Hollywood Hunter

In the wealthy district of East Hampton at the end of Long Island, New York, a black Mercedes-Benz car drove into the Linhai manor, and the driver opened the door. Warren Buffett put the Igret company prospectus that had been reading all the way into the briefcase.

After getting out of the car, the girl A in the black OL suit was already waiting, and greeted Buffett politely, making a please gesture.

The two entered the villa and came to a reception room on the east side of the villa.

Just entered the door, even though the floor-to-ceiling window was a little far away, Buffett immediately heard the woman's playful sound, looked up, not far from the villa is full of fragrant pool, at a glance can not count how many young The girl will have an open swimming pool 20 meters long and 10 meters wide and filled with surroundings.Even though I have never had any preference in this regard, looking at the situation not far away, Buffett's mood inevitably produced some fluctuations, and could not help but sigh, some obviously just got out of the pool water and was being surrounded by a group of girls. It’s ridiculous for young people to wipe their bodies.

Simon who left the pool did not go directly to the reception room, but turned to the next door.

After a while, when girl A brought coffee to Buffett, Simon put on a slightly formal shirt and trousers and walked into the door. If it wasn't for some wet hair and slippers on the feet, it was hard to tell that it was coming from the pool.Shaking hands with Buffett, signaling that the old man didn't need to get up, Simon sat down on the sofa next to him and asked with a smile, "Warren, how are you doing?"

Buffy nodded characteristically: "Not bad."

There is no rhetorical question.

How is Westeros going? Looking outside, do you still have to ask?

Moreover, Buffett's side is actually not good.In accordance with established practice, Berkshire Hathaway held another annual general meeting of shareholders in early May. Compared with the highly sought-after situation, this time the general meeting of shareholders, Buffett faced more and more investor disasters and questions, basically All of them focused on his neglect of investment in new technology.

Buffett is a very determined person and does not easily change his decision because of external pressure.However, as a result of years of hard work, he could not ignore Berkshire Hathaway's stock price changes.Because at the general meeting of shareholders last month, we stated once again that we would not risk investing in technology stocks without looking down on the situation. For more than a month, Berkshire Hazard, which had been somewhat sluggish relative to the broader market in recent years Wei, the stock price even fell.

Over the years, Berkshire Hathaway’s stock price has actually experienced many ups and downs, but the past declines are basically due to the recession of the market.The current situation is that the entire market is in good shape, but Berkshire Hathaway has fallen against the trend. Allowing this situation to develop, Buffett is somewhat worried that an unexpected situation will occur.

On the way from Manhattan to Long Island, Buffett was struggling with this matter.

Simon actually noticed Buffett's thoughtful expression, took a sip of the coffee delivered by girl A, and stopped talking nonsense, saying: "So, Warren, let's talk about ABC directly."

Today is June 17, Saturday.

Just yesterday, Daenerys Entertainment’s acquisition team once again held a three-hour secret consultation with the executives of the Metropolitan ABC Group. Basically, all aspects of department adjustments, executive changes, and debt consolidation after the merger were basically The intention was reached.

Even if it is Daenerys Entertainment’s acquisition model for the Metropolitan ABC Group, both parties have already finalized that it will adopt cash and stock payment methods. Daenerys Entertainment has also given quite loose conditions. The Metropolitan ABC Group shareholders You can freely choose the ratio of cash or stocks, including full cash payment or full stock payment.

The only difference is the transaction price.

According to yesterday’s closing price, the current share price of the Metropolitan ABC Group is about $145, and the company’s total share capital is about 122 million shares.

The Met ABC hopes to obtain a transaction price of $180 per share, which is equivalent to a valuation of $21.9 billion.

The highest price that Daenerys Entertainment is willing to give is $172, which is equivalent to a valuation of $20.9 billion.

The price difference between the two parties is exactly $1 billion.

The price of 172 US dollars, compared with the current stock price, the premium range is 18%, which seems to be a bit low, but the main reason is because the recent news that the Daenerys Entertainment Group is about to acquire a television network is released.

The Daenerys Entertainment Group’s quotation is mainly based on the Met ABC Group’s share price of about $130 when the merger plan was just launched. In this way, the premium has reached 32%, which is already a very generous bid.

