Tao Liangchen
Chapter 576 The White-Robed Nouveau Riche Takes Action
Su Yehao figured it would take at least three to five days to complete the deal, even at a fast pace. After all, more than two billion US dollars' worth of Yahoo stocks wasn't a small amount of money.
However, the whole situation far exceeded his expectations.
As soon as the news was released, Goldman Sachs Group expressed their willingness to buy 1% of Yahoo's shares at the real-time stock price and were ready to send a senior partner over to sign the agreement immediately.
PricewaterhouseCoopers Consulting also approached the Abu Dhabi Investment Authority and the Qatar Investment Authority from the United Arab Emirates to discuss buying up all of Yahoo's shares.
Hot on their heels,
The Norwegian Sovereign Wealth Fund, Temasek from Singapore, SoftBank from Japan, and even the Hong Kong Monetary Authority Investment Portfolio all expressed their willingness to take over the entire stake or buy a portion of it.
In addition, many big names in the fund industry tried to make a move, including Fidelity Investments, Schroders, and AllianceBernstein.
This level of enthusiasm left Su Yehao speechless.
He had the distinct feeling that he was seen as a fool for voluntarily selling a goose that laid golden eggs.
For a long time, Su Yehao had believed that many smart people, like him, had foreseen the risks of the dot-com bubble. However, judging from this enthusiasm, others didn't seem too wary.
On second thought, that made sense.
He knew how history would play out, but others didn't have Su Yehao's prescience. They only knew that this was a technological revolution that was rapidly changing human society.
Although some people were reminding everyone to be wary of market risks, the user base and performance of these internet companies were indeed growing at an alarming rate, far exceeding traditional businesses.
Years ago, when Microsoft's market value was only a few billion US dollars, experts were already claiming that it wasn't worth that much.
And now, if it hadn't been for the antitrust investigations, no one would have doubted that Microsoft's market value would have exceeded one trillion US dollars, creating a new miracle in the history of securities trading.
The prospects were simply too good, which led institutions to hold on to their shares in Nasdaq giants once they acquired them.
The cost of acquiring shares from the open market was often too high. Buying too many shares on the market would drive up the stock price, making it difficult to increase holdings significantly.
The last time a similar-scale sale of Yahoo shares occurred was back in 1995, when it had just gone public.
SoftBank Group's sale of 5% of its total share capital was still being laughed at to this day.
Of course, more managers envied SoftBank, because even after selling 5%, SoftBank still held a quarter of Yahoo's shares and had made more than ten billion US dollars lying down over the years...
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The entire KOKO Venture Capital Silicon Valley office was unusually busy.
All employees were assigned their respective tasks, some acting as operators and others responsible for compiling data.
Vice President Lin Youfeng, after receiving a call from a manager at PricewaterhouseCoopers, hurriedly grabbed his coat and car keys, got into his newly bought Bentley, and drove to Atherton.
When he arrived at Su Yehao's house, he found the young boss floating in the outdoor swimming pool, lying on a duck-shaped inflatable bed. He couldn't help but grumble, "What time is it, Mr. Su, and you're still in the mood to swim? There are so many potential buyers willing to take over these shares. The people from PricewaterhouseCoopers told me that those oil tycoons from the Middle East have already offered a 5% premium."
Su Yehao took off his sunglasses, glanced at him, and said with a smile:
"Isn't that a good thing? Why wouldn't I be in the mood to swim? The weather is really hot today, and it's not comfortable staying in the air-conditioned room all the time. Just sell to whoever offers the highest price. It shouldn't be that troublesome, right? Why did you come all the way here?"
Lin Youfeng felt a lump in his throat and almost choked to death. He said:
"I've never been in charge of such a big deal before. Suddenly, so many institutional representatives are coming, and the company's phone is ringing non-stop. My throat is almost on fire. Yahoo also inquired about the situation, but I blocked them by saying that the shareholding ratio is less than 5%, so there's no need to obtain board approval. Now that you're competing with them with Google, I think Yahoo's other shareholders are probably getting nervous."
The reason for the nervousness was that when Su Yehao had a large sum of money in hand, he would inevitably further promote Google's expansion.
At that moment,
Su Yehao jumped into the water, swam easily to the shore, took the bath towel handed over by Yin Liuli to wipe off the water, and continued to say to Lin Youfeng:
"They're overthinking it. Competing with Yahoo is a small matter, not a big deal. My purpose for cashing out isn't aimed at Yahoo. I just had a phone call with Yang Zhiyuan. He seems to be planning to reduce his holdings as well, saying that I disrupted his plan, so he can only postpone the arrangement to avoid major shareholders reducing their holdings at the same time, which would affect investor confidence and collapse Yahoo's stock price."
Vice President Lin Youfeng nodded and said with a smile:
"If Yahoo's board of directors doesn't object and doesn't impose any restrictions on the buyers, and it's purely based on the highest bidder, then it's easy. I suggest you directly set a price that you have in mind, so as not to scare away other potential buyers with unlimited bidding. If the progress is not smooth these two days, others may choose to wait and see. Therefore, the faster the deal is closed, the better."
Understanding what he meant, Su Yehao thought for a moment and asked, "What price do you think is more appropriate, a 10% premium based on today's transaction price?"
Vice President Lin Youfeng quickly waved his hand and replied with a wry smile, "Don't ask me about this, it involves too much. One percentage point is twenty or thirty million. If it's sold too low, even if you don't care, I'll feel distressed and regret it to death."
Honestly,
The fact that someone was rushing to take over the shares now had already exceeded Su Yehao's expectations.
Each additional 1% premium on the real-time stock price meant an extra income of more than twenty million US dollars.
He didn't know what the buyers' psychological price was, but if he could close the deal with an extra 10% premium, Su Yehao would consider himself satisfied. If he focused solely on making all the profits, he might end up benefiting Yang Zhiyuan instead.
The other party had already revealed the intention to take advantage of Yahoo's high stock price to reduce some of his holdings. If Su Yehao didn't sell, Yang Zhiyuan was likely to take the opportunity to sell first and would need to disclose the news to the public. If this led to a shock and a fall in Yahoo's stock price, wouldn't it affect the speed of cashing out?
After a brief hesitation, he said to Lin Youfeng, "How about this, take a 10% premium as the target. Ask the people from Goldman Sachs and the consulting firms to find out for me what price the buyers can accept. If the matter is handled well, you can give them more commissions..."
Yahoo's shares were valuable to begin with and were currently in high demand. Even if they were taken to mainland banks, they could be used as collateral, making them a "hard currency" in the market.
It was just a matter of exchanging securities assets for cash. Anyway, it was all his own money, so Su Yehao naturally wouldn't care too much. After all, it wasn't like he had the opportunity to exchange the restricted original shares of Yanwenzi Group for cash.
Lin Youfeng took out his phone and made a round of calls, spreading the news that the price was too low.
The wealthy Abu Dhabi Investment Authority seemed to be afraid that the deal wouldn't go through and directly contacted Su Yehao through its venture capital company.
The New York market had already closed.
Su Yehao tentatively opened a price with a 12% premium based on today's closing price. The oil tycoons discussed it for less than fifteen minutes and called back to agree.
This kind of boldness made Su Yehao feel inferior.
No wonder it was said that in the investment circle, white-robed sheikhs were loved by everyone. They were really generous, and as long as they liked something, the price was never an issue...