God of Corporate Hunting - Chapter 199



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◈ Episode 199: Setting a trap (3)

Nam Woon-myeong and Yoon Se-bin focused on the change in the stock price of the Bukseong Group.

The changes hidden behind the scenes are often bigger than what is announced on the surface.

No outsiders were interested in the change in shares. It was simply assumed that it was a process of distributing the shares inherited by Chairman Hyun Man-heum to his family after his death.

No one would have guessed that this change was hiding a fierce struggle for power among family members.

“Hyun Chang-min sold all of his stocks in Bukseong Pharmaceutical. Currently, he has no shares left in Bukseong Pharmaceutical or Bukseong Bio.”

At one time, Bukseong Bio was a group stake that Hyun Chang-min was supposed to take. But at some point, a change occurred. The person who led that change behind the scenes was Nam Woon-myung.

“If you sell it recently, you’ll suffer a huge loss.”

“There’s no other way. This is the only way to buy Bukseong Construction stocks. Other shares are also used as collateral, so we’re almost all-in on Bukseong Construction.”

It was the result of Yoon Se-bin successfully teasing Hyun Chang-min.

Nam Woon-myung also explained Hyun Ah-sol’s changes.

“HyunA Sol is no different. However, it did not sell all of its shares in Buk Sung Pharmaceutical. It sold the additional shares it had previously purchased to Mega Asset Management, and kept the shares it received from Hyun Man-Heum. Therefore, it still has control over Buk Sung Pharmaceutical. With the money it sold, it is buying and accumulating shares in Buk Sung Construction.”

The major change that occurred as a result of the battlefield being moved to Bukseong Construction is the change in Bukseong Pharmaceutical’s shares.

Now, excluding the stake in Bukseong Bio, the owner family’s stake is just over 10%.

Nam Woon-myung and Yoon Se-bin’s stake alone easily overpowers the owner’s family. If you add the stake of the New York branch that is not revealed on the surface, there is no doubt about their control.

In fact, part of the Bukseong Group, centered around Bukseong Bio, came into their hands.

“What are we going to do with Bukseong Bio?”

“For now, we should leave it to Hyun Ah-sol. That way, the enemy will feel safe.”

“How is the situation with Bukseong Construction?”

“If we consider that Ms. Joo Do-hee is on Hyeon Jae-eun’s side… Since the Bukseong Cultural Foundation’s shares will support Hyeon Jae-eun, the stakes are roughly even. It’s a situation where no one can know who will win.”

There are many hidden stakes, making accurate calculations difficult.

There are probably a lot of hidden stakes in Hyeonseop, but Jinyoung’s hidden stakes are also not insignificant.

Yoon Se-bin, who understood, added a question.

“There’s no change to the strategy of not taking anyone’s side?”

“Yes. Because we have other things to aim for.”

“What is that?”

“If you look at the recent public notice, it appears that CEO Hyeon-Seop Hyeon disposed of his Bukseong Distribution stocks.”

The current CEO’s North Star distribution volume is 10% of the total. Of course, it did not receive much attention from the securities industry. This is because he sold it little by little and it was considered a simple transfer of shares by the group owner.

In fact, when the circular investment structure was broken and changed to a holding company structure, Bukseong Distribution, which was out of the main axis, was not a subject of interest.

This is a trap set by Nam Yun-myeong.

“We need to buy shares of Bukseong Distribution.”

The goal is to sell more than 10% of the shares that CEO Seop Hyun sold. Fortunately, institutional investors and individual investors who saw the major shareholder’s sale as a sign of worsening business also sold. Thanks to this, they can buy at a low price.

“Bukseong Distribution… has Bukseong Refinery attached to it. Also, Bukseong Distribution has several related affiliates.”

“There are quite a few, but there are no important companies. So, even the Bukseong Group doesn’t pay attention to them.”

If a giant dinosaur had its limbs cut off one by one like this, it would become weak in an instant.

Yoon Se-bin expressed an opposing opinion.

“Why don’t we just go for a hostile takeover of Bukseong Construction? We’ll have enough funds, right?”

Now that Abu Dhabi Investment Authority funds are coming in, there is no need to worry about lack of funds. Their environment, which was previously stricken with a lack of acquisition funds from Silicon Valley Capital, has changed significantly.

