Chapter 105: Payment
“The amount of funds requested by the Pintech creditor group is approximately 650 billion won.”
It wasn’t as much as I thought.
Half the price of the Cheongun Electric acquisition.
‘Before the regression, Ahsung acquired it for around 550 billion won, so maybe I can negotiate it down a bit more.’
I was worried.
But I thought it might be difficult to negotiate the price any further.
It wasn’t just me who was interested in Pintech; Ahsung Electronics was also showing signs of wanting to acquire it, just like before.
The strategy was to acquire Pintech to solidify its position as the number one player in the domestic mobile market.
And to increase its share in the global mobile market as well.
In reality, after acquiring Pintech,
Ahsung, which entered the smartphone market faster than anyone else, would soar to become the number one company in the global mobile industry.
“What’s the mood among the creditors?”
“The creditors want to wrap up this crisis as quickly as possible.”
“Are there any other companies interested in the acquisition besides Ahsung?”
“Several companies have shown interest, but most want a partial acquisition. Ahsung is the only one looking to acquire it entirely.”
Even before the regression, the main reason Ahsung was able to acquire Pintech was this.
“So, we’ll have to compete with Ahsung in the bidding to acquire Pintech.”
Executive Director Oh Seong-hak nodded.
“Right. But currently, there’s a sentiment within the creditor group favoring Ahsung. Political influence seems to be playing a significant role too.”
“Political influence?”
“Yes, there’s a rumor that Ahsung is heavily lobbying the Financial Services Commission for this acquisition.”
It wasn’t a situation to be taken lightly.
No…… I didn’t think it would be easy.
But I didn’t expect Ahsung to mobilize political forces for the Pintech acquisition.
“If we’re going to acquire Pintech, we’ll need to engage in lobbying of our own. For now, Director Oh, please keep monitoring the situation.”
“Understood.”
After Executive Director Oh Seong-hak left,
I immediately picked up my phone.
The person who answered the call was Baek Moo-jin.
-CEO Kang, what’s the matter?
“Ahsung is reaching out to the Financial Services Commission regarding the Pintech & Curetech acquisition.”
-I was just briefed on such movements myself.
Baek Moo-jin’s voice carried a heavy tension.
“If Ahsung acquires Pintech, it will significantly boost their position not only in the domestic mobile market but also in the global market. Politically, this isn’t good news for you, Representative Baek.”
Baek Moo-jin, who had left the National Unity Party, couldn’t maintain a good relationship with Ahsung.
And he was well aware of that fact.
-I’ll contact the chairman of the Financial Services Commission directly.
The National Future Alliance, with its 168 seats.
If Baek Moo-jin, the leader of the ruling party, contacts the chairman of the Financial Services Commission,
he could effectively block Ahsung’s lobbying efforts.
＊＊＊
Chairman’s office, Ahsung Group.
Chairman Cheon Ho-tae glared at Director Kim Seong-jae with a deeply furrowed brow.
“Dojin is entering the mobile market?”
“They’ve expressed interest in acquiring Pintech & Curetech. It seems they’re serious about entering the mobile market this time.”
“Damn it……”
Chairman Cheon Ho-tae slammed his fist on the desk.
If Dojin Tech entered the mobile market, it would undoubtedly crack the market share Ahsung had firmly established in Korea.
It was something Chairman Cheon could never tolerate.
“What the hell is the creditor group doing? Weren’t they clearly on our side?”
Director Kim Seong-jae looked uneasy.
“Well…… the sentiment within the creditor group seems to have shifted a bit.”
“Shifted? Suddenly, why?”
“The Financial Services Commission isn’t meeting with our people. I’m not sure why, but it seems instructions have come from above.”
“From above?”
Cheon Ho-tae’s eyes narrowed.
He opened his mouth again, barely containing his anger.
“What about Yoon Hyun-soo?”
Yoon Hyun-soo, an Ahsung Group scholarship recipient, was someone Chairman Cheon Ho-tae had personally lobbied to become vice-chairman of the Financial Services Commission.
“He doesn’t know the exact details, but it seems the stance of Ji Woo-gwang, the chairman of the Financial Services Commission, has changed. It looks like they’re favoring Dojin.”
Chairman Cheon Ho-tae, unable to contain his anger any longer, shouted.
“They dare to favor Dojin over us. What’s Ji Woo-gwang’s reason for this?”
After a brief silence, Director Kim Seong-jae cautiously replied.
“I’m not certain, but…… there’s a rumor that Baek Moo-jin, a key figure in the current ruling party, contacted the chairman of the Financial Services Commission directly.”
Chairman Cheon Ho-tae slowly leaned back in his chair.
Then he deeply furrowed his brow.
“Baek Moo-jin……”
Baek Moo-jin was someone who had completely turned his back on Ahsung after switching from the National Unity Party to the National Future Alliance.
And recently, there was information that he had been meeting frequently with Kang Tae-joon of Dojin Tech.
Chairman Cheon Ho-tae spoke in a cold voice.
“It’s that Kang Tae-joon……”
Director Kim Seong-jae simply bowed his head and remained silent.
Chairman Cheon Ho-tae spoke again.
“Acquiring Pintech through the Financial Services Commission seems unlikely now.”
“Even if it goes to a bidding war, there’s no way we’ll lose to Dojin.”
