As soon as Ha Si-heon left, the Allergan executives convened an ergency eting.
CFO Thompson was the first to step forward and organize the agenda.
"Ha Si-heon's demand is clear. No matter where, acquire an appropriate pharmaceutical company."
As soon as the word "acquisition" was ntioned, CEO Beckett frowned.
He muttered, unable to hide his displeasure.
"I don’t understand why this industry is always trying to devour each other."
There are two major ways to grow a company.
One is organic growth through product developnt, and the other is rapid expansion through rgers and acquisitions (M&A).
However, Beckett's heart was decidedly inclined toward the forr.
"M&A may offer speed, but it does not create true corporate value. To gain recognition for our unique culture and values, steady effort and ti are necessary."
Beckett's voice carried firm conviction.
"A company like Apple can erge in the pharmaceutical industry as well."
His vision was clear.
To focus on research and developnt, launch premium products like Apple, and build a loyal custor base through strong brand power.
And to stand at the top of the industry in this way.
Of course, this was by no ans an easy feat.
Unlike the tech sector, where new products could be launched quickly, new drug developnt required enormous costs and long periods.
Additionally, companies had to go through stringent approval processes from regulatory authorities like the FDA.
If they gave up on M&A… in the pharmaceutical industry, it could take up to ten years for a new product to be released.
However.
"It’s not impossible. If there’s any company in the pharmaceutical industry capable of achieving such a great feat, it would be Allergan."
Unlike other companies that lost their identity through reckless product launches, Allergan had firmly established itself in consurs’ minds with its unparalleled product lineup, led by Botox.
In other words, they had a powerful product akin to the iPhone.
Moreover, while other pharmaceutical companies primarily marketed to doctors and hospitals, Allergan chose a strategy of directly communicating with consurs.
Allergan was the driving force behind making Botox a familiar part of everyday life for the public.
They wanted to further develop this unique, consur-centered corporate culture and carve out their own path…
But Ha Si-heon's appearance had begun to shake that plan.
At that mont, one of the executives attending the eting asked a question.
"Do you really think Ha Si-heon has secretly reached an agreent with Valeant?"
As soon as the na "Valeant" was ntioned, everyone in the conference room turned their eyes to CEO Beckett.
Valeant was synonymous with aggressive M&A-driven growth and, at the sa ti, the entity Beckett despised most in the pharmaceutical industry.
If Allergan were to be absorbed by such a company?
It would be akin to surrendering to a sworn enemy.
However. Ha Si-heon was now making precisely that kind of threat.
If Allergan did not cooperate, he would join hands with Valeant and swallow Allergan whole.
Beckett turned to the head of the legal team.
"First… this Trojan Horse operation—is it legally problematic? Doesn’t it constitute insider trading?"
If Valeant was planning a hostile takeover and Ha Si-heon had secured shares after obtaining that information in advance…
That was a clear case of insider trading.
It was an investnt based on ‘material non-public information' obtained through an insider, which was not yet known to market participants.
However, the head of the legal team shook his head.
"Legally, it's ambiguous."
"Ambiguous…? Doesn't that, in itself, an that Ha Si-heon is using Valeant's confidential information?"
"That is true, but… if the two entities have officially reached an agreent and decided to act as a single entity for this investnt—aning they are no longer separate entities but a unified one—the situation becos complicated. There is a possibility that it could be legally recognized."
In that sense, the Trojan Horse operation was standing right at the boundary between legality and illegality.
Deep wrinkles ford on CEO Beckett’s face.
"So, there’s no guarantee."
"…That’s right."
"Being acquired by Valeant… no matter what, that is absolutely unacceptable."
At that mont.
A small question arose in the corner of his mind.
"But why did Ha Si-heon reveal this information to us in the first place?"
No matter how much he thought about it, this part did not make sense.
Ha Si-heon's demand was simple and clear.
—If you don’t want to be devoured by Valeant, acquire another pharmaceutical company first.
But if his true goal was to take over Allergan, why would he sound the alarm and warn them to prepare for this threat?
On the contrary, did he actually want Allergan to acquire another company and escape Valeant’s grasp?
If so, what would Ha Si-heon gain from it?
None of it made sense.
Just then, the speakerphone rang through the tense atmosphere.
[Financial advisor is connected.]
The financial advisor in this case was Pierce, a financial expert who knew Ha Si-heon well.
After hearing a brief summary of the situation, Pierce first let out an exclamation.
