Golden Spoon Investment Portfolio - Chapter 253

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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253. Even if you take the department store, what happens if you don’t get what you want?

Midopa Department Store’s stock price, which had surged to 23,000 won in the morning session and seemed to be catching its breath, erupted once more in the afternoon when Daeheung Group announced a public acquisition offer at 40,000 won per share.

[Midopa Department Store 36,490
26,840]

“It’s going up again!”
“This is insane. Absolutely insane.”
“That’s right. It just keeps climbing!”
“Damn it. I should’ve just closed my eyes and bought it this morning.”

Individual investors who had boldly bet even at double the price raised both arms in jubilation at the soaring stock price once again.
Meanwhile, those who had hesitated, unable to muster the courage to enter at such a steep incline, watched the stock price leap upward again as if being mocked, their expressions growing hollow and regretful.
As people who had bought Midopa stock reaped substantial gains in just half a day, anxiety spread among those around them—the fear that they alone were missing out on this surge, that they were becoming fools by sitting idle.
A man stared intently at Midopa Department Store, which stood out in vivid red among the countless stocks displayed on the large ticker board, his fists clenching tightly.

“I can’t be left behind while everyone else profits.”
“What? You’re not seriously trying to buy Midopa Department Store stock now?”

The man nodded at his friend’s question.

“Yeah.”
“You’re crazy! You’re buying after it’s already gone up this much?”
“Hell, I don’t care! Even if I go broke chasing it, how can I just watch it climb like that!”

With that, the man brushed aside his friend’s objections and hastily filled out a trade slip, rushing toward the consultation window.
His friend stamped his feet behind him, then turned to glance at the ticker board once more before squeezing his eyes shut.

“Forget it. I don’t even know anymore!”

With it rising like that, there’s got to be something in it for me too!
And so he followed the man’s lead, joining in the buying frenzy for Midopa Department Store stock.
As even the late-arriving investors who had been watching from the sidelines jumped into the buying spree, Midopa Department Store’s stock price burned even hotter.

In the midst of all this, word reached Woo Ho-geun’s ears that Daeheung Group had announced a public acquisition offer in response.

“The public acquisition price is forty thousand won per share?”
“Yes, sir.”

At the response from Park Yang-seok, the portly executive director of Donghae Peregrine Securities wearing gold-rimmed glasses, Woo Ho-geun let out a derisive snort from where he sat on the sofa.

“Hmph. Jumping straight to forty thousand won like that—they must be sweating bullets.”

Then Jeon Hae-cheol, the Chief Secretary seated on the sofa to the left, spoke with a note of concern in his expression.

“Regardless, the fact that they’ve declared a public acquisition at that price means they’ve secured the necessary funds, doesn’t it?”
“It’s bluffing.”

Woo Ho-geun dismissed it casually, as if tossing aside a trivial matter.

“…!”
“I know perfectly well they don’t have that much money in their pockets. Where would they suddenly pull hundreds of billions from?”

Unlike Woo Ho-geun, who spoke with such certainty about it being mere posturing, Jeon Hae-cheol, the Chief Secretary, displayed a more cautious demeanor.

“It’s possible they may have quietly secured the necessary funds in advance through banking arrangements or other means—just as we were unaware of their M&A attempt until Daeheung Group held that press conference.”

Woo Ho-geun fixed Jeon Hae-cheol, the Chief Secretary, with an irritated glare for touching a sore spot.

“Even if they managed to scrape together the funds quickly, I already have countermeasures in place, so there’s no need to worry excessively.”

Though irritation was plainly evident in his voice, Jeon Hae-cheol, the Chief Secretary, refused to back down and continued.

“No matter how exposed their weaknesses may be, they’re still a major conglomerate. If we take this too lightly, we could end up on the receiving end instead.”

However, Woo Ho-geun regarded Jeon Hae-cheol’s words not as counsel but as tiresome meddling, and he finally expressed his annoyance with a sullen expression.

“I understand, so let’s drop it.”

With that, he turned his head away sharply, and Jeon Hae-cheol, the Chief Secretary, had no choice but to close his mouth.
He wanted to say more about the need for careful handling, but seeing the current state of affairs, he sensed that doing so would only breed resentment.
Woo Ho-geun, ignoring Jeon Hae-cheol, cast his gaze toward Park Yang-seok, the executive director, who was quietly observing the situation.

