Chapter 906
Meg Whitman was carrying the board's ire when eBay VP Tom Anderson was interviewing paypa1 co-founder Peter Thiel. ┡FictionΔ
When there is bad news in the market, the decline of the stock price is difficult to be saved by operation. Meg Whitman made the stock in the hands of all shareholders shrink by 7% in one day, but this is just the beginning, once paypa1 signs with Makino Technology , Makino Technology officially controls paypa1, and eBay's stock price will fall another round.
Two times in a row, the stock price fell by at least ten percent.
Meg Whitman has been anxiously waiting for Tom Anderson, waiting for him to give him feedback. If Tom Anderson fails this time, I am afraid this matter will not be saved.
Just when Meg Whitman was impatient, Tom Anderson called and the first sentence was excited: "paypa1 and Makino Technology together gave us a perfect offer!"
Meg Whitman immediately asked, "What offer?"
Tom Anderson's voice trembled a little, and said: "Peter Thiel communicated with Elon Musk and Li Mu who are far away in China on the phone just now, they have a new idea, and both of them are willing to let us Holding paypa1, but we can only hold 51% of the shares, Li Mu's Muye Technology will hold 129% of paypa's shares, and the original team will hold the remaining 20%!"
Meg Whitman was instantly relieved, 51% is already good! Absolute holding is enough. Right now, she only dares to hope for so much, but when she thinks that Muye Technology will also take a shareholding, she frowns: "That Li Mu also wants to come in? Then won't we become a partner with him?"
Meg Whitman didn't have a good impression of Li Mu in her heart. A twenty-year-old stinky Chinese hairy boy had brought herself such a big trouble and crisis, and she didn't want to become a partner with Li Mu in the future.
Tom Anderson said: "Li Mu means that he hopes that Muye Technology and eBay will introduce resources to paypa1 together. At the same time, he is willing to cooperate with us to promote eBay's business in all countries other than China. In return, we will also Bundled with his yy to enter overseas markets, that is to say, the two sides can reach a strategic alliance in the future."
Meg Whitman was taken aback.
Li Mu not only wanted to become a shareholder in paypa1, but also wanted to cooperate with eBay, and the direct cooperation between the two companies aside from paypa1 was a bit unexpected, but she thought about the pros and cons, Meg Whitt. Man's heart suddenly became excited.
There's no way not to get excited! No matter what you think about Huaxia Internet companies and Li Mu, what you can't deny is that yy's current momentum is indeed too strong. Unlike eBay, eBay needs to spend a lot of cash and resources to promote any market. yy However, it is different. You can quickly conquer the elites in this market without spending a penny. This kind of self-spreading power like a plague is something eBay has dreamed of.
If we cooperate with Li Mu, eBay and yy will be able to benefit from each other and grow together in the future.
This is not the most important thing, the most important thing is that if eBay successfully controls paypa1, it will be able to survive its biggest crisis right now. Moreover, if eBay and Makino Technology establish a partnership, it will be another huge deal for eBay. The good news is that by then, eBay's stock price is bound to skyrocket.
Thinking of this, Meg Whitman has already made a decision in her heart. For both public and private purposes, she must agree to the offer immediately, and let the offer land as soon as possible, otherwise her pressure will be too great, and she will be unable to carry it.
At this time, Tom Anderson said on the phone: "However, paypa1 and Makino Technology have a relatively demanding requirement.
"
Meg Whitman blurted out to him, "What request?"
Tom Anderson said: "Although paypa1 is willing to let us and Muye Technology take a stake at a valuation of US$1.5 billion, the problem is that they let us pay for Muye Technology's 29% stake first, and then we will give it to us. Muye Technology signed a contract in the form of an interest-free loan, and Muye Technology will repay the money to us after the C round of financing."
Meg Whitman nearly vomited blood.
It wasn't that he became angry, but that he finally saw Li Mu's gameplay.
She knows that Muye Technology is preparing for the C round, but there has been no clear news. This is understandable. The valuation of Muye Technology is the same every day. Without talking about a suitable price, Li Mu will never let capital come in easily.
If he wants to raise funds, he has not yet raised funds, which means that Li Mu does not have a lot of cash flow on hand. At a valuation of 1.5 billion US dollars and a 29% stake, Li Mu needs to pay 435 million in cash. , otherwise who would go to financing with so much money.