"A Trojan Horse operation… what a bold strategy. It’s an idea that could send shockwaves through the industry."
The pharmaceutical executives looked displeased, but Pierce continued to express admiration.
"The financial world is going to be turned upside down. A strategic alliance between a hedge fund and a hostile takeover firm? This is an unprecedented, groundbreaking move that cleverly exploits the boundaries of the law. But that’s precisely why it feels even stranger."
At this, Beckett's eyes narrowed sharply.
"Stranger?"
"Yes. I’m not saying this as a financial advisor, but based on my personal knowledge of Ha Si-heon…"
Pierce hesitated for a mont.
Was he reluctant because this was a purely personal opinion?
"Feel free to speak your mind."
One of the reasons they had hired Pierce in the first place was because he knew Ha Si-heon well.
Urged once more by CEO Beckett, Pierce continued.
"This Trojan Horse operation will be like a massive wildfire in the financial industry. And as I’ve ntioned before, Ha Si-heon enjoys stirring the pot by lighting fires. But…"
Normally, Ha Si-heon would be the one fanning the flas.
However, this ti, he was doing the opposite—he was trying to put the fire out in advance.
To Pierce, that was the real mystery.
"He is now pressuring Allergan to prevent a wildfire. Even going so far as to issue threats."
To Pierce, this was not just a simple logical contradiction—it was incomprehensible behavior.
"Trying to stop the fire? That’s completely unlike Ha Si-heon. If a wildfire broke out, he would be the type to grab a can of gasoline and run toward it while whistling. For soone like him to be trying to prevent a fire… there can only be one reason."
"And what is that?"
"To attract even more attention than the wildfire itself. Think about it. If an unprecedented wildfire breaks out, what could possibly draw even greater attention?"
"…?"
Beckett furrowed his brows.
Normally, when a wildfire starts, all eyes are naturally drawn to it.
Could anything command more attention than that?
"The person who puts out the fire."
"But Ha Si-heon is trying to ‘prevent' the fire, isn’t he? If no fire starts in the first place, no one will pay attention."
"Well. Ha Si-heon seems convinced that a massive wildfire is inevitable. Perhaps he wants to let everyone panic over the unprecedented fire and then step in at the right mont to put it out."
Beckett scowled.
"Even with the precautions, the fire will definitely happen?"
"Most likely. My guess is that Ha Si-heon has obtained so inside information and plans to use it."
For a re personal opinion, it was an exceptionally sharp analysis.
This deepened Beckett’s dilemma.
"If that’s the case… there’s only one way to stop it."
To follow Ha Si-heon's advice and acquire another company first.
But Beckett still felt reluctant.
"Being absorbed by Valeant would be worse, but…?"
This would an breaking his long-held principles.
And it would also compromise the company’s culture and history.
Sensing his hesitation, Pierce's voice rang out.
"Of course, all of this is just my speculation. And it’s not based on industry experience, but rather on my assessnt of Ha Si-heon as a person."
"…Is there any chance Ha Si-heon is wrong?"
There was still no solid proof that Valeant’s Trojan Horse operation was real.
For all they knew, this was just the speculation of a twenty-sothing young man.
But Pierce spoke with certainty.
"As far as I know, Ha Si-heon has never been wrong. Especially when it cos to unprecedented crises—his predictions have been astonishingly accurate."
At that ti, Ha Si-heon accurately predicted the clinical trial results and the upcoming NASH competition, earning a staggering 700% return in just one month.
And he pulled out just before the tide changed.
"That’s hard to believe."
[There are plenty more unbelievable stories. What the public knows is just the tip of the iceberg.]
Beckett was montarily at a loss for words.
[I’m just offering my opinion. The final decision is yours.]
Ha Si-heon, with his uncanny accuracy, had once again foreseen an attack from a long-ti rival.
In such a situation, could they afford to ignore his warning?
After a long period of contemplation, Beckett made his decision.
***
[Allergan will closely review Pareto Innovation’s proposal and seek a strategic direction…]
Ackman stared blankly at the TV screen with an expressionless face.
The news report was sothing he hadn't expected.
It had already been two weeks since Ha Si-heon's 13D filing.
During that ti, Allergan's managent had remained completely silent.
So, he had assud they had simply dismissed the proposal.
But now, they had suddenly announced their acceptance of Ha Si-heon's suggestion.
And so, about 20 minutes later…
Maverick Investnt’s Allergan team convened.
