v3 Chapter 1247： Price beyond expectations (2/2)

With sufficient bidding authority, it was a cruel one when negotiating an increase.

In contrast, the various acquisition teams of Mitsui Securities were smashed because of authority issues.

The Torii family was also anxious, and there was no time to slowly lower the cost of borrowing, and finally reached a cooperation with Wells Fargo Bank, which has relatively loose conditions.

The Torii family raised 3 billion yen in an emergency. At the cost of a 12% lending rate, they borrowed 60 billion yen from Wells Fargo Bank, and then used 12% of Suntory’s equity and 50.4 million shares as collateral, and another 60 billion loan Japanese yen, with a total capital of 123 billion yen.

These 50.4 million shares refer to stocks acquired in the future, not the existing stocks of the Torii family.

The agreement also clearly stipulates that the 12% interest rate is a maximum of one year. When the bank assesses the Torii family's assets and credit is good, the payment cannot be collected in advance.

But if the Torii family repays the loan early, the short-term loan interest rate is equal to the annual interest rate of 12%.

This means that more than 100 billion yen has been paid to the Torii family's account, and even if the Torii family pays it back within a day, they have to pay interest at a 12% interest rate.

In addition, the agreement also stipulates that if the Torii family’s acquisition fails and the pledged stock is less than 50.4 million shares, or the stock price plummets and the value of 50.4 million shares is lower than the loan amount, the Torii family needs to make up the collateral within 15 days, or To repay the shortfall of funds, otherwise it will be deemed that the Torii family voluntarily defaults. Wells Fargo has the right to take any measures to ensure its own interests, and the interest rate remains unchanged at 12% until the agreement is completely concluded.

This means that if the Torii family’s acquisition fails, there will be 15 days for the Torii family to deal with it urgently. Either the principal of 120 billion yen plus the interest of 14.4 billion yen will be paid in full, or the equivalent The pledge of principal.

It seems that these conditions are beneficial to Wells Fargo, but in fact, Wells Fargo also took a lot of risks. After all, according to the current stock price of Suntory, 50.4 million shares are pledged, which has doubled the excess loan.

According to the normal stock mortgage loan, there is no at least a half discount, or even broken bones.

Furthermore, the assets of the Torii family are mainly concentrated in Suntory's stocks. If Suntory goes bankrupt or the stock price plummets and its assets become insolvent, Wells Fargo can only bear the losses.

These risks add up to a big deal. Compared to the banking industry that operates steadily in the general environment, Wells Fargo's conditions are definitely very loose.

At least the Torii family still has a lot of autonomy and choice.

...

With 123.0 billion yen in funds, if you only need to acquire 50.4 million shares, the purchase price can average to 2440 yen per share. Compared with the current Suntory’s stock price of only about 1,400 yen, it seems that there is still a lot of money. Large space is left for the Torii family to operate.

Of course, in actual private acquisitions, the stock price can only be used as a reference, and the specific price still depends on the seller’s psychological expectations and the buyer’s negotiation skills.

No matter what, when he got more than 100 billion yen in funds, Torii Keizo's confidence was instantly enough, and he rushed into the battlefield aggressively and intervened in the battle for equity.

After all, relying on years of cooperation and human relations, Torii Keizo still occupies a lot of advantages. At least if the price is the same, shareholders will give priority to selling shares to Torii, and they are willing to sell even lower ones, which is relatively simple.

However, in terms of the purchase price ~, since Jiuding Securities Co., Ltd. and Mitsui Securities Co., Ltd. contact all shareholders at the same time, there are two competitors, and the purchase price is not much lower.

Suntory’s shareholding battle instantly entered a heated state.

Among the three parties, Mitsui Securities Co., Ltd. bears the most pressure.

After urgently communicating with Mitsui & Co., Tian Yangping, who was responsible for the acquisition of Yu, gritted his teeth and directly slammed, and relaxed the authority of each acquisition team to 2,900 yen per share!

Matsumoto realized that the situation was not right. After asking Xia Yu for instructions, he also decisively increased the authority of each group from 2500 yen per share to 3000 yen per share.

As a result, the intensity of competition has risen by another level.

Torii Keizo discovered with horror that the purchase price had exceeded his psychological expectations.

123 billion yen seems to be insufficient...