《黑武士》- 《新世代》商戰故事 (外傳) - Ch-03

《黑武士》Ch-03

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在UC的會議室，吕易與董事們對話，共商對策。

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「而家天澤化工趁火打劫……」UC董事長說。

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「大家有咩對策?」

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「打唔贏就唔好打……」某個UC董事說。

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「通過槓桿融資將公司私有化退市……」

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「天澤化工就冇辦法喺公開市場收購UC」

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「爆炸事故嚇退好多私人投資者……」吕易說。

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「唔會有人肯接盤……」

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接盤，法律上稱為承諾，是交易的一方無條件同意對方在發盤（實盤，遞盤，還盤）中提出的全部內容和交易條件，並願意按照這些條件訂立合同的一種肯定表示。

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「搵白武士?」某個UC董事說。

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「搵白武士進行友好收購，替代天澤化工……」

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「有人肯收購?」吕易說。

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「KKB……」某個UC董事說。

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KKB是一家私人股權投資公司，其資助並管理着眾多的投資基金，並主要專注於成熟企業的槓桿收購。成立至今，公司已先後完成超過4000億元的私人股權交易並且成為了槓桿收購領域內的先鋒和翹楚。

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「KKB願意以比天澤化工更高價格收購……」某個UC董事說。

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「但開出一個條件……」

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「就係更換UC全部管理層……」

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UC董事長一聽這條件，簡直氣瘋了。

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「前門拒狼，後門又進虎……」UC董事長說。

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「KKB分明搗亂……」

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「反收購?」某個UC董事說。

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「UC反客為主，反向收購天澤化工……」

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「自從天澤化工提出收購要約之後……」吕易說。

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「天澤化工嘅股價不斷走高，收購天澤化工股票嘅成本不斷上漲……」

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「事故導致嘅巨額索賠已經令UC攞唔出咁大筆錢……」

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「如果借錢收購……」

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「就會產生大量債務，債務一旦反映到財務報表」

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「將導致UC股價進一步下跌……」

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「到時候要面對嘅就不止天澤化工……」

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「吕易」UC董事長說。

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「你有咩對策?」

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「回購股票……」吕易說。

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「同天澤化工喺市場上競價爭購……」

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「只要花錢回購一部分UC股份，加上UC已經控制嘅股份……」

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「或許就可以保住公司嘅控制權……」

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「回購嘅錢從哪來？」UC董事長說。

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「合併工廠、裁員……」吕易說。

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「動用公司50億備用儲備……」

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「但係動用備用儲備……」某個UC董事說。

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「而家唔用，等幾時用?」吕易說。

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「同埋可以直接掛牌出售業務部門……」吕易說。

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「為回購股票籌措現金……」

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「好」UC董事長說。

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「我相信你嘅能力」

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「反收購嘅嘢全權交畀你負責」

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此外，吕易還醞釀了幾個隨時準備實施的措施，比如增加特別權力--禁止股票在指定價格以下出售等等，以此來應對天澤化工的收購……

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吕易的方案真起到了效果。

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天澤化工開始主動遊說UC管理層，

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在一個月後，

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提高了收購條件: 無論是否能夠達成收購協議，都在680元水平上以現金的方式收購UC的全部公開發行的股票。

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吕易拒絕了天澤化工的協議收購計劃。

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不僅拒絕，UC正式宣佈了抵制收購的措施：

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以850元的價格回購35％股票，其中現金佔20％，債券佔80％，動用資金200億。這200億大部分都是通過出售公司優質資產獲得。

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同時，

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吕易制定了一個毒丸計劃，號稱「啟示錄」。

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毒丸計劃又稱「股權攤薄反收購措施」或「股東權益計劃」，是目標公司抵禦惡意收購的一種防禦措施。

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「啟示錄」:

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第一，如果天澤化工持股超30％，UC將再收購35％；

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第二，天澤化工在償還其債務之前，不得出售UC資產；

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第三，修改公司養老金計劃，一旦被收購，剩下來的養老金，不能用來償併購產生的債務。

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明擺著就是想讓天澤化工知難而退，別幻想通過變賣公司資產來還債。

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雙方劍拔弩張的同時，投資者也很糾結：是選擇UC還是天澤化工呢？

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UC收購價高，但債券佔了絕大部分，現金很少，

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天澤化工雖然收購價低，但全現金收購，吸引力很大，

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雙方爭取投資者的鬥爭日趨白熱化，一時僵持不下。

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另一方面，

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在天澤化工的會議室，徐天澤與董事們對話，共商對策。

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「UC制定毒丸計劃，號稱『啟示錄』……」某個天澤化工董事說。

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「吕易……」天澤說。

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「你即係想逼死我啫……」

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「好…」天澤說。

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「你要玩吖嘛……」

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「我同你玩大佢!」

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徐天澤眼看著老這麼僵持下去也不是辦法，

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來了個快刀斬亂麻，

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直接上法院打官司。

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徐天澤心想:

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「如果法院可以讓UC撤回『啟示錄』，天澤化工就可以順利推進」

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所以天澤化工就把UC告上了法院，指責UC的「啟示錄」不合理，比如暗含阻止天澤化工收購公司股票條款，影響股東獨立判斷，養老金計劃實際為「養老金降落傘」等等，對天澤化工不公平……

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不過，法院並沒有支持天澤化工的請求。

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吕易一看法院不支持，

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來勁了!

