Chapter 219 The transaction price is 4.58 billion yuan! Who will be the CEO candidate of AutoNavi? (Double monthly tickets, please give me monthly tickets!)
Yanjing, No. 18 Changsheng Road, Sanwang Coffee Shop.
Hou Jun and Xiao Jun sat on chairs outside, looking at the AutoNavi Map headquarters building opposite, with a hint of reminiscence in their eyes.
Back then, AutoNavi was just a business unit of Datong Industrial.
The three of them purchased GPS navigation equipment from Japan, translated the software included in the hardware into Chinese, and finally added maps of China.
This is the initial prototype of AutoNavi’s product!
"At that time, I rented 15 cars and drove around Yanjing with surveying equipment. After the mapping was completed, I remembered that we didn't even have the qualifications to do so."
Xiao Jun picked up the coffee, took a sip and said.
"I'm sorry for you." Hou Jun sighed and said sincerely.
Xiao Jun is the real entrepreneur among the three. He and his team spent more than half a year scanning China to finally complete the first edition of AutoNavi's national electronic map.
In terms of business ability, he is the best among the three.
But when it comes to internal fighting, Xiao Jun is no match for Hou Jun and Cheng Congwu, two executives who came from financial investors backgrounds.
He chose the track, and even the product name "AutoNavi" was bought by Xiao Jun from a friend.
But until AutoNavi was about to be sold, Xiao Jun had not yet become CEO, and his equity was the least among the three.
"Let bygones be bygones. To be honest, I used to think you were incompetent as a CEO, but Cheng Congwu is even worse than you. After he took office, he not only didn't think about doing business, but also targeted AutoNavi's old employees. But I know in my heart that he wanted to target me."
Xiao Jun waved his hands. He spoke lightly but a bitter smile appeared on his face.
"So, it's better to sell it! Look, for this company, how long have we not had a meal and chat together?"
Two years ago, Hou Jun took the initiative to step down from the position of CEO. On the one hand, he had other considerations, and on the other hand, he also wanted to end the conflicts among the three.
After all, he, Xiao Jun and Cheng Congwu had worked together at Datong Industrial for many years, and he really didn't want to end up with no longer even being friends.
"It seems that Cheng Congwu has talked to you." Xiao Jun said very confidently.
Otherwise, based on his understanding of Hou Jun, he would never give up his shares in AutoNavi Maps easily.
"Yes, Congwu did contact me. Compared with Qiandu Maps, AutoNavi has never had an advantage in data collection and integration. Coupled with the lack of funds, the update speed of the map is far slower than Qiandu. If this continues, it will be difficult for AutoNavi Maps not to be overtaken by Qiandu Maps in market share."
“Why not sell it for a good price while the price is high!”
Hou Jun looked calm and had no hidden thoughts.
"If you only think about making money and don't improve the core functions of your product, you will lose the market again and again. Isn't that normal?"
Xiao Jun snorted coldly, as if he recalled something unpleasant, and retorted bluntly.
Hou Jun knew he was in the wrong, and after a long silence, he said quietly, "I have discussed the sale with Cheng Congwu. Whether you agree or not, it will not affect the final result."
"Mr. Hou, if the reason you asked me out today is to get me to support AutoNavi's privatization, no problem, I can agree to it."
Xiao Jun was not angry and agreed readily.
Hou Jun and Cheng Congwu were his mentors after all. Although they had a falling out due to conflicts in company management, he knew in his heart that Hou Jun was right. Instead of waiting for Qiandu Maps to surpass AutoNavi, it would be better to sell it at a price that everyone was satisfied with.
Hou Jun looked at Xiao Jun, feeling a surge of guilt in his heart, and he couldn't help but think: If I had supported Xiao Jun to take the position, perhaps Gao De wouldn't have ended like this.
But this negative emotion was fleeting and was soon diluted by the 114 million US dollars that was about to come in, and was replaced by deep joy.
Hou Jun holds a 17% stake in AutoNavi Maps. Once the transaction is completed, he can use the money to prepare new projects or enjoy the rest of his life comfortably.
He is 48 years old this year and has already lived half of his life. If he doesn't enjoy it now, he will never have another chance.
"Waiter, check out!"
Xiao Jun understood what Hou Jun meant and stood up to leave.
The other party's previous remarks were just to get him to agree to sell the stocks. He really thought that Hou Jun came with him to reminisce.
At this time, the headquarters building of Amap was still brightly lit.
These people did not know that the company's three major shareholders had already decided to sell them and the entire project to Senlian Capital.
