Chapter 1286: Failure at the Last Moment!

On March 22, 1990, the day after New World announced its full acquisition of Wing On Group, the board of directors of Wing On Group issued a statement rejecting New World's acquisition proposal, believing that it seriously underestimated the group's assets and was unwelcome; and claimed that it had received notices from shareholders who owned more than 50% of the shares and had no intention of accepting New World's acquisition.

Wing On Group Managing Director Guo Zhiren even publicly condemned the Zheng family's hostile takeover. He said: "Z people should do things based on friendship, and acquisitions should be conducted in a friendly manner. If New World Development hopes to cooperate with Wing On Group, everyone can discuss and negotiate. Sudden acquisition through commercial banks is hurtful."

In response, Zheng Yutong, chairman of New World, immediately responded: "Before proposing to acquire Wing On Group, we called the Guo family many times, but we never received a reply. When we found that the Guo family was constantly absorbing Wing On Group in the market, we resolutely Proposed a takeover. Our original intention was not hostile, but to proceed in a friendly manner. "

While the Guo family publicly rejected the offer, they actively bought shares in the market through Wing On Commercial Management Co., Ltd., the holding company of Wing On. They bought 1.061 million shares on March 22, 625,000 shares on March 23, 395,000 shares on March 26, 63,000 shares on March 28 and 1,294 shares on March 30, using funds of about HK$34 million to buy a total of 2.146 million shares, equivalent to 1.18% of the total equity of Wing On Group.

Since the board of directors of Wing On Group claimed that it had received notices from more than 50% of the shares that they would not accept the takeover, why did it still buy shares in the stock market?

In response, Vice Chairman Guo Zhiheng likened it to raising the wall and installing a circle of barbed wire, and revealed that the Guo family would continue to buy shares in the market, but would no longer disclose the number. According to the Securities Ordinance, if it is not purchased by a director or holding company, it does not need to be reported to the Securities Office and announced to the public.

If the major shareholder of Wing On Group really controls more than 50% of the shares, it will definitely not succeed in the form of an open takeover. Why did New World act so rashly?

According to Zheng Yutong, New World saw from the annual report of Wing On Group that the Guo family only held 43% of the shares. Among them, Wing On Commercial Management Company, which represents the interests of the family, holds 41.2% of the shares, and members of the Guo family on the board of directors hold 2.57% of the shares).

Therefore, it is estimated that at least 30% of the holders of the shares have not yet decided on their positions, and there is still a chance for the public takeover to succeed.

At that time, the market believed that the key to the Guo family's ability to keep the ancestral business was whether the many descendants of the Guo family could "stand firm" under the Zheng family's silver bullet offensive.

From the past history, there have been many incidents of brothers in the family being at odds or even strife, and "preferring to give to friendly countries rather than to domestic slaves".

Historically, Chinese Estates in 1986 was originally a matter between Feng Bingfen and Li Fushu, but later on, Liu Lianxiong emerged and benefited from it.

Therefore, it is difficult for Wing On Group to be a replica of Chinese Estates. Obviously, Zheng Yutong also had high hopes for this, hoping to defeat the members of the Guo family one by one and profit from it.

Unfortunately, Zheng Yutong's hopes were dashed this time. At that time, the market once heard that Guo Wenzao's 6% stake in Wing On had been sold to New World Development, but it was later confirmed that it was just a rumor. Although the descendants of the Guo family were conservative in running Wing On, they were determined to protect their ancestral business.

The market foresaw that the Guo family was determined to defend Wing On and continued to absorb shares in the market, and it was estimated that New World's acquisition opportunities were slim. The share price of Wing On Group gradually fell back to HK$13.7 per share at the end of March.

However, Zheng Yutong did not give up because the Guo family was determined to defend control. On April 4, New World Development stated that if the acquisition became unconditional (that is, more than half of the shareholders supported it), it would also acquire Wing On Company, which holds 60% of the shares of Wing On Group and specializes in department stores. The entire acquisition plan would therefore cost more than HK$1 billion, bringing the total amount to HK$4 billion.

The proposal made by New World clearly shows that New World is still very determined about this acquisition and believes that there is still room for the incident to turn around.

Prior to this, New World also emphasized that the company's acquisition of Wing On Group is to make a long-term investment. If it receives 90% of the shares, it will exercise compulsory acquisition and make a full acquisition proposal to other small shareholders; if it acquires more than 75% of the shares, New World has no intention of reducing its equity. New World also expressed that it hopes to merge Wing On's business into New World and give up Wing On's listing status.

At this time, New World United Chinese Consortium and Guo Family are in a situation of equal strength.

April 9, 1990.

Yang Ming came back from Haojiang, and the situation has changed.

At this time, the most feared are Guo's father and son and Li Jiacheng's people. They bought Wing On Group stocks from the secondary market at a high price. If the Empire Group intervenes.

Then for them, this acquisition of Guo's Wing On Group will fail.

That night.

Zheng Yutong and his son talked with Li Jiacheng and others.

Zheng Yutong and his son first went to the Bao family's villa in Deep Water Bay to meet Bao Yugang.

At this time, Bao Yugang was not only in decline, but also in a more serious condition, and was basically in a state of recuperation.

Last time, the third son-in-law Watari Shinichiro suffered huge losses in property investors in Japan, which made Bao Yugang's condition worse.

This time, Zheng Yutong and other emerging Chinese families launched a sniper attack on the old family Guo family. At the beginning, Bao Yugang and Wu Guangzhen and others noticed it.

However, they knew that with Sir Yang and the Empire Group in Hong Kong, Zheng Yutong and others would never succeed without Sir Yang's consent.

Bao Yugang, Wu Guangzhen and others had already anticipated this.

Now, Zheng Yutong and his son are coming to see him.

Bao Yugang actually doesn't want to see Zheng Yutong and others.

Things are different now.

If he is still in good health, then he will definitely meet Zheng Yutong and his son.

But because of his physical condition, Bao Yugang knows that after he leaves this world, the only person the Bao family can rely on is Sir Yang.

"Sir, Mr. Zheng and his son want to see you." Huang Xiuying said on the side.

"Madam, just say that I am in poor health and it is not good to see them."

In other words, let Madam send them away.

Zheng Yutong and his son were sitting in the living room. After seeing Madam Bao come out, Zheng Yutong hurriedly asked: "Madam Bao, how is Mr. Bao?"

"Mr. Zheng, Mr. Zheng, I'm so sorry, Mr. Bao needs to rest due to his illness. If you really want to see him, you can also come with me to see him."

Bao Yugang hasn't shown his face for a long time.

Zheng Yutong and his son also guessed that Bao Yugang, who had cancer, was getting worse and worse.

In that case, Zheng Yutong and his son would no longer see Bao Yugang.

After saying goodbye to Huang Xiuying.

Getting in the car, Zheng Jiachun asked: "Father, is Mr. Bao deliberately not wanting to see us?"

"Not necessarily, maybe his condition is really serious. I heard that his third son-in-law suffered huge losses in Dongyang real estate investment. Now Mr. Bao's condition is serious again. It is normal that he does not want to see us."

"Father, where are we going?"

"Of course, to see Sir Yang."

PS: I felt uncomfortable after returning from my hometown. I don't know if I was infected with influenza A or three Yang. I am not in a very good condition.

Now I am barely finishing and sending it out.