"What do you think about the acquisition invitation sent by the British?"

In the conference room of the New York amc theater holding company, controlling shareholders gathered at the conference table, while the management of amc theater company far away in Lewood, Kansas can only listen to the decisions of these capital players through remote video to determine the future of their theater companies.

"I don't have any opinion, as long as the price is right, why don't you agree?"

"My opinion is the same. I have nowhere to go. I don't want to waste time anymore, as long as the price is right..."

"Recently, I heard that several theater companies in the United States and Europe are waiting for sale. The other party chose Amc. I believe that the same reason why we chose Amc, is the largest, not a listed company, which is conducive to mergers and acquisitions. Amc theaters are located in the core area of ​​large and medium-sized cities. However, when our five companies acquired one after another, they finally got together and owned their equal shares.

It even created a small miracle in the history of leveraged acquisitions. Isn’t it just to sell it? But no one has the ability to accept it, and the open market of securities trading is always lacking a little luck.

Now that someone is willing to take over, why should hesitate? Isn’t this exactly what we hope for?”

Listening to what the controlling shareholders said, the management teams far away from the Lewwood headquarters in Kansas on the other side of the video window had a gloomy face and a very ugly expression, but their management teams could only helplessly accept the decisions of these greedy and ruthless financial capitalists. Who made them the real controller?

This is the next leveraged acquisition of the top players in the world, Apollo Investment Fund, mg Chase Investment Fund, Bain Capital, Carlyle, and Spectrum Investment Fund.

These five private equity fund companies jointly hold Amc and have equal shares. After the five top private equity funds acquired Amc in a leveraged manner, they whistled straight to the New York Stock Exchange. However, they always seem to lack a little luck. As the fund's exit period approaches, they can only bid farewell to Amc's IPO feast.

At the right opportunity, Arthur Bolin appeared.

Of course, the first-class players in the leveraged acquisition industry are naturally unwilling to withdraw. They have an insatiable appetite. In their opinion, Arthur Boling seems to be a prey from the UK.

In fact, these five funds have recovered the funds invested and basically held shares in "zero cost", but they have always tried to make Amc go public and cash out.

Sending amc to the NYSE IPO is of course the best exit option. From public market raising to real permanent capital is the dream and holy grail of private equity fund companies. First, it is rewarding, second, it can avoid tedious fundraising activities, and third, it can expand the scope of investors.

But it was really as they said. Perhaps it was really bad luck and had never been able to succeed. For Arthur Bolin, who knocked on the door at this time, he would naturally not let go easily, but would rather speak loudly.

“How about $1 billion?”

"Maybe we should want more, we need to negotiate anyway..."

"Haha, what if we scare the other party away? Where can we find such a buyer?"

Listening to the discussions of these greedy and shameless vampires, the theater management was really bleeding in his heart, and he was also cursing in his heart. You should know that their so-called $1 billion is just the equity merger and acquisition price. In addition, the debt of amc is 1.5 billion US dollars.

"Haha, negotiation, every negotiation is a war, but the situation is good and bad. We are not in a hurry and just talk to him slowly. You must know that in addition to Amc's beautiful operating performance and waiting for good news to go public, we also have the magic weapon for continuous profits, dividend capital restructuring..."

"Hahaha……"

"hehe……"

In the conference room, the heads of the five foundations laughed out loud, not caring about the video, there were already a few people on the other side of the video, their faces were getting more and more ugly, and they gritted their teeth secretly, and their eyes were filled with hatred. Of course, these capital tycoons also knew that the management of the theater company hated them very much, but unfortunately, they were the controlling shareholders and the owners of amc. They played whatever they wanted, and a group of working people were obedient. If they were not obedient, they got out and changed to obedient people.

The reason why the heads of the five major foundations are extremely happy when they hear about dividend capital restructuring. The management who has feelings for amc is extremely hated and helpless is that the so-called dividend capital restructuring means that the acquirer does not have to sell the assets completely. As long as the company generally repays the debt, it can borrow again with cash, and the loaned funds can be used to pay dividends.

To put it simply, it is like a property on the Second Ring Road of Beijing has been increasing its value, and the owner can repeatedly apply for a mortgage loan for it to realize capital gains.

Therefore, the acquired Amc company has been doing its best to promote the growth of cash flow. After repeated recurrence, the five major foundations quickly recovered their investment costs, but the debts of Amc theater companies are getting heavier and heavier.

This method is compared to the fact that the goose laying golden eggs only lay a huge goose, but it makes foie gras everywhere. This is how private equity fund shareholders operate arbitrage on amcs.

Arthur looked at the detailed information about the five holding funds in his hand and frowned a little tighter. He also knew that this time he was facing the world's top trading opponents and had already made the acquisition negotiations that would be very slow and difficult, and he could not cut the mess quickly. At the same time, he also needed to maintain enough caution and awe of risks.

In fact, what he needs to face this time are two symbols of the United States, Wall Street and Hollywood. If he wants to take over the amc and become its new owner, he may have to go a long way to go!

In fact, everyone knows that in a large-scale leveraged acquisition war, speed is everything.

If competitors appear, long-term competition will increase the price of the acquired company, which means that the acquirer needs to borrow more funds to acquire the company, and the debts will be heavier. In the end, it will only lead to both sides, or fight against each other, and the fisherman will benefit. If there is a public bid, the acquisition war will turn into a rou battle, and the buyer will suffer the most.

To be honest, Arthur can negotiate with the other party as if he is not short of money. As long as the price is not too excessive, he will complete the acquisition quickly. Anyway, the funds he acquired were also borrowed from Barclays Bank, and Barclays Bank is also willing to lend him a loan.

Why do you like to borrow money and use leverage to acquire companies?

This is because, according to the US tax law, only interest expenses can be deducted from corporate pre-tax profits, while dividends cannot be deducted before tax. The US income tax law undoubtedly ignited the spark of leveraged acquisitions, and the leveraged acquisitions are attributed to high-yield bonds. Michael Milken, the former high-yield bond emperor of Wall Street, has raised huge amounts of funds in leveraged acquisitions many times. These bond funds provide great convenience for leveraged acquisitions, such as high-quality fuel, which suddenly turned Volkswagen's Beetle Auto into a lightning Ferrari.

I always have to pay back the money I borrowed, what should I pay it back? How to pay it back?

First, extend the loan term, second, issue new bonds to repay old bonds, third, iPo...

So for Arthur, the funds were very sufficient, but he didn't want the greedy vampires on Wall Street to take too much advantage from him, and no one's money was blown by the wind.

Negotiation is a war, whoever gives up first will lose!

Not only should you be fast, but you should be tight inside and loose outside, with swords and swords inside, and the surface is calm. In addition, confidentiality is the key. There is a famous saying on Wall Street that if the merger and acquisition fails to come to the news, you will be in great trouble. Once the company's acquisition news is leaked, many people will participate in the bidding, and even their brothers will be there.

Therefore, once negotiations begin, the confidentiality agreement must be signed first!

"Dongdong"

"Come in!"

Arthur put down his handpiece, looked at his subordinate who was pushing the door and asked, "Is there any result?"

"Yes, boss, they accepted our acquisition invitation, offered $1 billion and asked us to take over all debts of 1.5 billion..."
Chapter completed!