“If they want to engage in a bidding war, I welcome it. When the morning session opens tomorrow, raise our acquisition price to seventy thousand won immediately.”

Jeon Hae-cheol, the Chief Secretary, interjected urgently once more.

“Wasn’t the original plan fifty thousand won per share?”

Woo Ho-geun furrowed his brow irritably as he replied.

“If the Daeheung Group is scrambling for emergency funds, as you say, we should drive the price up sharply to prevent them from following us again.”
“But if we do that, we’ll exceed the capital we’ve prepared.”

Woo Ho-geun thought to himself that everyone surrounding that stubborn old chairman was incompetent.
When you have the upper hand, you need to push forward decisively—how could anyone accomplish anything significant while worrying so much?
Woo Ho-geun dismissed Jeon Hae-cheol’s concerns with a derisive snort.

“We can get additional funding from Hong Kong Peregrine Securities, so there’s no need to worry.”
“That would be a loan, not funding.”

Woo Ho-geun’s expression darkened, his eyebrows knitting together.
He would have told anyone else to get lost, but since his father had assigned this man to him, he couldn’t dismiss him—and that infuriated him.

“The interest burden is substantial, and with call options attached, increasing the amount could create serious problems down the line.”
“Once we swallow up the Daeheung Group, we can handle all of that easily!”

Woo Ho-geun’s expression hardened as he glared at Jeon Hae-cheol menacingly.

“I’m the one directing this acquisition, not you. So stop overstepping your bounds just because my father indulges you a little, and keep your mouth shut!”

When Woo Ho-geun finally lost his temper, Oh Sang-hyun and Park Yang-seok, who were present, widened their eyes in shock.
And Jeon Hae-cheol, suddenly subjected to such harsh words, felt his face stiffen.

“Your words seem to have gone too far.”
“I think it’s you who’s gone too far, not me.”

Woo Ho-geun stared at him with a contemptuous gaze and issued a warning.

“If you’re a subordinate, act like one. If you want to receive an advisory position after retirement, don’t be so presumptuous as to overstep your place.”

Jeon Hae-cheol’s face flushed crimson with humiliation, but Woo Ho-geun paid no attention and turned his gaze toward Park Yang-seok.

“When we issue the new disclosure, shorten the public acquisition period from the initially announced fifteenth to the twelfth.”
“Sir, wouldn’t that make the timeline rather tight?”

Park Yang-seok, the executive director who was breaking into a cold sweat internally, spoke with careful deliberation.

“People who want to sell their shares will do so regardless. By shortening the acquisition window, we make it harder for Daeheung Group to mobilize additional capital for a counter-response, don’t we?”

Woo Ho-geun scowled and shot back tersely, causing Park Yang-seok to quickly lower his head in submission.
One misstep in irritating him could bring serious consequences down upon me.

“Yes, sir. I’ll proceed as you’ve instructed.”
“I’ll explain the details to the Chairman myself, so consider that settled. If there’s nothing else, you’re dismissed.”

Woo Ho-geun waved his hand dismissively.
Chief Secretary Jeon Hae-cheol, his face flushed crimson as he swallowed the bitter taste of humiliation, abruptly rose to his feet and walked out without so much as a bow.
Park Yang-seok followed suit, his eyes darting about nervously as he stood with an awkward bow before hurrying after him.
Once the door closed, Oh Sang-hyun glanced at the seat where Chief Secretary Jeon had been sitting moments before, then opened his mouth with a worried expression.

“I understand you’re upset, but perhaps a bit more restraint would be wise.”
“Damn it, I can’t stay calm when I’m this furious.”

Woo Ho-geun yanked his necktie off roughly, venting his frustration.

“A servant presuming to question me at every turn, crawling his way up! I don’t need a mutt that doesn’t recognize its master.”

I knew he habitually dismissed subordinates and acted on whim, but I never expected him to treat Chief Secretary Jeon—a senior executive and loyal retainer who had served Chairman Woo Yong-gap for over two decades—with such contempt.
Oh Sang-hyun sighed heavily within himself, wondering how to manage the fallout.
At the same time, a bitter and hollow feeling washed over me.
I had come to realize that despite the title of trusted aide, I was nothing more than a servant to Woo Ho-geun, just like Chief Secretary Jeon.
Though my mind churned with conflicting thoughts, Oh Sang-hyun deliberately concealed these inner feelings and maintained a silent composure.

