America's Road to Wealth

After Abel’s spokesperson announced the acquisition offer for American Express.

Abel's acquisition of Express Company has officially evolved into a hostile takeover!

Black Knight!

Barbarians outside the door!

Kenneth Chenault privately convened an internal gathering to support him, which disappointed him.

But now that Abel has made his attitude clear.

In addition to the five major institutions that have made peace with Abel.

It is impossible for other shareholders not to react.

For the sake of one's own vital interests, for the sake of maximizing profits.

A real shareholders meeting will be held on November 8th.

The vast majority of shareholders holding more than 0.1% of the shares sent people or representatives to participate.

Even if no one was sent to send representatives, American Express was prepared for a conference call for them.

That is, use the phone mode to join the meeting from a distance.

Those five institutions also participated in this shareholders meeting.

The verbal agreement they had with Abel was nothing more than a verbal agreement.

If you really want to put it into practice, everything will be in vain before you see the benefits.

At the shareholders' meeting, all members of the current board of directors of American Express attended, and senior executives gathered.

Kenneth Chenault knew this was his last chance.

Mr. CEO was particularly energetic, "Everyone, I hope all shareholders can stay rational. Even if the stock is sold, the purchase price of US$25 is not the final price. Believe me, our stock price has reached a maximum of US$160."

New York City, Manhattan.

35th floor, Tower 2, World Financial Center.

This is American Express's headquarters in New York.

In the huge conference room, more than a hundred board members, shareholders, and shareholder representatives gathered.

Kenneth Chenault spoke eagerly:

"Dear shareholders, although accepting Abel Smith's "hostile takeover" can make short-term profits, it is contrary to the long-term development of the company."

"After the downturn of the past few years, American Express has laid a lot of groundwork. Our global economic business has established a series of human capital, advanced customer service networks, debt relationships, etc. that are closely related to strategic stability. If these arrangements are Interrupted by short-term profit motives will definitely affect the overall development efficiency."

"And our overseas business has always been profitable. The funds we stored overseas can completely make up for the losses at home. Just to avoid being robbed by the tax bureau, this part of the funds has never come back."

"Our better future is ahead. The board of directors and the company's senior executives are confident that we can create significant added value for shareholders in the future, and together we will welcome the next stage of profitable growth!"

Kenneth Chenault persuaded the major shareholders with earnest words.

He had to do it.

Abel launched a general tender offer on November 6, and Kenneth happened to be in Seattle that day.

He immediately rushed back to New York and wanted to hold a private meeting with those shareholders who originally supported him.

But Kenneth was let go, and he knew the seriousness of the matter.

On the same day, he initiated the shareholders' meeting in the name of CEO and with the support of the board of directors.

This time those shareholders could not refuse, because not participating would be regarded as giving up their voting rights.

Except for Abel, who initiated a comprehensive tender offer, could not attend this shareholders' meeting due to relevant acquisition laws.

All the other shareholders came, and those who didn't came meant that they voluntarily gave up their voting rights.

The problem was convening the shareholder meeting, which took Kenneth two days.

In two days, many changes have taken place in the market.

In the past two days, many holding institutions have begun to sell their American Express shares.

And these sold stocks were like being thrown into a black hole in the universe, and were wiped out as soon as they appeared.

This black hole may be Abel Smith’s acquisition team, which holds a huge amount of cash.

It may also be ordinary investors who want to fish in troubled waters, or investment institutions who want to make some money.

When this happens, many people will get excited.

Because at this time, American Express's stock has become the most popular stock on the U.S. stock market.

Yesterday it had risen to US$25 per share, and after the market opened today it is now US$28 per share.

Although Abel Smith has not yet raised his general tender offer price.

But the entire market believes that this is only a matter of time.

Of course it would be better to raise more stocks at this time.

Facing the eager Kenneth Chenault, Jim Walton, who holds 1.5% of the shares, spoke.

"Kenneth, what's your plan?"

This Jim Walton is one of the sons of Sam Walton, the founder of Wal-Mart Supermarket.

After Wal-Mart Supermarket went public, the Walton family has lost most of its control over the Wal-Mart Group.

But this has brought them a lot of wealth. All of Sam Walton's children are billionaires, and they are all in the top 20 of Forbes' American list.

Before Abel appeared, if their brothers and sisters were added to this list in the name of the Walton family, they would even be the richest family in the world without a doubt.

After getting rich, the Walton family, like other wealthy families, made additional investments.

As a high-quality Dow Jones Industrial Index stock, American Express is one of Jim Walton's main investment directions.

Jim Walton has always been one of Kenneth Chenault's supporters.