“True, they’ve spent a lot of money recently acquiring Cheongun Electric and Digital Optics. Unless they’re digging up gold from the ground, there’s no way they can outbid us.”
Unaware of the existence of Dojin Capital, Chairman Cheon thought that by setting the acquisition price for Pintech just a little higher than expected,
without political assistance,
they could easily win the bid.
“No matter how much it costs, acquire Pintech. Understood?”
“Yes, Chairman.”
.
.
.
The Pintech & Curetech bidding site.
The venue was filled with creditor group representatives and various media outlets,
and a tense atmosphere hung in the air.
On Ahsung Electronics’ side, Executive Director Cheon Jun-young and Senior Vice President Moon Yong-wook sat confidently,
while Seong-hwan and I quietly observed from across the room.
From the back, I could hear the reporters whispering.
“When Pintech declared a workout, it was questionable whether any buyer would even appear. The situation has grown bigger than expected.”
Donghwa Ilbo reporter Min Jun-tae tilted his head.
“Yeah, I wonder how much the acquisition price will be.”
Korea Media’s Yoon Mi-rae quietly asked.
“The industry says around 520 billion won is fair. It’ll probably end up around there.”
“I think differently. Ahsung seems more aggressive than expected. They might come in higher than anticipated. On the other hand, there’s a rumor that Dojin’s finances are tight.”
At Yoon Mi-rae’s words, Donghwa Ilbo’s Min Jun-tae nodded.
“Definitely, Dojin Tech’s recent moves have been a bit aggressive. After acquiring Cheongun Electric and Digital Optics, they’ve spent a lot of money. It won’t be easy for them to compete with Ahsung’s financial strength.”
A company that hasn’t even gone public spent 1.7 trillion won to acquire a major company like Cheongun Electric.
If they still had money left, that would be the strange part.
As if they could hear the reporters’ words,
the seated Cheon Jun-young sneered at me.
“Haha, don’t overreach. If you get too greedy, you might end up like Pintech.”
It was a subtle jab, implying that Pintech’s workout declaration was mainly due to overexpansion.
I simply smiled without responding.
Cheon Jun-young’s expression twisted subtly.
Shortly after, the creditor group representative took the stage.
“We will now announce the final bidding results for Pintech & Curetech. As you all know, two companies submitted acquisition proposals: Ahsung Electronics and Dojin Tech.”
After a brief introduction,
the room was filled with tension.
“First, Ahsung Electronics’ bid. Ahsung Electronics offered an acquisition price of 680 billion won, along with assuming all of Pintech’s existing debt and promising additional operational funding.”
Murmurs rose among the reporters.
“That’s much higher than expected.”
“Ahsung seems determined to absorb Pintech.”
“With Ahsung setting such a high bid, there’s no need to hear Dojin’s result.”
At the mention of 680 billion won,
everyone was convinced of Ahsung’s victory.
With the industry estimating a fair bid at 520 billion won,
Ahsung’s offer was 160 billion won higher.
Even if Dojin bid high,
there was no way they could outbid Ahsung.
Cheon Jun-young, equally confident of victory, glanced at me with a smug look.
“Next, Dojin Tech’s bid.”
The creditor group representative flipped through the documents,
pausing briefly before speaking.
All eyes in the room were on him,
and finally, he opened his mouth.
“Dojin Tech has offered an acquisition price of…… 720 billion won. Like Ahsung, they will assume all debt, maintain current employee positions, and have detailed plans for additional R&D investment.”
As soon as the creditor group representative finished speaking,
the room fell silent for a moment.
Then, the reporters’ astonished voices and camera flashes filled the meeting hall.
“What? Dojin Tech bid higher?”
“720 billion won? That’s ridiculous.”
“How can they afford that?”
The reporters were unanimously shocked,
and Cheon Jun-young stared at me with a stiff expression.
I smiled brightly at him.
“Thanks to Ahsung’s concern, we approached this carefully.”
Cheon Jun-young trembled with anger as he glared at me,
but couldn’t bring himself to speak.
It was an undeniable defeat.
Meanwhile,
the creditor group representative took the microphone again to announce the final result.
“The bidding result is that Dojin Tech has been selected as the final acquirer.”
Whoaaaaaaah—!
As soon as the creditor group representative declared, Seong-hwan and I, along with our team, erupted in cheers.
However, unlike us,
the Ahsung representatives left the bidding site with somber expressions.
…….
＊＊＊
Immediately after the Pintech & Curetech bidding announcement,
Cheon Jun-young rushed out of the meeting hall and quickly called Director Kim Seong-jae.
“We lost the bid.”
-What?
“Dojin bid 720 billion won.”
-720 billion? Does Dojin even have that kind of money left?
Through the receiver, I could hear Director Kim Seong-jae’s flustered voice.
Cheon Jun-young continued.
“The amount is impossible to cover with just the profits from Dojin Tech. Where did they get the funds?”
Director Kim Seong-jae, struggling to collect himself, finally spoke.
-First, we’ll look into the source of the funds. If they can’t actually pay and falsely bid, they’ll pay the price.
Director Kim Seong-jae thought that if Dojin Tech couldn’t pay the full amount,
they could use that as leverage to reclaim Pintech.
But Dojin Tech paid the full amount on the exact date, down to the last won.