The next morning.
Chen Yansen, Gao Weilin and Song Yuncheng drove to No. 18 Changsheng Road. As soon as their car stopped, they saw Cheng Congwu and a middle-aged man wearing gold-rimmed glasses coming towards them.
"Mr. Chen, this is Mr. Hou Jun, the chairman of AutoNavi."
Cheng Congwu gave a brief introduction.
"Mr. Hou, nice to meet you! I'd like to take a look around first. I think you two wouldn't mind?"
Chen Yansen asked with a smile, while secretly looking at Hou Jun.
According to Gao Weilin's investigation, this man is a graduate of Yan University's ancient literature major, but he was able to become the chairman of a car sales company (Datong Industrial), which shows how capable he is.
Then, it used the resources and connections of Datong Industrial to establish AutoNavi Maps and snatched a large order from Toyota from NavMap.
I have to say that people who study history are all masters at manipulating people's hearts.
With just one glance, Chen Yansen could tell that Hou Jun's withdrawal from the daily management of AutoNavi was definitely not because he could not fight against Cheng Congwu.
This man is much smarter than Cheng Congwu! "Of course no problem, Mr. Chen, this way please!" Hou Jun said with a smile.
The group walked into the lobby and took the elevator to the second floor.
As Cheng Congwu walked, he introduced Chen Yansen: "Mr. Chen, this is the core department of AutoNavi, responsible for map data collection and surveying."
Chen Yansen nodded slightly and glanced around. There were about 400 people on the entire floor.
"The third floor is the mobile product department, which is mainly responsible for the research and development and upgrade optimization of the AutoNavi app; the fourth floor is the B2B team, whose core business is to cooperate with automobile manufacturers to pre-install navigation systems. There are about 2,000 employees at the headquarters."
"In addition, the CP District also has a data production base, and has established a marketing and sales center and a navigation engine R&D base in Shanghai City and Lu City respectively."
Cheng Congwu introduced AutoNavi's fixed assets and technical patents in great detail.
"Mr. Cheng, I heard that AutoNavi has another founder. How come I haven't seen him?"
Chen Yansen asked.
Cheng Congwu was slightly startled, and his expression was a little unnatural, but he quickly adjusted his mentality and explained in a calm tone: "Xiao Jun is the former COO of AutoNavi Maps, but he left the company last year. He is currently a director and consultant of AutoNavi and rarely comes to the company."
consultant?
Chen Yansen suddenly felt amused. This position was completely ruined by the domestic Internet. Anyone who served as a consultant in a certain company but had no real power was mostly a senior executive who failed in internal struggles and was eliminated.
The titles of director and consultant were the last bit of dignity that Cheng Congwu left for Xiao Jun.
Chen Yansen smiled and didn't pursue the matter further.
After walking around AutoNavi's headquarters, he gestured to Cheng Congwu to take him to the meeting room.
Hou Jun didn't say much the whole time, as if he didn't want to steal the limelight from Cheng Congwu.
Walking into a spacious and bright conference room, everyone took their seats one after another.
The topic returned to last night, and the two sides continued to discuss the acquisition price.
This time, Chen Yansen did not intervene and left it to Gao Weilin to handle. He held a cup of tea and chatted with Hou Jun.
Hou Jun, who was originally not in a good mood to talk, didn't notice that after Chen Yansen started talking, he unconsciously developed a strange sense of intimacy. The way he looked at Chen Yansen became softer, and he felt that the more he looked at this boy, the more he liked him.
As they chatted, Hou Jun actually told them about his latest project.
You know, he had never told Xiao Jun about this project.
"What's wrong with me today?" Hou Jun felt something was wrong, but he couldn't tell what was wrong.
"Phoenix Ancient Town?"
Chen Yansen was a little surprised. He didn't expect that Hou Jun, as a cultural person, had set his sights on cultural and tourism projects in 2012 and used 900 million yuan to successfully obtain the 50-year operating rights of the eight major scenic spots in Fenghuang County.
"Mr. Chen, do you think this type of project has market prospects?" Hou Jun asked with a smile.
"Mr. Hou has a unique vision. This kind of cultural tourism project is not something that outsiders can handle."
Chen Yansen praised.
This is not just a compliment. Just imagine that a foreigner goes to a place where he is unfamiliar with the place to develop tourism. Even if he can successfully complete the initial processes and formalities, he will still have a hard time.
Chen Yansen knew that Chunshen was going to develop the tourism industry, but he didn't say a word, because he was well aware of the truth that "there are many turtles in shallow water, and there are strong evil spirits in small temples."
