I Refuse
The people gathered in the Chulsan Capital main conference room turned their attention to the podium.
Only three companies were known to be participating in the open competitive bidding right now.
Since this was the acquisition of a giant financial enterprise like Chulsan Capital, it was difficult for more to join.
Team Leader Jung Jong-hyun, who had been standing with In-hyuk, stepped forward and placed the bid box on the podium.
He opened the lid, which had been sealed with a padlock, and took out the first envelope.
"Silver Bell Capital, bidding amount: 1 trillion 343 billion KRW."
An imdiate stir spread through the crowd.
Despite rumors that Silver Bell was having trouble securing bank loans, their bid was substantially higher than expected.
The representatives of Silver Bell Capital appeared satisfied.
anwhile, the next bid was announced.
"Oga Finance, bidding amount: 1 trillion 529 billion KRW."
At that mont, the fortunes of the Silver Bell and Oga representatives diverged.
The minimum expected bid had been about 1 trillion KRW. It would be difficult for anyone to exceed the price Oga Finance had put forward.
Amidst the renewed buzz, the third bid envelope was opened.
Jung Jong-hyun's eyes widened as he checked the amount.
After a brief pause, he began to speak slowly.
"AMK Partners... bidding amount: 1 trillion... 1.7 trillion KRW. That's all. Based on the bid, the winner is AMK Partners."
This ti, the buzz swelled into raised voices.
"They say they always succeed in their investnts, but... did they really put up 1.7 trillion?"
"But does AMK even have that much funding?"
Publicly, AMK Partners was a company less than a year old.
No matter how skillful an investor, gathering that kind of capital was no easy feat.
Naturally, it was hard to believe that AMK Partners had actually made such a bid.
Suspicion was written all over everyone's faces.
Then, M&A Team 1 of Taeshin Asset Managent opened the bidding docunts for transparency and fairness.
People pushed forward to the front, and had no choice but to accept it.
In-hyuk, seated at the side of the stage, watched people's reactions.
'Did they really think they could overpower everything with money?'
At the end of his gaze was Tae Seok-ho's face, which until just now had been certain of victory.
Of course, now the smirk that had curled up at the corners of his mouth was completely gone, his face hard and stiff.
The Oga Finance employees in the front row were the sa.
Having bid 1 trillion 529 billion and still lost, it was no wonder they were confused.
One of them was already making a call, as if reporting to the Organization.
Bzzz— bzzz—
At the sa ti, sothing arrived on In-hyuk's phone.
It was a ssage from Norman McGrath, also present in the conference room, sent through Ghost Link.
【Norman: We have succeeded in the Chulsan Capital bid.】
【Gordon: Good work. Please see the acquisition through to the end. Also...】
After replying, In-hyuk glanced slyly at Tae Seok-ho with satisfaction.
* * *
【AMK Partners is the winner of the Chulsan Capital competitive bid! The final price is an overwhelming 1.7 trillion KRW, roughly 200 billion more than Oga Finance's 1 trillion 529 billion...】
【AMK Partners secures Chulsan Capital for 1.7 trillion! After the paynt is completed, AMK Partners will begin the acquisition process in earnest with Taeshin Asset Managent's M&A team...】
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Crash—
In a hotel in Busan, the furnishings on a desk clattered loudly as they tumbled.
In front of it, Tae Seok-ho took a deep breath, having barely restrained his fury.
His plan, crafted by gathering 1 trillion 529 billion KRW, had crumbled. Of course, not all of that was his own money.
It consisted of investnt funds managed through the H&T Fund and secretly siphoned reserves, using Chulsan Capital's bonds and stocks in other firms as provisional collateral.
With all that money now left dangling in limbo after missing its target, it was only natural to feel shocked.
To make matters worse, the tablet left on the desk continuously refreshed with articles covering the freshly decided Chulsan Capital bid, fueling his anger.
"How on earth did they... get their hands on that much capital?"
The source of AMK Partners' funds was a mystery. He had definitely ensured that no dostic banks would issue them loans.
Yet, they'd secured the bid, which ant they must have found a way around this.
"Has there been any reply from the banks?"
His security guard, Lee Jae-jun, who had been standing a little apart, picked up the fallen items and set them back on the desk as he replied.
"For now, the banks we inquired about said nothing is underway."
"That can't be!"
"However, Cheongnyu Savings and Haneuljae Finance said the Organization is aware of this case and is pushing for loan sales very persistently."
A 1.7 trillion KRW acquisition had just been won.
No company could pay that amount in cash, so so bank had to have issued a loan.
Moreover, the winner was AMK Partners, whose impressive investnt returns had recently made headlines.
From a bank's perspective, providing a loan and profiting from the interest would be tempting.
"So?"
"We contacted AMK Partners' Korea branch directly, but they refused."
"... What? Both of them?"
"That is correct."
The two banks ntioned were well known for their corporate lending.
Even with Tae Seok-ho's connections, it had been impossible to completely block them.
But AMK Partners' decision was even more shocking.
"Then where are they sourcing their funds? Don't tell they're using their major shares as collateral to raise funds from overseas?"
"No contact has been confird between AMK Partners' Korea branch and any foreign banks."
Tae Seok-ho quickly suppressed the anger boiling up inside and focused on reality.
"More likely, those above... or the people backing AMK Partners directly intervened. Set up a eting with Norman McGrath as soon as possible."