Seeing Jim Walton speak, Kenneth quickly said:

"According to the rules of the U.S. capital market, I think we can launch a "poison pill plan" to counterattack. A large number of targeted issuances of new shares will dilute the proportion of shares held by the other party, thereby increasing the capital cost and final returns required for the acquisition!"

As soon as Kenneth Chenault finished speaking, there was a wave of doubts and objections.

"This plan won't work." Jim Walton was the first to question.

"Once the poison pill counterattack is launched, American Express's rating will be lowered and the stock price will plummet. We will not bear such losses!"

"I object!"

"I object to this plan!"

"Kenneth, calm down. This plan is not good for anyone!"

"."

All major shareholders, or representatives of major shareholders, as well as shareholders participating in the meeting via conference call, clearly rejected Kenneth Chenault's idea.

Kenneth knew that the most effective means of counterattack had been completely abolished by shareholders.

Benefit!

Sure enough, in the eyes of these investors.

Their respective interests are the most important, and they don't care who helps them control the company.

Moreover, they don't have much respect for themselves as CEO.

Listen to the strong opposition from shareholders.

Kenneth Chenault and the board members made eye contact and saw deep concern in each other's eyes.

Ruined.

He's going to be used as a scapegoat.

"Kenneth, you should talk about other plans. I believe you have a better plan to fight back. If it is feasible, we will support you."

said a shareholder representative from Fisher Asset Management Group.

As soon as these words came out, the originally noisy discussion fell silent.

The shareholders all looked at Kenneth Chenault in the head seat of the conference room.

Each one is waiting thoughtfully for the other party's better plan to see if it can maximize the interests of their shareholders.

The most vicious method was rejected. Another method was to resign the management en masse and destroy the company. Kenneth Chenault knew that these people would not support it.

Anyway, just don't let their interests be harmed.

In desperation, Kenneth Chenault had no choice but to say:

"Well, first of all, I'm going to get on the phone with Abe Smith and dispute his offer and get the offer up."

"Then there are other means to mobilize funds, plan stock buybacks to increase the stock price, and significantly increase the performance targets for fiscal year 2002, hoping to make Abel Smith quit in spite of the difficulties."

In order to protect himself from being fired after American Express was acquired, Kenneth Chenault can be said to have used all kinds of tricks.

"I think it's feasible and this plan is good."

"I support it. Kenneth go ahead and do it, we believe in you."

"Twenty-five dollars is absolutely impossible, and thirty dollars is underestimated. Of course, $160 is unrealistic. I think it should be at least $50, or $45."

The question raised by some shareholders is more realistic——

"Where do the buyback funds come from? Mobilize overseas funds? What about the high taxes?"

American Express does not have any spare funds locally. If it had, it would not have kept its stock price so low all year round.

To buy back shares, of course, funds are needed. When the stock price has been raised, more funds are needed.

When the company itself does not have much capital, it will either ask shareholders to inject capital or borrow money from outside the company.

It was impossible to get shareholders to inject capital, given the current economic downturn and Abe Smith, who was also a major shareholder.

If shareholders are asked to inject capital, Abel Smith also has the right to inject capital.

Temporary borrowing is even more impossible. Abel Smith cannot participate in today's board of directors, but it is not that easy to borrow debt during a company's general tender offer.

Then there is only one way left, the overseas funds of Express Company.

Like most multinational companies, most of American Express's overseas funds are free because they do not want to pay high taxes in the United States.

The shareholder who just spoke was thinking about letting overseas funds flow back and use these funds to repurchase stocks.

However, some shareholders took this opportunity to speak: "Should we consider using some of our overseas cash to distribute dividends?"

"Significantly increase the performance target for fiscal year 2002. What if we cannot achieve it? Who will be responsible? The aftermath of September 11 is not over yet, and the war is still going on. Can it really be achieved?"

Wuyang Wuyang's discussion made Kenneth Chenault and the board members look solemn and curse in their hearts.

These bastards really all think about how to maximize their own interests.

Kenneth Chenault felt so tired that he simply said——

"If all shareholders agree with our counterattack plan, then let's vote by a show of hands now!"

No matter what, make a counterattack plan early to deal with the barbarians outside the door smashing the door.

This is the only way out for Kenneth Chenault and the senior management.

Even if you know you can't do it, you still have to try it now.

You can't do nothing and just sit there and wait for death.

"I agree!"

"I have no opinion!"

"You can try it!"

"."

Confronted with these plans spoken by Kenneth Chenault.

Even the representatives of the five organizations that had made private peace with Abel also voted in favor.

The reason is simple, if Kenneth's actions can increase the stock price.

