The following day, A Chemical shares were showing a negative note.
The market price was set high, but it seemed to be because of profit-taking and a lot of extrications in the morning market due to yesterday's rise.
The ants, who have been suffering from A-chemistry, are selling their stocks to escape.
Chang and Song ate up all of these shares.
I caught up with the sale as soon as it came out. We sucked in.
Chung and Song were certainly masters of the deal.
The stock price was moderately raised and sucked in, and when frightened ants threw it, it sucked in again.
I smiled and joined Jeong and Song in the move.
The stock price really fluctuated.
Although A Chemical's stock price did not rise much, investors' attention was drawn to the higher trading volume.
The discussion board heated up.
"Didn't the club kids come in?"
"I think there's a rumor about the sale."
"I spoke to my boss on the phone and the company said nothing was wrong."
"Hey, get out of here when you're a little up. I'm the one who's been watching this stock for a year."
"The chairman of Group A, quickly announce the sale."
"When you come in, you get bitten. Don't come in."
"Drew, Drew, and my brother's in.”
Whether it was anti- or Chan-ti, it was a good phenomenon for the discussion board to heat up.
Moreover, although the stock market fluctuated, trading volume soared in the afternoon session and was clearly on the rise.
On Thursday we finished the sale.
Chung and Song collected 10 billion won as I ordered, and I also collected 20 billion won.
The rise in the company's stock price was unlikely to hit the ceiling to the point where it was warned that it was likely to be short-term, and that it was manufacturing, not venture companies.
It was unlikely that this would result in exposure to the authorities' surveillance of the authorities.
There was a call from Linda Sim on Thursday evening.
"Thanks to you, I had a good trip to Gyeongju."
"Is that so?"
"Did you buy some Achemistry stocks as I said?"
"I didn't buy it because I thought it would be a stock purchase using internal information. I don't know if the staff bought it because I told them I'm doing an M&A on A Chemical. I'm not involved in any of the staff's fund management.”
"Ho ho ho ho ho, but even if you bought it, you wouldn't be able to tell. All right, see you tomorrow."
"Wait a minute. Is the consulting firm's due diligence finished.
"I took over the due diligence data today. As expected, we can't acknowledge 100% of our assets because we haven't sorted out our trade receivables and investments."
"Then what happens?”
"We're not buying stocks at current market prices, we're taking over real assets, including debt, so 900 billion won would be a big deal."
"You said you had 2 trillion won in debt."
"You don't have to take Group A with you. All 900 billion won will be taken by creditors. Then we'll pay back 900 billion won out of 2 trillion won in debt and take over 1.1 trillion won."
"Oh, what's the interest then?”
"But 500 billion out of 900 billion is invested by the U.S. bank S, so this money should also be seen as a liability. With low-interest, long-term liabilities, not capital transfers."
"Then does the total debt amount to 1.6 trillion won? Well, then how much is the interest?”
"That's something that Choi should manage well in the future."
"Oh, I'll spend all my time paying you interest."
"Where is a company without debt? A company shouldn't have too much debt, but it's good to have a moderate amount.
"Hmm."
"If you run a business without a debt and you get a lot of operating profit, you'll lose it all in taxes. So you'd better carry a little fan. The interest is handled by hand ratio."
"I know that, but the debt is astronomical."
"You have a lot of sales instead, don't you? It's a trillions of sales."
"Okay. See you tomorrow, then."
The next day I went to the creditor bank of Group A.
There were many people gathered today.
So I was guided to the conference room, not to the bank manager's room.
The large conference room was also carpeted.
Since it was also the bank's headquarters, both the conference room and the bank manager's room were spacious.
The head of the branch of S Bank, a U.S.-based bank, also accompanied a senior executive.
The chairman of A Group was also accompanied by an executive in charge of finance, and two officials from KMCC Consulting, who conducted due diligence, also attended the meeting.
Linda Simm came with American Vice President John Midland with thick makeup.
Two figures from other financial institutions also attended. They also seemed to be members of the creditors.
said the bank president.
Today is the negotiating table to sell A Chemical to restructure Group A. I think all the officials are here, so we'll proceed with the negotiations."
Linda Sim rose from her seat when the bank president finished speaking.
"I'm Linda Sim, senior fund manager at Moelisenko in the U.S. I'm a little poor at Korean, so I ask for your understanding in advance. Before I speak, I'll give you a due diligence report from the chief accountant of KMCC Consulting who conducted a due diligence on the Achemistry."
said the bank president.
"Please explain only the important points."
The chief accountant stood up and gave a due diligence report.
It also pointed out that the loss of trade receivables and investment assets was not organized.
When the due diligence report was finished, the bank president looked in the face of Group A chairman and said,
"What do you think about their report just now?”
The chairman poked his nostrils and asked the finance officer next to him.
"Director Kim! Is that all right?”
"It's true that we have not accepted our sales receivables for more than three years. We were actually going to reflect the loss in the fourth quarter when the cleanup was over."
"So they're right about the data?"
"Yes."
"Hmm."
The chairman has given up his appetite.
Linda Sim said with a smile on her face.
"Moellis & Co.'s vice president wants to say a word. I'll translate."
John Midland spoke slowly in English.
