Although the stock acquisition of the arms company has been completed, as the war started last night, you can already see the appreciation of the stocks in your hands and make money.

But at this time, Kaos should also go to Kaos Jones Investment Company and sit on site to inspect the specific work. However, just as he was about to go out in the morning, he received a call from Henry Paulson, CEO of Goldman Sachs.

It is also for this reason that Kaos changed his schedule and made an appointment to meet here.

As early as last year, when Kaos set his sights on Disney, he began to consciously acquire the other party's shares. However, for such a large company, it is obviously difficult to acquire sufficient shares from the retail market.

Not to mention that there are many institutions that hold Disney shares for the long term, so they will not sell them to the market at all.

Under such circumstances, if Kaos makes a forcible acquisition, it will only drive up Disney's stock price due to its large investment. There is an obvious leverage problem.

Let’s just say that Disney’s current market capitalization is only about 40 billion, but because there are very few stocks circulating in the market, it accounts for less than three or four percent of the entire market capitalization.

According to the market value, Kaos's investment of 4 billion should be able to buy 10% of Disney's shares. However, if there is not enough circulating stock in the market to supplement it, it will only make the acquisition price more expensive as it goes on. In the end, it is very likely that the market will

The above 3% or 4% of the stocks will cost Kaos all 4 billion US dollars.

The transaction situation is obviously unfair, and Kaos is not crazy enough to spend four to five billion US dollars just to acquire less than one-twentieth of Disney's stock.

This is also generally speaking, if you want to acquire a listed company, you can only negotiate with the major shareholders and buy it directly from them at a premium.

Or something went wrong with the company, and a large number of shareholders sold their shares, so that there were enough stocks on the market, so that enough shares could be purchased directly from the market.

However, Disney's market performance has been pretty good, especially when the stock price reached its peak last year at nearly $45 billion, so shareholders still have high confidence in Disney.

This also makes Kaos have little hope whether he purchases shares at a premium or hopes that Disney will be in trouble.

Therefore, Kaos's previous plan was to rely on the acquisition of Marvel Comics and Pixar Animation Studios to lay the groundwork for obtaining sufficient shares when merging into Disney.

It's just that the acquisition of Pixar Animation Studio was in trouble because of Jobs's rejection, which was also the reason why Kaos and Jobs became enemies.

Kaos originally thought that he had no hope before Jobs died, but luck happened to be on Kaos' side.

Some time ago, Disney's largest private shareholder, the Bass family, suffered serious losses due to investments in other fields and urgently needed to replenish their margin. When the stock market fell sharply, the Bass family chose to sell off Disney's shares to replenish their investment.

pit.

This part of the shares was handed over to Goldman Sachs to find a seller, which is why Goldman Sachs CEO Henry Paulson wanted to meet Kaos.

After drinking two cups of tea in the private room, Henry Paulson arrived a little late with an assistant. He just entered the room and hurriedly apologized.

"It doesn't matter, let's talk about the Disney shares you mentioned."

Just when the other party came in, Kaos stood up to greet him, and Kaos sat down and spoke without any fuss, and even poured tea for him.

There is no sense that Kaos is impatient at all. It seems that his attitude towards Disney shares is just to buy them if the price is right. If the price is not right, then forget about it.

Regarding this attitude, Henry Paulson felt a little nervous, and at the same time he was a little uncertain.

The reason why he contacted the other party was just because when he was looking for a suitable client, he discovered that someone was quietly acquiring Disney shares in the stock market. It is said that Disney's market value should have dropped to the US$40 billion mark at the beginning of the year.

But with such a force, after Disney's stock price drops to a certain price, it will acquire the previous part. This is why Disney's market value has been stable at 40 billion, constantly fluctuating up and down.

The source of this power is Kaos Jones Investment Company.

I just thought that the other party would be very interested, but now Henry Paulson was a little uncertain. However, although he had some doubts in his heart, he still introduced him.

"The Bass family now owns a total of 12% of Disney's shares. The shares it wants to sell now account for about 6.4% of Disney's shares, and the market price should be US$2.56 billion."

Henry Paulson took out a document, gently placed it in front of Kaos, and introduced the specific situation bit by bit.

Kaos also looked at the information provided by the Bass family and sighed. The reason why it was so difficult for him to get the shares of Disney was because most of the shares were owned by the Bass family, plus a group of Wall Street institutions.

If each takes some, there will naturally not be enough stocks on the market.

When it comes to acquiring from Wall Street institutions, the other party is willing to sell it unless there are special circumstances, but it stares at the other party and cuts itself ruthlessly, so Kaos has never made any purchase from Wall Street institutions.

I just didn't expect that the opportunity would come to Kaos so easily.

"Is there any discount?"

After Kaos put down the document, he slowly took a sip of tea, thought for a while and asked.

The rules in this trading market are so wonderful. If Kaos comes to the door and wants to acquire, the price given to the other party must be a premium.

Now it's the other way around. It's the other party who wants to sell in a hurry, so naturally there's a discount. Of course, this is also because the other party is selling in a large amount. If the other party sells in the stock market and no one takes over, the price will inevitably drop a lot.

, so Kaos is currently taking advantage of the buyer's market.

"Yes, the other party is willing to give a 20% discount."

Regarding such industry rules, Henry Paulson was not secretive and answered Kaos's question directly.

"Well, I can accept a 15% discount, but I hope that the other party can sell all the Disney shares in their hands to me. Otherwise, acquiring such a large amount of stocks will not make much sense to me, and it will also use a lot of my cash.

flow."

Regarding this 20% discount, Kaos just nodded. After a little calculation and felt that it was appropriate, he set out his own conditions again.

It was only under this condition that Henry Paulson narrowed his eyes slightly and stared at Kaos for a long time before he nodded slightly, picked up his phone and walked out of the private room. He only had to click the card.
Chapter completed!