Then they can still profit from it. Unless Aberken directly comes up with something that makes them excited, the two sides of snake and mouse are the routine operations of these financial capitals.

Before a contract is signed, any commitment or verbal agreement is just nonsense.

This is true for the five major institutions that Abel has talked to, but it is not the case for Abel himself.

Sometimes even a signed contract can be voided immediately.

In the end, there is only one thing that matters in this world - interests!

With the support of all shareholders, the American Express board of directors, headed by Kenneth Chenault, began to fight back against Abel Smith's acquisition.

November 9th.

Various financial and economic media, large and small, in the United States, as well as some comprehensive and serious media.

The front-page headlines, or the secondary headlines, were basically related to Abe Smith's general offer to acquire American Express.

For example, the Wall Street Journal claimed - [In order to gain the support of major shareholders, Abel Smith promised to return overseas funds and pay cash to shareholders immediately. And within the next year, all the company's profits will be distributed as dividends. 】

This was after Abel received information from five organizations on both ends of the spectrum about the methods of the American Express board of directors.

Abel's counterattack.

Now that American Express executives are paying attention to overseas funds, he, a "barbarian", can also pursue this idea.

Kenneth wants to use the money to buy back stock, which would do little good to shareholders.

But Abel can take out the money and share it with everyone.

In the short term, his plan is more attractive.

The inside story of the Wall Street Journal report was even revealed directly by Abel.

Abel's own media, of course, cannot fail to do so.

The New York Observer claimed that——

[Many American Express partners expressed their optimism and welcome to Abel Smith’s acquisition of American Express]

As Abel's newspaper, of course it clearly stands on the boss's side and cheers for him.

[Affected by the acquisition, American Express’s stock price continues to rise.]——"New York Post"

[The acquisition maniac strikes again, American Express Bank is in trouble! 】——"Los Angeles Times".

[According to reliable sources, yesterday afternoon, Kenneth Chenault called Abel Smith in order to defend the shareholder value of American Express. He believed that Abel Smith’s offer was too low compared with the prospects of American Express’s operations and hoped that Promise to provide 'breakup fee' as guarantee. 】

[However, Abe Smith did not seem to agree with Kenneth Chenault's proposal. Although he agreed that the acquisition price could be appropriately increased, he directly rejected the breakup fee guarantee proposal and had a tough attitude] - "The New York Times"

【.】

"Pa~"

Los Angeles, Beverly Hills.

The mansion at 812 North Bedford Road is next to the sun-filled outdoor swimming pool.

Abel threw the New York Times he had just finished reading on the table under the umbrella.

The banking and financial media in the United States have been in a state of upheaval these past few days.

But his own life remained as stable as ever, maintaining a very normal rhythm.

That is to say, he would sleep with Anne when it was time to sleep, and in the meantime he would go to Santa Barbara to sleep with Ikana's best friend, or go to sleep with several other women of his near Beverly Hills.

For example, Jessica, Scarlett, Liv and others.

Then it’s time to eat and play.

Like now, he was sitting under the umbrella, admiring the two mermaids, one big and one small, in the swimming pool.

Last year, November in California was a little cooler due to La Niña weather.

The weather is normal this year. At noon in California in November, the temperature remains around 30 degrees as usual.

This is no longer a warm batch, but a hot one.

Annie didn't have much work to do today, so she planned to go swimming.

By the way, she taught the daughter of her personal cook and the niece of her personal bodyguard Jinna, Lulana Korshunova, who had just turned fourteen this year.

"Like this, hold both hands here. Straighten your legs, yes, start fluttering, and slowly release your hands, frog, remember to be like a frog!"

An unprofessional swimming coach taught the young Lulana.

They all wore three-point abi ajiani, which looked pleasing to the eye, like two mermaids.

As Lulana Korshunova gradually grows.

Abel has determined that this little girl will also be a great beauty in the future.

He didn't know that in parallel time and space, he was one of the young supermodels in the future.

Just looking at her young age, she is already tall, has long legs, has a slender figure, and is beautiful. Abel feels that she can rely on her body to make a living——

Don't get it wrong, what Abel thinks is that she can make a living in the entertainment or modeling circles with her good figure and good looks.

Instead of going to the red light district to eat.

While Abel was admiring the big and small mermaids.

David Jones walked over. He handed a document to his boss without looking sideways.

"BOSS. We got another 1.3% of the shares. But the rise was too fast. After the American Express board of directors proposed their decision to resist, the stock price is now over 30 US dollars."

Abel nodded and asked him directly without looking at the documents: "How many shares do we have now?"

