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Wu Chao knew that Yi Xiaohai was talking angrily.
Everyone knows that even if the U.S. Securities and Exchange Commission does not intervene, it will be difficult for Yi Xiaohai to control Morgan Stanley by acquiring stocks on the secondary market.
Because in the United States, many listed companies have an anti-takeover strategy, a poison pill plan, in their articles of association.
Poison pill plan can also be called equity dilution anti-takeover measure.
The simple explanation is that it is triggered when the company encounters a hostile takeover and the acquirer's shareholding exceeds 10%.
The company can issue a large number of new shares at low prices, reducing the acquirer's share of the stock, diluting the equity, and increasing the acquirer's acquisition costs, making it impossible for the acquirer to achieve the goal of controlling the company.
With the size of Morgan Stanley, if it goes public, its valuation will definitely not be less than 100 billion.
If the poison pill plan is activated, Yi Xiaohai really doesn¡¯t understand how much money he has.
The listing plan launched by Pucher is similar in principle to the poison pill plan, which is to dilute Yi Xiaohai's equity and reduce their right to speak.
"Xiao Hai, don't be too excited. I just heard the news and I wanted to hang Puchier up and give him a beating to relieve my anger, but things are not that bad"
When Wu Chao received the call, he was indeed more excited than Yi Xiaohai.
He and Wang Xiaojian worked hard to increase their voice in Dalmore.
Through Morgan Stanley, it radiates the American market and opens the way for China¡¯s financial investment in the United States.
With great difficulty, Yi Xiaohai joined and Mike also made a stupid move. They took advantage of them and successfully took a big step forward.
But now,
The good mood did not last long before Pucher came out to cause havoc. One can imagine his mood.
But Stephen also told him a piece of news:
¡°When the Lucent team comes to China, the person leading the team is Mike himself.¡±
"Mike?"
"right¡¡"
Wu Chao nodded:
"Mike is the representative of Morgan Stanley in Lucent and the chairman of Lucent, so there is no problem for him to lead the team to China"
Yi Xiaohai shook his head:
"I'm not interested in knowing why he led the team, but he only publicly supported Puchel's listing plan in the morning, and the flight arrived in the afternoon. Can he fly?"
"Your thinking is really different from ordinary people."
Yi Xiaohai¡¯s serious look made Wu Chao dumbfounded.
"Sorry, I forgot about the time difference. Stephen said these words last night, but I received the news this morning, so I said morning!"
"Well, I was just out of curiosity, thinking that there really are things like Superman and Iron Man in the United States"
"iron Man?"
Wu Chao knows about Superman, but what the hell is Iron Man?
"That magazine in the United States is called Suspense Stories. There is a superhero in it. You can read it if you have nothing to do. It's very good"
Yi Xiaohai said without changing his expression. It was completely impossible to tell that it was because of a slip of the tongue.
But he didn¡¯t lie either,
Because Iron Man first appeared in suspense stories.
"Do you still have this kind of hobby?"
"I have more hobbies"
Wu Chao felt strange.
¡°I didn¡¯t expect Yi Xiaohai to like reading suspense stories, but now he is more confused.
"You looked so excited when you heard that Mike supported the listing. Now that Mike has come to China, why do you seem not to care at all?"
"Why should I care"
Yi Xiaohai didn¡¯t take it seriously:
"Mike made it clear that he came to China to rip off money and wanted to raise the price, so he ignored him"
Mike publicly expressed his support for Pucher¡¯s listing plan, and then personally led the team to China.
His purpose is already very obvious.
Wu Chao also understands this.
"Now that you know his purpose, what are your plans?"
"What do you and Brother Wang think?"
Yi Xiaohai first asked Wu Chao and Wang Xiaojian about their attitudes.
"What Xiaojian and I want to do is to meet him first and see his attitude"
"What if old boy Mike opens his mouth?"
"I will definitely not agree."
¡°Then it¡¯s better not to meet at all¡¡±
"Why?"
Wu Chao looked at Yi Xiaohai, somewhat looking forward to Yi Xiaohai's answer.
"When you and Brother Wang meet that Mike, it's just to find out the other party's bottom line and purpose, and then figure out how to deal with it, right?"
"That's what it means."
Wu Chao nodded and admitted.
"That
"In the current situation, it is obvious that Mike has the absolute initiative"
Yi Xiaohai analyzed:
"Pucher's biggest target when he implements the listing plan should be the three of us. If he wants the listing plan to pass smoothly, he needs the approval of Mike or the neutral faction"
"Stephen's phone call can show that most people in the neutral faction do not support the listing. Otherwise, Jones, the leader of the neutral faction, would not be able to hide the private meeting with Pucher. So the only person Pucher can fight for is Mike. Mike , I must also know this"
"So, Mike announced his support for Puchel in a high-profile way. He is putting pressure on us, because after Morgan Stanley goes public, our shareholding will be diluted very seriously"
Whether it¡¯s Mike, Pucher, or the neutrals, most of them have the right of first refusal.
When Morgan Stanley is listed, they can preemptively purchase a sufficient amount of shares in the primary market to make up for their dilution.
But Yi Xiaohai can¡¯t.
They are just partners,
Although they can also buy stocks in the primary market, the number must be limited.
Thus,
If they want to make up for the dilution, they need to acquire it in the secondary market, which will cost a lot.
Even if it is acquired in the secondary market, there may not be enough voting shares.
So Pucher¡¯s move was very cruel.
"Mike came to China while openly supporting Puchel. He just wanted to see what conditions we offered. He wanted to maximize benefits. If so, the conditions he offered were definitely not something we could easily accept. It would be better not to meet each other and make him anxious and unable to help but come to us"
"What if he doesn't come to us?"
"I think Mike should have ruled out cooperation with Puchel in his heart. After all, the two have been fighting for so many years and their swords are deadly. How could they reconcile so easily? He came to China to give us a chance to prove this. So, He will definitely want to meet us"
"Even if he takes the initiative to meet us, the conditions he proposes still cannot satisfy us. In the end, he will return to the original point, which makes no sense"
"If we don't meet with Mike, Mike will wonder why we are not in a hurry. During this period, we have representatives from the United States frequently contact Pucher to discuss the listing plan, so that we can take the initiative. ¡¡±
The reason why Yi Xiaohai and the others are passive now is because they are opposed to Puchel, and Mike is the decisive person.
Mike is now in an invincible position just like Yi Xiaohai and the others on the board of directors of Morgan Stanley in the middle of the year.
What Yi Xiaohai has to do now is to swap their roles.
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