Water and Flames

Chapter

WAF CH11

by DewdropTL — Just as Jing Hong had anticipated, the progress of the Med-Ferry acquisition was indeed not smooth sailing. Fanhai and Qinghui revised their offers several times, raising the bidding price repeatedly. Then, just as Med-Ferry’s board of directors was gradually leaning toward Fanhai Group, Qinghui suddenly hiked their offer price by 12.5%. Med-Ferry was instantly stunned by the massive bid. Originally, because Fanhai had pledged "no split" and "no restructuring" while Qinghui had refused to do so,…
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Chapter

WAF CH12

by DewdropTL — A few days later, quite suddenly, Fanhai modified its offer once again. This time, in addition to matching Qinghui's bid, Fanhai Group made a rather abnormal move—changing its conditional takeover bid into an unconditional takeover bid. Previously, Fanhai's offer contained a closing condition of "acquiring at least 50%+1 of the voting rights," which was also the usual form for takeover bids. For an acquirer seeking control, obtaining at least 50% of the voting rights was a must, because nominating a…
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Chapter

WAF CH13

by DewdropTL — After that, Med-Ferry kept pressing Fanhai Group, asking whether they would match Qinghui’s offer and stating that Fanhai's current offer undervalued Med-Ferry. Following Jing Hong's instruction, Zhao Hanqing simply replied, "We'll think about it," "We're still considering it," and "We need a little more time." After stalling for a while, Jing Hong finally felt that the timing was just about right. Jing Hong asked President Shen of Goldman Sachs to act as a middleman, saying he wanted to arrange a…
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Chapter

WAF CH14

by DewdropTL — After Jing Hong came to a stop, the elevator rose quickly and smoothly, finally coming to a halt at the top floor. Zhou Chang's assistant gestured with a "this way, please," letting Jing Hong exit the elevator first, and then led him all the way to the innermost general manager's office in the building. Many CEOs of large American companies didn't even have private offices, working instead out of cubicles. Although Zhou Chang had studied and worked in the US for many years, he was clearly not quite that…
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Chapter

WAF CH15

by DewdropTL — Before long, Fanhai announced that it would no longer extend its tender offer, withdrawing from the bidding for Med-Ferry. With Qinghui losing its rival, the progress of the acquisition accelerated significantly. Med-Ferry’s board of directors recommended that shareholders sell their shares to Qinghui and advised them to vote in favor at the Extraordinary General Meeting. Two months later, Med-Ferry’s Extraordinary General Meeting convened as scheduled, where shareholders voted to officially confirm…
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WAF CH11

WAF CH12

WAF CH13

WAF CH14

WAF CH15