"Yes, sir. I will reach out imdiately."
Lee Jae-jun drew his phone and began making arrangents. It didn't take long to get a reply.
"The eting will be at Gimhae International Airport lounge. He says he only has a short window, as his flight departs in two hours."
"Going abroad?"
"Yes. He also said he isn't sure when he'll return."
Norman McGrath had also been at the Chulsan Capital bid earlier.
Since they were unfamiliar with each other, Tae Seok-ho thought it would be difficult to et again so soon, but Norman had accepted the eting more easily than expected.
"Is he really flying overseas while the Chulsan Capital acquisition is underway?"
"That's what he says."
"Must be nice not to have any worries... Anyway, we're the ones in a tight spot right now, so tell him we'll go to the airport."
Finishing his words, Tae Seok-ho headed straight out of the hotel.
.
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About an hour later.
At the VIP lounge in Gimhae International Airport, Tae Seok-ho took a seat across from Norman McGrath.
"I was surprised to get a eting request from soone I only saw a few hours ago."
"I apologize for taking your ti. It's just that the situation is extrely urgent..."
Soon, coffee brought by Norman McGrath's secretary was placed in front of them.
"So, what brought you here with such urgency?"
Going straight to the point, Tae Seok-ho cleared his throat.
"Ahem—! Honestly, I'm sure you already know why I'm here, branch manager."
"As expected, it's because of Taeshin Trading and Taeshin Electronics' shares."
"I'll buy them at five percent above the current market price."
"Five percent more? That would be... well over 800 billion KRW."
It ant around 800 billion. Even Norman McGrath's face showed surprise at such an offer.
"They hold that much value. Of course, AMK could sell the shares for much more than Chulsan Capital ever paid for them, so this would be a huge profit."
The real owner of Chulsan Capital, Jang Hyung-cheol, had acquired those shares of Taeshin Trading and Taeshin Electronics more than ten years ago.
Compared to then, the price had more than tripled, making this offer to AMK Partners the best possible deal.
"Even so, five percent..."
"I need the shares, and AMK needs to refill its vault after spending it all on acquiring Chulsan... isn't this mutually beneficial?"
"I understand your point. But I'm very sorry, I must refuse to sell the Taeshin shares."
Even as he heard these words, Tae Seok-ho didn't look embarrassed.
Instead, he gave a faint smile and gently pressed the issue.
"Are you saying you need to discuss with your CEO?"
"No. Our company also needs Taeshin's shares."
At that mont, Tae Seok-ho's face froze.
"Don't tell ... does this an AMK Partners intends to involve itself in Taeshin's future decisions?"
Chulsan Capital's holdings were 2.47% in Taeshin Trading and 2.1% in Taeshin Electronics.
Even that was enough to make soone a major shareholder, so it was difficult to dismiss AMK Partners.
"That, I do not know."
"Why not?"
"I am simply following directives from above."
Norman McGrath's expression was matter-of-fact.
That only made Tae Seok-ho's feelings more complicated.
"... Are you saying it's the will of AMK's CEO?"
"I don't know up to that point either. This entire bid went forward entirely on the CEO's decision. Was that your only reason for eting?"
"..."
Tae Seok-ho felt even more frustrated than before. If Norman McGrath had any real power, he would have tried to read him further.
But since Norman was dumping all responsibility on higher authority, there was no point in continuing.
"If you have nothing else to say..."
"Is there any way I could et your CEO?"
At this unexpected request, Norman McGrath's tone beca rather displeased.
"That would be difficult."
"Can you at least ask?"
"The CEO has already given a response. After the bid ended, he said you would co see , and instructed that if you requested the Taeshin shares, I was to refuse under any circumstances."
Tae Seok-ho's face hardened even further.
"Given your experience in this field, you know as well as I do that this is an unbeatable offer for AMK. But you won't even give a little leeway... are you really refusing?"
A short sigh escaped Norman McGrath's lips.
"To be honest, I think it's a pity. But what can a man do who only takes orders from above? If I were to use a Korean expression... 'If you're told to do it, you do it.'"
Although he had been speaking English, the last sentence was in Korean. He'd picked up a phrase or two from working with Korean staff.
"Could it be..."
For a mont, Tae Seok-ho almost ntioned the nas of his father, chairman Tae Gun-seung, or Tae Seok-hyun.
He wondered if the shrouded CEO of AMK might be connected to them.
But that would risk revealing his intent.
"If there's nothing else, I'll be going. My ti is almost up."
"... Safe travels."
Norman McGrath departed, joining the other staff.
Left flustered, Tae Seok-ho let out a bitter chuckle.
Not only had he failed to secure the shares of Taeshin Trading and Taeshin Electronics in the Chulsan Capital bid, his bold proposal hadn't even been seriously discussed.
"Deputy Chief Lee."
"Yes, sir."
"From now on, investigate AMK's CEO for anything beyond what's publicly known. If you can find their location, even better."
Tae Seok-ho had been investigating AMK Partners ever since they entered the Chulsan Capital bidding.
The registered business address was in the Cayman Islands, and all he could find about the listed representative, Gordon Gris, was his na—making him assu it was just a shell company made for appearances like his own.
But given AMK Partners' explosive growth and ability to move over 1 trillion in funds, it was definitely no shell.
On top of that, they had clearly anticipated Tae Seok-ho's every move.
He had no choice but to recognize them as a formidable opponent.
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