Hou Jun lowered his voice and said, "Mr. Chen, you are too kind. In fact, it was with the help of the local agent that I was able to land the project without any problems."
Chen Yansen understood that, in his opinion, Hou Jun was a smart man who would never make low-level mistakes, especially in dealing with interpersonal relationships. It turned out that he had found a white glove.
After a conversation, he also understood the main reason why Hou Jun resigned from the position of CEO of AutoNavi, which was that he just focused his energy on the development of cultural and tourism projects.
In addition, Cheng Congwu is also the core investor of this cultural and tourism project.
Chen Yansen sneered secretly, feeling sorry for the last founder of AutoNavi. It turned out that the internal struggle in your eyes was just a show performed by others.
Two financial experts kicked out the backbone of AutoNavi! Similar situations are not uncommon in the industry, such as Wang Zhidong of Sina, Sun Tongyu of Taobao, and Ni Guangnan of Lenovo.
Xiao Jun is not the first, nor will he be the last.
Until noon, Gao Weilin and Cheng Congwu had not reached any conclusion, so everyone had to go to a nearby restaurant for lunch.
Gao Linwei held in his hand the AutoNavi Map asset appraisal report jointly issued by the finance, legal, market and third-party research institutions; Cheng Congwu also held AutoNavi's detailed asset and patent analysis materials, as well as a complete set of tertiary surveying and mapping qualifications, and argued with Gao Weilin.
After a short break in the afternoon, both sides thought calmly and then began to work hard to approach their respective psychological prices.
Cheng Congwu no longer insisted on the price of 14 US dollars. After getting instructions from Chen Yansen, Gao Weilin also made a new offer of 12.6 US dollars.
But Cheng Congwu was still not satisfied, and he was only willing to compromise on the price of 13.6 US dollars per share.
Seeing that the negotiations were about to break down, Hou Jun said at the right time: "Why don't we all take a step back and take a middle value, how about 13.1 US dollars?"
"12.8 US dollars. If the price is higher than this, don't negotiate. Otherwise, I would rather choose the four-dimensional map."
Chen Yansen said lightly.
Once this statement was made, it marked the beginning of the countdown for the negotiations. Hou Jun and Cheng Congwu had to either agree or refuse.
The two looked at each other, and there was a hint of embarrassment in their eyes.
It seems that the price difference is only 0.3 US dollars, but for Hou Jun, the profit is 2.8 million US dollars less. With this money, he can buy a villa of more than 700 square meters in the second ring of Yanjing.
But under the mental pressure of Chen Yansen, Hou Jun vaguely felt that if he rejected the offer, the other party might really turn around and contact the four-dimensional map.
Although there are not many companies in China with Class A map surveying and mapping qualifications, Chen Yansen is rich, and it would not be difficult if he really wants to acquire one.
Three minutes later, Hou Jun nodded slightly and gave Cheng Congwu a wink.
"Mr. Chen, let's temporarily set the price at 12.8 USD per share. I will start the privatization and delisting process as soon as possible. A premium of 1.4 USD per share will be an explanation to investors. I think it won't be a big problem."
Cheng Congwu stood up and shook hands with Chen Yansen to express his agreement.
AutoNavi Maps has a total share capital of 54.3 million. Based on the price of 12.8 US dollars per share, Senlian Capital will have to pay 695 million US dollars for this, which is approximately 4.58 billion yuan in Huayuan.
After completing this transaction, there was not much money left in Senlian Capital’s account.
However, Chen Yansen is not worried, as Pinbei and Orange Technology still have monthly gross profits of at least 3 billion yuan.
After the initial confirmation of the acquisition intention and price, the next process will be coordinated by Gao Weilin, and a professional team of lawyers, accountants, financial analysts and due diligence will need to be formed to further verify the authenticity of AutoNavi's cash flow and negative asset information.
At four o'clock in the afternoon, Chen Yansen rejected Cheng Congwu's invitation to dinner and asked the driver to drive to Xiaomi headquarters.
Gao Weilin let out a long sigh, he was so tired!
He argued with Cheng Congwu for a whole day! "No one who can be a boss is not energetic!" Gao Weilin secretly complained.
Chen Yansen sat in the back seat of the car, holding his mobile phone, and sent a message to an unfamiliar mobile phone number on the text message editing page.
The other side.
The battle between Kuaipao and Ele.me for food delivery in Shanghai is still going on fiercely.
(End of this chapter)
Continue read on readnovelmtl.com