“A hostile takeover of Bukseong Construction is difficult. The moment the rumor spreads, the stock price will skyrocket and an astronomical amount of money will have to be invested compared to the company’s value. Also, a hostile takeover by an external force does not fit with Korean sentiment.”

Nam Woon-myeong checked the stock price of Bukseong Construction.

The recent increase has been significant. The owner’s family is buying like crazy, so it can’t help but rise.

I’ve been waiting for this moment.

“Should we start spreading the word now?”

We cannot allow the enemies to buy up the stocks of Bukseong Construction without any problems. The more the owner family invests, the weaker the Bukseong Group becomes.

“Yes, we should. Let’s have Korea Investment & Securities issue a report.”

This has become easier since Korea Investment & Securities came into Yoon Se-bin’s hands. The reports from asset management companies and those from securities firms have different influences.

If the reason for the rise in the stock price of Bukseong Construction is stated to be the dispute over stocks among the owner’s family, it is obvious that the stock price will skyrocket.

“Should we also take this opportunity to burn a little bit of Bukseong Construction? Of course, we are aiming for a rise in stock price and have no intention of supporting anyone.”

“Is that so?”

Yoon Se-bin also agreed.

* * *

The analysis report on Bukseong Construction published by Korea Investment & Securities has heated up the securities industry.

“Civil war breaks out in the North Star Group!”

“A battle between siblings! Who will become the chairman of the Bukseong Group?”

“Owner of Bukseong Foods? Will he compete with the next chairman, Hyeonjae Seop?

“The kids are attached to their aunt.”

“I raised my kids wrong. Popcorn is the best way to watch a movie. Let’s go see it! It’s so much fun!”

Hyun-Seop gathered his family together and threw a newspaper with the story of the Bukseong Group civil war in their faces.

“What the hell is going on! You should be ashamed of yourself!”

On a leisurely weekend morning, Gosung came and went.

Mrs. Joo Do-hee was frowning in a corner, and her four children were divided into two groups, antagonizing each other and looking around to gauge the mood.

The first runner to lock eyes with Hyunjae Seop and take a confrontational stance is, of course, his younger sister, Hyunjae Eun.

Hyunjae Seop noticed that Hyunjae Eun’s attitude, which was not giving in at all and was glaring, was different from usual.

‘These guys really were planning to start a rebellion!’

A puppy that doesn’t know how scary a tiger is will be torn to pieces and killed.

“So how much did you save?”

“Enough to deal with you, brother.”

Hyunjae Seop snickered.

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“Do you think that’s possible? Do you think I’ll just stay still?”

“There’s no one who doesn’t know that you don’t have money these days, oppa.”

“Aren’t you calculating your father’s slush funds?”

“If you hold a general meeting of shareholders, you will know who has the upper hand.”

Hyunjae Seop, who is having a hard time handling the current situation, took out his anger on his children this time.

“Why are you guys making a fuss?”

“Because my father didn’t take care of our shares properly.”

Hyun Aram spoke as a representative.

Hyunjae Seop frowned as if he was in a bad mood.

“What aren’t you packing?”

“When I got married, you gave me a Bukseong machine, right? These days, they don’t discriminate between sons and daughters. If you had taken care of my share, I wouldn’t be like this.”

Hyunjae Seop ignored Hyun Aram’s complaints and glared at Hyun Changmin.

“Why are you like that?”

“Because you only take care of your brother.”

“When me?”

“You know, just look at the Bukseong Bio incident. Even when I was kicked out as the CEO, my father didn’t even think about helping me. If it were my brother, would he have just stayed still?”

“That’s because you’re such a loser.”

“Anyway, I can’t trust what my father says anymore.”

Hyun Chang-min continued to complain while enduring his father’s unpleasant gaze.

Hyunjae Seop noticed that his three children had no intention of changing their minds. Hyunjae Eun’s method of tricking the children was surprising.

Even if three reckless children fight together, the other side’s power will not be that big. If you exploit their weakness, they will collapse right away. Blood is thicker than water. Should I abandon my father and stick with my aunt until the end?

Finally, Hyun-seop looked at Joo-hee Joo with a complicated gaze. She was the key figure with the most stake.