Then came Linda's simultaneous interpretation voice.
"I think we should cut 300 billion won in assets through due diligence rather than the data we presented. So the acquisition price we offer is 900 billion won. I think that's the right acquisition price."
I looked into the faces of the bank president and Group A chairman.
The bank president seemed to be thinking about something with his arms folded, and the chairman of Group A frowned between the two countries on what he was dissatisfied with.
Linda Sim said again.
"Moellis & Co.'s senior vice president said he offered a takeover price of 900 billion won. This also means that the price originally offered by Group A chairman is unacceptable."
"Grump."
There was a groan of discontent from the chairman.
I clapped and ran, saying, "Linda Sim is good."
Linda Sim smiled and said again.
"The 900 billion won acquisition is also a big money in the United States. So we invest 200 billion won in Moellis & Co., 200 billion won in JS Invest Korea, and 500 billion won in the U.S. bank S. This is James Lee, the branch manager from S Bank."
James Lee got up and said hello.
said the bank president.
"We'll discuss it among ourselves. Those of you who are from the transition team, please go to the rest area and take a rest."
"Okay."
John Midland and Linda Sim, vice presidents of Moellis & Co., and S Bank branch manager and I went to the lounge.
Those who came from KMCC Consulting said they would go first.
"We've only investigated, but we're not the negotiating parties, so we're going in."
"Well done."
They shook hands with Linda Sim.
And he greeted me and gave me his business card.
"You're the president of J.S. Invest, aren't you? Please call me anytime if you need to run an errand. Then I hope the negotiations go well."
Linda Sim told S bank James Lee in the lounge.
"Since the acquisition company shouldn't pay too much interest, can S bank funds take interest after three years of grace?”
"It needs approval from the headquarters. Moreover, isn't the creditor bank's debt still remaining? It won't be easy because we're junior."
"Let's do something. It's not like we've had a couple of times."
"Well. It's not easy. Anyway, I get it. Just make a good deal. And please send us a copy of the due diligence data from KMCC Consulting."
Linda Sim said as she gave me the due diligence data.
"President Choi makes copies for Choi Yu-na."
"Cheers, you're making me do this errand like this!"
"This is the last time. Isn't that right, Chairman Choi?"
"Chairman Choi?"
"Isn't he going to be the chairman of J.S. Group in the future?"
James Lee was smiling beside him and John Midland looked puzzled because he didn't know English.
About half an hour later, a pretty secretary came.
"Come to the conference room."
We came back into the conference room.
said the bank president.
"The Chairman of Group A said he would finally accept the deal."
Linda Sim breathed a sigh of relief.
I taught John Midland in English quickly.
John Midland nodded.
I looked at the president of Group A.
Group A chairman only looked at the wall next to him with a face full of anger.
The bank president went on to say.
"A month after signing the memorandum of understanding today, we will deposit the payment to the designated account at the same time as this contract."
Linda Sim looked at John Midland and my face.
John Midland nodded and I nodded as a sign of agreement.
The bank president spoke to the bank's managing director.
"Tell our bank reporters. Today, A Chemical and Moellis & Co., a U.S. global private equity fund, and a consortium of J.S. Invest Korea will sign a memorandum of understanding."
"Okay."
I asked the bank president foolishly.
"Are the reporters here?"
"This is the bank's headquarters. We have a separate pressroom."
There has already been a big article in the afternoon paper that we are taking over A Chemical.
It was first reported on the Internet.
[Group A decided to sell A Chemical to escape the financial crisis. The proceeds from the sale are 900 billion won.
The buyer will invest 400 billion won, with U.S. global private equity fund Moelis & Co. and Korea's J.S. Holdings investing 200 billion won each. S-Bank, a U.S.-based global bank, has also decided to provide 500 billion won in acquisition funds.
They signed a memorandum of understanding earlier in the day.
As a result, Group A was able to escape from the liquidity crisis through bone-cutting restructuring.
Meanwhile, K E&C decided to operate the project with creditors for the time being until a buyer appears. Group A also failed to escape the winner's curse in the M&A market.
Still, the business community says the group chairman's decision helped prevent further trouble.]
In the newspaper, there was a picture of Group A Chairman and John Midland shaking hands after signing a memorandum of understanding.
People were astonished at the newspaper.
In particular, the employees of JS Invest were very surprised.
"What? My boss invests 200 billion won to take over A Chemical with Moellis & Co?"
"I thought the boss had a lot of money, but he had it!”
The executives of Pitestech were also surprised.
A vice president spoke with admiration over the newspaper in the office of President Kim Kyo-young.
"I knew he had a lot of money, but I didn't know he was this rich.”
"Yes, you are. That's really great. From CEO Choi's point of view, our Pitestech seems like a humble company now.”
The president of Mokang Tech also talked about the newspaper with his father, the chairman.
"Choi is going to invest 200 billion won to buy A Chemical. It's amazing."
"I thought he was the one to do the job."
There was a call from Eunyeong called me.
"You said you took over A Chemical? I just got a call from lawyer Yoon saying it was in the newspaper. Did the clients take over with the money they left to the fund?"
"Yes, I, uh... I took over this and that together.“
a sketch of the composition of the board of directors