And Li Mu is shrewd. Li Mu knows very well that if he raises first and then invests in paypa1, the capital will inevitably take advantage of it, so if he wants to take advantage of himself, he must first invest in shares and then refinance, but if he invests in shares first, he will have no money. manage? Can only play the most shameless empty-glove white wolf.
Now Meg Whitman has also understood that Li Mu is actually teaming up with paypa1 to force himself into a corner, and now he is tempting himself with such an attractive offer, if he agrees , he has to pay the 435 million US dollars for Li Mu. Although he is very unwilling to be taken advantage of, but due to the situation, there is nothing he can do.
Once he agrees to the offer, Li Mu becomes a shareholder of paypa1 without spending a penny. Although he owes him 435 million on the books, the company's valuation has grown far more than this 435 million.
Thinking of this, Meg Whitman felt ten thousand aggrieved in her heart, but she also realized helplessly that once she felt this aggrieved in her heart, it meant that she had subconsciously decided to accept it. .
So she said to Tom Anderson: "You come back as soon as possible, and I will report it to the board of directors. When you come back, we will convene a board meeting together."
...
The morning of September 20th.
Before going out to Muye Technology, Li Mu deliberately wore a very decent formal suit to dress himself up in a very spirited manner.
There are two reasons for wearing formal attire: one is that I have already booked to go to the school this evening to attend the orientation party, where I will give a speech to the newly admitted students;
The other is the news that Muye Technology announced to the public yesterday, and a press conference will be held at Muye Technology this morning.
The reason for the conference is very simple. eBay accepted its own offer in full, and even included a loan of $435 million to Makino Technology, which was used to acquire 129% of paypa's shares for Makino Technology.
The press conference this time is very large, not only invited all the domestic media, but also invited all the media reporters from the country in Yanjing.
At this press conference, Li Mu, together with Elon Musk and representatives of eBay, will officially announce to the outside world that eBay and Muye Technology will jointly invest in paypa1, and everyone will sign a contract at the press conference.
In addition, Li Mu will also announce the news that Muye Technology and eBay will reach a strategic partnership for overseas market exhibitions in the future. Once this news is announced, it will be a great benefit for both eBay and Muye Technology. Stimulate.
At present, the media does not know that Makino Technology and paypa1 have reached a cooperation agreement with eBay, so today's conference will definitely become a big news in the international Internet industry and even the financial industry.
This time, eBay was really neat and tidy. It accepted its offer after the board meeting on the same day, and did not care about sending someone from the United States. After everyone made the contract, the three legal affairs confirmed the contract remotely without any problems. eBay directly entrusted their person in charge of China to sign contracts with Li Mu and Elon Musk on behalf of eBay.
In fact, the core terms of the three-party cooperation contract are very simple. The two parties will each own 51% and 29% of the shares based on the actual valuation of 1.5 billion US dollars. Within 15 working days after the contract is signed, the two parties will pay the funds to the account, and it will be completed by then. the entire investment process.
According to the formal process, before a company becomes a shareholder or invests in another company, it must do a complete due diligence and audit work for this company, but Li Mu just caught up with it. Regarding all due diligence work and audit work of paypa1, eBay has long ago It has already been done, and it was done by an extremely professional team. At that time, it was a due diligence audit based on a valuation of 1.5 billion US dollars. Now the valuation has not changed, so Li Mu also gave up the due diligence audit and directly recognized this. Valuation.
Before formally signing the contract at the press conference, Li Mu had to sign a loan agreement with the representatives of eBay in private, and eBay would lend $435 million to Muye Technology. The money will be paid to Muye Technology in the United States within three working days. on the branch account.
The money is completely interest-free, and there is no clear repayment date. The repayment time is written as: Repay within 30 working days after Muye Technology completes the next round of financing and the financing amount is credited to the account.
That is to say, if Li Mu still wants to refinance for a year and a half, eBay will not urge the repayment, as long as he waits for his own financing to repay them.
eBay has deep pockets and has long reserved 1.5 billion in cash from the stock market to acquire paypa1. Right now, it has only used 80% of what it has lent to Li Mu, which is $1.2 billion, so they don't have any financial pressure on it. For the board of directors behind eBay, they don't care about borrowing Li Mu's money. After all, once the three-party cooperation contract is signed, eBay can promote this huge good news in the United States overnight.
Once the money arrives, it will be paid to paypa1 by the U.S. branch of Makino Technology to officially complete the entire shareholding, and then the rest is the separate debt relationship between Makino Technology and eBay.