“Mother, you shouldn’t do this. Even though I wasn’t born from your womb, you shouldn’t turn my father’s will around like this. You support me, don’t you?”

Joo Do-hee’s indifferent gaze turned to Hyeon Jae-seop.

“There was no mention in your father’s will of pushing you aside. There was a request for the family to work together to manage the group well.”

“Isn’t that the same thing?”

“You think about yourself.”

Joo Do-hee let out her anger by spitting out cold words.

At that moment, Hyun-Seop felt an eerie feeling. Could it be that he had noticed the truth about death?

Hyunjae Seop, who had made up his mind that it could never happen, protested again.

“But if we push Jae-eun, the group will really split.”

“It’s normal for me to have my share too!”

Eun-i Hyun immediately objected.

“Mother, you treat me like I’m not your son. I knew that. There really isn’t a single person in this world you can trust. Even your children are all the same…….”

Hyun-Seop Hyeon glared at the enemies, slammed the door, and went outside.

A civil war broke out.

* * *

The extraordinary general meeting of shareholders of Bukseong Construction has been announced.

The agenda for the general shareholders’ meeting includes the dismissal of the CEO and a plan to reorganize the board of directors.

This announcement meant that the rumors of internal division within the Bukseong Group were true.

The reaction from the stock market was quick.

The stock price of Bukseong Construction has skyrocketed.

The stock price, which had been hovering around 40,000 won, gradually rose to 45,000 won when the report was released. Now, it is approaching 60,000 won. Compared to the previous average stock price, it has risen by a whopping 50%.

“Hyun-Seop is currently purchasing Bukseong Construction in earnest.”

Nam Woon-myung was analyzing the situation with Lee Myung-soo. Lee Myung-soo was the best at tasks that required detailed calculations based on given information.

“That means that the hidden stake that Hyun-Seop currently holds is less than expected, or on the contrary, the hidden stake that Hyun-Seop currently holds is more than expected.”

Lee Myeong-su’s understanding of the situation was quick.

“This is the estimated result of the calculation of the stakes on both sides. Currently, Seop has a slight advantage. However, both sides will have hidden stakes. In addition, the direction of our company and general investors is also questionable. It’s completely shrouded in fog.”

Analysis alone hasn’t caught anything yet.

Perhaps neither Hyun-Seop nor Hyun-Eun are sure of their superiority. So both sides are on edge and looking for friendly ground.

“The pension fund is neutral, right?”

“That’s right. There’s no reason to intervene in a family feud. Is it certain that the Bukseong Cultural Foundation is currently supporting Eun-eun?”

“Yes.”

Lee Myeong-su predicted the future direction of development.

“If both sides are judged to be equal, then Hyun-Seop’s next step is simple: public offering of stocks.”

Buying publicly at a higher price than the current price is more efficient than buying on the market. This is a method often used in hostile takeovers or to defend against them.

“Then, you will announce the purchase price at 10% to 20% higher than the current price?”

“I guess so.”

When a public offering is announced, investors who stand to gain will respond to the public offering. The way to stop this is to raise the stock price above the purchase price. Or, to push for a public offering at a higher price.

“No matter who wins, there will be significant bleeding on both sides.”

This is the ending that Nam Woon-myung was aiming for. In the first place, he didn’t think that he could destroy the huge group called Bukseong with one blow.

He has made significant achievements by taking advantage of the recent civil war in the North Star Group.

Although it was not outwardly revealed, it had swallowed up Bukseong Bio and its affiliates, and recently secretly acquired the Bukseong Distribution stocks that Hyunseop had put up.

Bukseong Distribution is the largest shareholder of Bukseong Refinery, and Bukseong Refinery has entrusted a significant portion of Bukseong Construction’s shares to a private equity fund.

If Bukseong Distribution is transferred, this share will naturally be transferred as well. This has the effect of weakening Bukseong Construction’s control. This is why the circular investment structure is dangerous. If one falls, they all fall together.

Of course, Hyun-Seop is completely oblivious to this. The Bukseong Group empire he believes is still solid.

“I guess I need to do some preliminary work before the public offering is announced.”

Nam Yun-myeong had a confident smile on his lips.

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