Celebration banquet booked in advance

In terms of nature, it is basically the same as popping champagne at halftime. According to historical practice, when G is established, it is often a dramatic reversal of the plot.

What kind of villain is pretending to be a cup, and is killed by the protagonist who suddenly explodes?

However, at this moment, at least on HT's side, no one would think that Pepsi is the protagonist!

"The latest announcement from Coca-Cola! The new chairman of the board of directors, Robert Goizueta, finally made his first start as a new official after taking office for nearly two years!"

"Diversified Coca-Cola: Coca-Cola looks to the distance!"

“After spending US$100 million to swallow up HT’s stock, the battle between red and blue on the fast food track may be ignited again!”

The day after Carter agreed to lend his stock to Fidelity Investments, and then to PepsiCo through Fidelity Investments, the prepared press release was published in the "Boston Herald" and "The Boston Post"

", "New York Post" and other media, the first to issue!

At the same time, PepsiCo, which had just sold a large number of stocks, planned to drive HT into the dirt in one fell swoop. In other words, PepsiCo, the service provider and executor of the merger and acquisition business, traders at Morgan Stanley and KKR were shocked to discover

The selling orders you throw out with your front foot are being taken in by others generously!

The opening price of 5.72, along with the last sale of 40 million shares, caused a panic of selling almost instantly. No, this cannot be called panic, to be precise, it is called numbness!

By this point in time, the vast majority of retail investors no longer have HT shares in their hands. HT's long-term lack of response has long worn out people's patience.

At a price of $5, no one dares to take it!

Then it will be reduced to 4.9, then reduced to 4.8, and then reduced to 4.5 US dollars.

Just when they feel that the amount is almost stable, they will wait until it reaches three dollars. Or if they get greedier, it will reach two and a few dollars, they will start to buy back. Finally, when the entire acquisition cost is averaged at just over three dollars per share, they will end the case.

.

The pay order appears!

Moreover, he is the kind that is unstoppable as soon as he appears!

The first purchase order was completed almost instantly!

That small sum of more than 20 million shares from Fidelity Investments was successfully traded at a price of US$4.5 in an instant. Just waiting for delivery!

"Hurry up and notify Pepsi that the situation has changed. It is recommended to cancel the price limit order! In addition, let them prepare the back-up deposit!"

In the trading hall of Morgan Stanley, the moment he saw the huge purchase, an MD in charge of the business shouted directly to a ppt monkey in the team.

In fact, such a sudden change did not require him to shout at all. Even a novice could realize: God, something is going to change!

The purchase of 20 million shares was locked, and Coca-Cola's 100 million US dollars was instantly reduced by 90 million. But the remaining 10 million in the account was still entrusted with a limit price that could not last long.

Searching for orders

Of course, in this era when electronic trading has just become popular, many order searches still require the traditional telephone mode.

"For four point eight dollars, we want one hundred thousand shares!"

"Sorry, our client has just canceled the price limit order. We have no right to sell at this price!"

"Then the market price! Let me see $5.2! I want all of your 100,000 shares of HT stock!"

"Five: three, it just went up again!"

"make a deal!"

While the money in the securities capital account prepared by Coca-Cola was flowing out like a flood, HT's stock price soared!

And on the Pepsi side, Sculley's butt felt like it was hit by a rocket!

Because Pepsi actually controls more HT stocks than they imagined.

Nearly half of the investment of more than 40 million yuan was invested in Morgan Stanley and KKR. In order to achieve cooperation with these two giants in the M&A business, it was also to satisfy them.

The premium acquisition of more than 2.6 million shares directly cost more than 20 million in funds. Similarly, there are only so many stocks directly attributed to PepsiCo. The rest are all borrowed!

Outsiders may not know it, but Sculley knows exactly how big his game is.

In addition to the small 40 million shares borrowed when the stock price was US$5.72, there was also a small amount of US$8 million, which was used as margin to borrow a large number of stocks when the HT stock price was US$7 and US$6 respectively.

Even based on the average cost of US$6.5 per share, that is, the margin per share is US$0.65, this is another borrowing of nearly 10 million shares.

It can be said that, in theory, PepsiCo has the right to dispose of almost all HT stocks except for a part of HT stocks held by Carter himself. But, here comes the problem!

For HT, which has a total share capital of only more than 60 million shares, Carter himself has more than 10 million shares that are untouched (mortgaged to the bank), and the control of the remaining nearly 50 million shares is in the hands of PepsiCo.

But this control right, firstly, is only temporary; secondly, it is not without price!

What you borrow is not your own after all. The ownership of these stocks is actually still in the hands of various financial institutions, or even more detailed, in the hands of the customers associated with these financial institutions.

The agency is just an intermediary!

When Pepsi wants to borrow HT's shares to cause trouble, how does it know who owns HT's shares?

At this time, the main commercial brokerage business group of financial institutions appeared. They knew who among their customers held HT stocks, and acted as scalpers to earn the price difference.

As the real owners of these stocks, ordinary customers do not have the time to pay full attention to the stock market movements. The actual disposal rights are usually entrusted to financial institutions.

Financial institutions, as an intermediary and a large-scale scalper, naturally

There is a common problem in the scalper industry: you may make a profit, but I will never lose!

To make up the margin, I can still listen to your call from Pepsi to see whether to sell or what to do; if you don't make up the deposit and the stock price continues to rise, then they themselves will close the position to recover the loss. At the same time, require

Pepsi repays interest

And for Pepsi, this is great fun!

Coca-Cola has been stuck for a long time. When the price limit order was placed, when the supply was completely greater than the demand, after buying a small 20 million shares, the remaining funds were not used up yet!

There are still a large number of buy orders in the market waiting to be matched!

They waved banknotes: 5 dollars, do you want to sell it? No?

$6! Still not selling?

$7!

If Pepsi chooses not to sell the stock at this time, then watching them quote higher and higher prices, they will need to pay back the margin.

For a stock with 30 million shares, every US$1 increase in the stock price means that Pepsi needs to pay an additional US$3 million to replenish the margin. It doesn't seem like much.

But now, it seems that the largest HT stock position is not with PepsiCo. But in fact, it is all with him.

If Pepsi doesn't sell, the situation in the market will immediately reverse.

Demand is greater than supply!

God knows how high this price will go!

In addition, as time goes by, every additional day means that the interest to be compensated in the future is increasing!

Can be sold if the stock is sold.

So what the hell are you planning?!

Disaster!

It’s so difficult!
Chapter completed!