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索性透露「金色降落傘」計劃：

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一旦公司被惡意收購，將向公司42名高管支付巨額賠償，其中5位最高管理人員補償將近900萬，董事長獨享近300萬……

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就是為了提高天澤化工收購的成本。

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接下來雙方在法院的聽證會上唇槍舌劍，吵得不可開交，

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焦點主要就集中於反收購措施的合法性上。

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UC這邊律師說我們也認真考慮了天澤化工的收購計劃，還請摩根土丹利進行評估，但是結論是UC的價值被嚴重低估；另外，雖然我們是高價回購股票，有大量的債務，但不會影響公司未來的經營。

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天澤化工那邊的律師立刻反駁，說債務不可能對公司運營沒有影響，而且要求UC把什麼養老金計劃、金色降落傘計劃全部取消。

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UC的律師又說了：回購股票是股東的經濟行為，改變養老金計劃和制定新的離職福利也是董事會的權力，如果法庭干預這些行為，就是拋棄了自由市場精神。

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雙方唇槍舌劍，辯論非常激烈。

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最終誰贏了呢？

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法院初步判決拒絕了天澤化工的訴訟要求。

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這下吕易更加理直氣壯了，

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迅速對天澤化工採取了反攻，

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包括指責天澤化工之前發行的垃圾債券超過了收購總額的50％等，

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到了終審判決，法院還是站在了UC這一邊，理由是鑑於天澤化工之併購後有拆分出售的可能，所以宣佈UC的各項反併購措施合法，認為這些措施符合公司股東的最大利潤，並非為謀求管理層自身利益。

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這樣一來，天澤化工走法律這條路算是失敗了。

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徐天澤猶豫了：

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是繼續提高收購價格，還是賣出所持股份套利，或者暫時擱置收購案？

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最後徐天澤還是不死心，決定在接下來的聖誕節來個反戈一擊。

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而且，徐天澤派人胡亂散佈謠言，

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故意派人向UC透露吕易和他是大學同學，一齊做過生意，

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指吕易是天澤化工派入UC的商業間諜，

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分化UC，促使UC董事們質疑吕易。

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12月24日聖誕前夜，天澤化工送出了一份大禮:

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將收購價格提高到每股740元，依然全部支付現金，並且表示如果UC董事會願友好協商，可將報價提高到每股780元。

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為什麼選擇聖誕節前夕宣佈呢？

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這正是天澤化工很巧妙的地方：

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因為過節的時候，大家基本都囊中羞澀，這時候如果看著股票能夠立刻變成真金白銀，誰不怦然心動呢？

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天澤化工正是利用了中小投資者的這樣心理，給UC的反併購以沉重一擊。

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當然，提高價格不是白白提高，有一個附加條款。

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什麼呢？

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就是如果你UC股東接受了我這個價格，就相當於賦予了我改變公司規章制度的權利，包括資產處置、紅利分配等等。

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這樣一來，

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吕易先前的限制性條款就等於作廢了，主動權又回到徐天澤手裏。

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這項提議仍然遭到了UC董事會的拒絕，

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但這時候一般股民尤其是機構投資者對天澤化工的出價水平及全部現金支付的條件充滿了興趣，形勢對UC很不利，

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而天澤化工則繼續收集UC的股份。

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吕易面對徐天澤的步步緊逼，

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吕易索性一不做二不休，來了個焦土戰術，玉石俱焚。

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UC將自己生產名牌產品的幾家搖錢樹企業全部對外售出。

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聖誕節剛過沒幾天，UC就把公司的什麼化合物部門、礦產部門全部賣出；

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過了兩天，天澤化工第3次提高收購價格，由740元提高到780元。

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而就在天澤化工宣佈提高價格後1小時，

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UC就宣佈把自己的核心搖錢樹——家用產品部門出售，

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至此，UC的大部分業務已經出售殆盡。

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為什麼吕易非要跟徐天澤弄得魚死網破呢？

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說到底，是天澤化工威脅到了UC大股東的利益。

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首先，天澤化工一開始就暴露了收購後的計劃，主動承認要把公司分拆變賣，但UC的大股東，顯然希望公司能繼續生存，很難支持天澤化工如此乾脆地拆分套利。這也是後來天澤化工法律訴訟失敗的根本原因。

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其次，天澤化工對各方利益的安排，不能支持其收購計劃。天澤化工傾向於進行協議收購，但開出的協議收購條件不能讓UC管理層滿意，主要是沒有包含針對UC管理層的特別補償。

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面對可能的掃地出門，UC的管理層只能背水一戰，說服董事會也好，更改公司章程也罷，都在想法設法抵制，就算玉石俱焚也在所不惜。

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