"32.5%." David replied: "There are too many people who are reluctant to sell and rush to raise funds. And they are crazier than us."

Abel understood.

I launched a comprehensive tender offer on the 6th, and today is the 9th.

There is no Sunday in between, so it is normal for the stock price to rise.

American Express is already very high-quality, and its current position in the financial field is also quite special.

Abel knew that he could no longer play the kind of coquettish tricks he did at Sampra Energy.

This is the side effect of being the mainstay of American finance. For the sake of influence and fame, you can no longer mess around.

Similar to Buffett, Buffett does not dare to play rat positions openly or short U.S. stocks.

Abel's current treatment in this regard is similar to Warren's.

It is estimated that Wall Street and American financiers at that time also wanted to put the same invisible shackles on him as Buffett.

When White House promoted itself, not only did they not object, but they also strongly supported it.

He was still too young, and it was a bit of a drag on George.

Abel thought helplessly.

"Tell Alan to increase the general tender offer price. Increase it to $35."

Abel said: "Just follow our plan, there is no need to be too hasty. I don't want to be taken advantage of, do you understand?"

David Jones smiled: "I understand, BOSS. I will inform Allen right away."

Looking at David's leaving figure, Abel shook his head.

Huh, those institutions and leeks, this time they are sure that they don't dare to use tricks like they did with Sampla Energy last time.

Everyone is frantically scrambling to raise funds, pushing the stock price of American Express higher and higher.

Everyone wants to scrape some minced meat and skin from the world's richest man who has never failed.

Who said Abel was so rich and the richest man in the world?

Abel is indeed very rich, but he just doesn't want to be the one who takes advantage of him and spends his money so that these guys can take advantage of him.

That's right, because of the invisible shackles. It is true that I can no longer play the same coquettish tricks as last time.

Just because you can't use unfair methods doesn't mean you can't use serious methods!

Abel decided to educate these institutions and leeks again this time.

Let them know that even if Abel Smith is shackles, in the financial field, even if it is just the "dead skin" and "crumbs" on his body.

It’s not like they can just eat it if they want to.

But there was no rush. Ever since he changed his approach, Abel knew that his acquisition of American Express could not be accomplished overnight.

According to his prediction, if everything goes well, he will be able to take over American Express in one month.

As for completely controlling it, or even privatizing it, it will definitely be a project that takes several years.

Thinking of this, Abel took his mind off work.

His attention returned to the mermaids in the swimming pool.

At this time, with Anne's help, young Lulana Korshunova began to try to splash in the water.

A pair of long, slender, white legs reflected a charming brilliance in the sunlight.

Abel stood up, wearing only a pair of swimming trunks, and walked into the swimming pool.

"Haha~ Honey, come on! Look at Lulana, she swims like a little frog, hahaha~"

Anne watched Abel enter the water, smiled and waved to him, pointing at Lulana and "laughing".

Lulana has become familiar with Anne. Although she is basically a little maid, she is no longer afraid of Anne.

Anne is still easy to get along with.

"I'm not, I'm not a little frog, I..." Yi Xin opened his mouth anxiously, and the novice swimmer immediately drank the water.

Novice swimmers often become nervous when they drink water, and nervousness can lead to problems.

Lulana, who could barely swim a few meters, suddenly panicked and sank into the water.

Anne was shocked. She was not a good swimmer either. I was about to call the female swimming instructor on the shore who was always ready to help.

But when he saw Abel, who had entered the water, he had already cut through the water and swam over like a great white shark, and he easily picked up Lulana in a few seconds.

Then he put her slender body on his back. The little girl who had almost drowned just now subconsciously hugged Abel, who had saved her, and refused to get down.

“I feel like we still need to add a shallow water area.”

Abel felt Lulana's slender body on his back, and said to Annie with a smile: "This way, beginners will not drown randomly in our swimming pool."

Lulana is no longer as afraid of Abel as she was at the beginning.

During this time, Abel has been living at Anne's place and seems to be affable.

He just saved himself again.

Lulana became bold because of this and couldn't help but protest:

"I won't drown. Annie just laughed at me and I was distracted."

Annie saw Abel carrying Lulana in the water. She was a little jealous at first, but she heard Lulana's girlish voice that had not yet begun to develop.

Anne thought to herself, this is still a child, why should she be jealous?

She just smiled and said, "I agree, what if Lulana is drowned?"

"I won't."

Annie ignored Lulana's quiet protest, and she snuggled into the water.

After getting close to her boyfriend, Anne's beautiful eyebrows immediately rose.

She looked at her boyfriend, her beautiful eyes widened.

This guy.

Annie is getting a little angry!