"Beckett considering an acquisition… I can’t believe it."
The portfolio manager (PM) muttered in disbelief.
He knew all too well how staunchly Beckett had opposed M&A.
For soone like him to change his stance, there could only be one explanation.
"As expected… Ha Si-heon must have warned about the Trojan Horse. Otherwise, there’s no way Allergan would be moving."
The PM and analyst exchanged tense glances and looked at Ackman.
They had warned about this risk in advance.
But Ackman hadn't listened.
He was convinced that even if Ha Si-heon issued a warning, he would be dismissed as the boy who cried wolf.
But his prediction was wrong.
And the situation had completely turned around.
Even so, Ackman wore a faint smile.
"He made that claim without any solid evidence, yet managent accepted it? Interesting."
His eyes glead with peculiar curiosity.
It was the look of soone who had just discovered a new puzzle.
‘What trick did he pull?’
Ackman rested his chin on his hand, lost in deep thought.
After a long contemplation, a possibility ca to mind.
‘Could it be… that he deliberately made himself the Trojan Horse?’
If one were to use the analogy of the boy who cried wolf, Ha Si-heon didn’t approach the villagers as an innocent boy.
Instead, he put on the wolf’s mask and descended into the village himself.
That would naturally raise the villagers' level of vigilance.
Surprisingly, Ackman’s speculation was very close to the truth.
‘A man who knows how to flip the board, huh?’
Ackman smirked.
As expected, Ha Si-heon was no ordinary opponent.
But at the sa ti, he was intriguing.
Using deception and backstabbing tactics…
It was like watching a well-executed plot twist in a thriller film.
"Uh… sir?"
The PM's voice snapped Ackman out of his thoughts, and he finally spoke.
"So, what’s the actual likelihood of Allergan going through with the acquisition? Could this just be a bluff?"
After all, CEO Beckett was known to be averse to M&A and obsessed with organic growth.
This move could very well be a smokescreen.
However, the PM shook his head gravely.
"From what we’ve found, they’ve already narrowed down their list of acquisition targets. The most likely candidate is Salixon Pharmaceuticals. And since Salixon is also eager, if the acquisition moves forward, it won’t take long."
If Allergan absorbed Salixon, it would beco too large for Valeant to forcibly acquire.
Their entire plan would be on the verge of collapse.
After a brief silence, the PM asked cautiously.
"What should we do?"
It was no longer a matter of planning a surprise attack.
They had to stop Allergan from growing imdiately.
There was only one option left.
‘No choice, huh?’
Ackman clicked his tongue in frustration.
He had to abandon the strategic ambush he had been preparing for so long.
However, a small smile soon ford on his lips.
The battle had only just begun.
And this opponent seed like he would be quite entertaining.
Ackman smiled wickedly and said,
"Prepare the filing."
***
Ackman had finally submitted the 13D filing.
This ant that he was officially revealing the shares he had been secretly accumulating, publicly declaring himself as a major shareholder of Allergan.
‘Well, obviously.’
From Ackman’s perspective, he had to prevent Allergan from acquiring another pharmaceutical company at all costs.
However, a hedge fund with no direct ties to Allergan couldn't simply dictate the company's managent decisions.
As a result, Ackman had no choice but to reveal himself as a major shareholder holding a substantial 9.5% stake.
"So, I guess I won the first round?"
Typically, a 13D filing is considered a declaration of war.
But this ti was different.
Ackman didn’t file it to launch an attack.
He had rushed to intervene—to stop Allergan.
‘Now, the events from my previous life won’t repeat.’
In his past life, Allergan had been caught off guard by Ackman’s ambush.
By the ti they tried to acquire another company to bulk up, they struggled to find a suitable candidate because of their historical reluctance toward M&A.
To buy ti, they had implented a poison pill strategy…
Which ended up being their downfall.
Several major shareholders, upset by the poison pill, defected to Ackman’s side.
But.
‘This ti, things are different.’
Because he had given them the necessary "vaccine" in advance.
Since they hadn't resorted to a poison pill, the risk of shareholder defection was eliminated.
In other words, he had set the stage in his favor.
‘Now then, shall we move on to the next step?’
The Trojan Horse operation was only the first phase of Ackman’s three-step plan.
Now that he had successfully countered this ambush, it was ti to proceed to the next stage.
But from this point on, the real battle would begin.
‘And the most exciting part, too.’
Phase two’s key elent was…
None other than public opinion warfare.
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