If the price quoted by the Metropolitan ABC at US$180 is close to 40%, Simon will never accept it.

It’s not that Daenerys Entertainment can’t afford such a price tag, but that everything has to be limited. The television network is no longer a growth industry, and this transaction is not a malicious acquisition, so the maximum premium will only be about 30%.If Simon made the last big mistake this time, then the entire Westeros system would be slaughtered again and again.

Simon went straight into the subject, and Buffett did not go around the corner. He said: "Simon, I think the $180 quote is very reasonable, only a 24% premium. What’s more, based on the price-earnings ratio of Daenerys Entertainment, the cash plus stock trading model, You guys are very advantageous."

Ignoring Buffett’s other set of premium calculation methods, Simon leaned on the sofa and rubbed the cup in his hand and said: "Warren, let’s first assume that if Daenerys Entertainment gave up the acquisition of ABC, what would happen? ?"

What will happen?

Obvious.

In the past history, Disney's M&A ABC Group's total transaction value was only 19 billion U.S. dollars, of which about 3 billion U.S. dollars of debt, so the valuation of this TV network itself is only 16 billion U.S. dollars.Now, even according to the price quoted by Daenerys Entertainment, the valuation has reached 20.9 billion US dollars, which is regarded as debt. The total transaction value has risen to 24 billion US dollars.

There is a difference of 5 billion US dollars.

The development of the Metropolitan ABC Group is not much different from the same period in the original space-time, or that, because Simon had previously handed over popular episodes such as "Friends" and "Emergency Room Stories" to the other two, it was even worse. some.Speaking only of the TV network ratings data, without considering FOX, ABC is even at the bottom of the three old TV networks..

If this transaction fails, the share price of Metropolitan ABC will inevitably plummet.

Because the TV network field is also an industry that trades off each other, the current four major TV networks are competing for the North American audience, and they will also encounter the impact of the emerging cable TV and the Internet.

At that time, not to mention the $16 billion market value before the start of the acquisition, it is not impossible for the Metropolitan ABC Group to fall back to the ten billion market value threshold, because Daenerys Entertainment has proven some kind of trade-off in Hollywood. The series of popular TV shows produced by Daenerys Entertainment is also enough to prove that this company has the strength to change the pattern of the TV field.

With the erection proposed by Simon, Buffett had thought of these results in the blink of an eye.It's just that in the current negotiation occasion, this veteran investor who has been languishing in the capital market for many years will certainly not speak out.

After a moment's consideration, Buffett looked up at the young man on the opposite side and said, "So, Simon, let's take a step back and make a compromise of $176. How about it?"

Simon shook his head without hesitation and said, "Warren, I will not raise the penny price again, only $172. I think you know that today is our final negotiation and there must be a result. Speaking of it, A few days ago, I received a call from Welch in Europe, and he was happy to talk to me about NBC again. However, you also saw that at the beginning, so I did not hide it. I am still more interested in ABC. I’m just not going to give more than I can accept."

Buffett retorted: "Simon, I don't think the price of $176 is unbearable to Daenerys."

Simon said: "I know you always think that Daenerys Entertainment's share price is high, Warren. If I want to pursue profits, it is not difficult for Daenerys Entertainment to achieve a net profit of $4 billion in the current fiscal year. Yesterday Calculating at a market value of 156.2 billion U.S. dollars, it is actually only 39 times the price-earnings ratio. What is the current price-earnings ratio of Metropolitan ABC, 41 times. If we change shares, we are actually losing money."

"Simon, you are comparing reality with assumptions."

Simon shrugged: "Without assumptions, Daenerys' net profit for the first two quarters of fiscal 1995 was $1.73 billion, and the current P/E ratio is only 45 times. Moreover, Daenerys still maintains high growth. Metropolitan ABC has no growth potential."

Buffett suddenly had nothing to say.

After all, business negotiations are also respected by strength.

Buffett used to give someone an ultimatum. This time, both the Metropolitan ABC Group and Berkshire Hathaway were in a weak position.

Some ride a tiger.

Abandoning this business will be a Waterloo-style disaster for both the Metropolitan ABC Group and Berkshire Hathaway, and the results are unbearable.

Buffett, who never liked to bargain with people for a while, was silent for a moment, and said again: "$175, Simon, I can't let it go anymore."