“Once I inherit the Chairman’s position, I’ll purge all those troublesome old relics without exception.”

Woo Ho-geun, lounging against the sofa with a disheveled posture, lifted his head as he spoke.

“You know that woman who did the spaghetti sauce commercial recently?”
“Are you referring to Jo Hae-mi?”
“That’s the one. She’s completely ruined my mood. I need to call a woman over to relieve some tension. Tell her to come to the Western Joseon Hotel this evening.”
“…Understood, sir.”

* * *

Seok-won, who had been controlling the situation from Daehung Venture Capital in Gangnam, crossed the Han River Bridge the moment the stock market closed after 3:30 p.m. and headed straight to the Headquarters in Mapo.

“The Chairman is waiting for you.”

As I stepped into the anteroom, Jung Yun-kyung, who had been waiting, opened the wooden inner door.
Passing Jung Yun-kyung and entering, I found Chairman Park Tae-hong seated with his brother President Park Jin-hyung on one side and Chief Secretary Gil Seong-ho on the other.

“Come in.”

I bowed slightly to Chairman Park Tae-hong in greeting and took the empty seat next to my brother.
The Chairman then stubbed out the cigarette he had been smoking in the crystal ashtray on the table and asked with evident urgency.

“How did it go?”

The ashtray was piled high with cigarette butts—evidence of how anxiously he had been waiting.
That much was clear.

“As you’ve likely already been briefed, we made a countermove by announcing a tender offer at 40,000 won per share.”
“Not that. I’m asking how many additional shares of Midopa Department Store you’ve purchased.”
“Not a single share.”
“…What?”

At the unexpected answer, Chairman Park Tae-hong’s expression became one of disbelief.
His brow furrowed, and with a distorted expression, he straightened his reclined posture and asked again as if seeking confirmation.

“Did you just say you haven’t bought a single share?”
“Yes.”
“What do you mean by that!”

Chairman Park Tae-hong raised his voice in anger.
President Park Jin-hyung beside him also looked directly at me with incomprehension and asked.

“The M&A issue has reduced available shares, but surely that doesn’t mean no purchases have been made at all?”
“That’s correct.”

Chief Secretary Gil Seong-ho, who had chimed in, spoke with a hardened expression.

“You mean you deliberately didn’t buy any shares?”
“That’s right.”

Seok-won nodded in response, and for a moment, silence filled the room.

“This… this foolish bastard!”

Park Tae-hong slammed his palm against the armrest of the sofa where he sat, his voice booming with fury.

“We should be buying every single share we can get our hands on, and yet you’re pulling this nonsense!”

He had entrusted Seok-won with this critical responsibility, and now the man was acting recklessly—it was enough to make anyone furious.
Moreover, they were in a desperate crisis where one misstep could cost them the entire group, so his nerves were understandably razor-sharp.
Park Jin-hyung was equally bewildered, but he believed his younger brother wouldn’t act without reason.

“Is there another reason for this?”

Park Tae-hong and Gil Seong-ho fixed Seok-won with a look that demanded an explanation.
Park Tae-hong in particular looked ready to devour him if his answer wasn’t satisfactory.
Seok-won smiled faintly at the corners of his mouth, his face radiating composure.

“Exactly. I never intended to engage in a mud-slinging battle with the Donghae Group over Midopa Department Store shares in the first place. There’s no reason to.”
“That makes no sense whatsoever!”

Park Tae-hong’s voice rose again immediately.
Park Jin-hyung and Gil Seong-ho couldn’t hide their confusion either.
Watching the three of them, Seok-won explained calmly.

“Why are we so determined to hold onto Midopa Department Store’s management rights in the first place?”

Gil Seong-ho maintained his composure with effort and answered.

“Because all our subsidiaries are interconnected around Midopa Department Store. If we lose management rights, our entire control structure collapses, doesn’t it?”
“Exactly. That’s what our opponent is after as well. But what if they obtain Midopa Department Store and still don’t get what they want?”
“…!”

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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