"Only $172," Simon continued to rub the coffee cup in his hand, said: "However, Warren, I can add another chip, or a support, about Berkshire, do you know, I In fact, in recent years, they have quietly purchased 4.9% of Berkshire's stock, and they have reached the 5% filing standard at any time."

Buffett suddenly had some surprises. He looked at Simon seriously and confirmed that the young man on the opposite side was not like cheating himself. He said, "I remember, your wife, but he is not very optimistic about my company."

There was also a slight smile.

This is a grudge.

Not only did Janet bluntly refute the opponent in a speech at the university in the early years, he also ridiculed the old man's investment model in the face of Buffett in the Hurst family party in the past few years. Buffett was born in 1930 and is now 65 years old. He has been tirelessly accumulating all his life since the newspaper was sent to the elementary school. Every penny can't be used for investment. This is the accumulation of the current family. , Very image.

Simon also curled his lips and smiled, "Jenny is just a little bit unkind. In fact, both of us very much appreciate Warren's investment skills, so they have been buying quietly in recent years. As long as we reach this deal, I can increase my shareholding in Berkshire Hathaway to more than 5% at the right time. I think this will greatly increase the confidence of Berkshire Hathaway shareholders in this company. Is forcing you to invest in technology stocks."

Even if he had understood Simon’s intentions just now, Buffett said quickly: “But this is unfair to the shareholders of the Metropolitan ABC Group, Simon, I can’t do that.”

Simon ignored the old man's restraint and said: "Or, this time point is set at the beginning of next year. By then, the Metropolitan ABC acquisition has been settled, and no one will connect these two things. And, Warren, This is just my support for Berkshire Hathaway, not an exchange. I said it was only $172. Of course, if this transaction fails, I may sell my stock because Berkshire Ha Sawyer holds too many shares in the Metropolitan ABC. I don’t want to suffer losses when the Metropolitan ABC stock price plunges."

This is simply...

Buffett was speechless to the dark-faced young man in front of him.

At $172, obviously there is really no room for change.

After a moment of consideration, Buffett said: "It's best to be next April."

Simon understood: "No problem."

Berkshire Hathaway’s annual meeting has been held in May. If Westero suddenly becomes Berkshire Hathaway’s 5% or more major shareholder in April next year, public opinion has been hyped. Coupled with a wave of stock price growth, Buffett's pressure on the annual meeting next year will certainly be much less.

Seeing Simon's promise, Buffett stood up and reached out to Simon: "So, we deal."

Simon also put down the coffee cup in his hand, got up and symbolically shook hands with Buffett, and said with a smile: "Deal."

There are a bunch of hot fairies waiting outside in the pool.

Now that things are settled, Simon would like to serve tea, but unfortunately Buffett sat down again: "Simon, I saw Igret’s prospectus on the road when I came, and some of the details made me wonder. ."

Simon had to sit down again and asked, "Warren, did you change your mind and plan to subscribe to Igreat?"

Buffett shook his head: "I still don't plan to buy, just want to learn more."

Ok.

Simon can only be patient, continue to talk with Buffett for another half an hour, and finally send away the other.

Then I called Robert Iger over Manhattan and told the other party that the matter had been negotiated and the two parties could go further. Simon then walked through the glass door of the reception room to the outdoor swimming pool.

The sun at more than four o'clock in the afternoon is no longer blazing, and the pool party is still hot.

During this time, the new Wei Mi show began to identify candidates, and Simon has always been in the hands of the final decision of the Angels.

For the fiercely competitive supermodel group in the fashion industry, this power is almost a killer.

Last Friday I went to Italy to watch Sofia. Afterwards, I went back to Ukraine, Russia and Finland. I just returned yesterday. During the period, I noticed that the documents from here were maintained. I temporarily intended to relax, so I had this Party.

At present, there are more than 60 models in this manor pool. They are all carefully selected from the lists provided by major brokerage companies, and they are all newcomers who have not been on the Wei Mi T stage.

After all, men like freshness.

Simon is no exception.After lunch today, the two Navy One No. 1 custom Black Hawk helicopters on the West Coast traveled back and forth twice before bringing a large group of goblins over.

The meeting with Buffett ended, and then until late at night, this seaside manor in East Highton was in a carnival atmosphere.