Golden Spoon Investment Portfolio - Chapter 281

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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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281. Will you accept my proposal, or would you prefer to keep fighting?

Chairman Woo Yong-gap trembled violently, his face flushed crimson as though it might burst from the sheer magnitude of shock and betrayal washing over him.
The sting cut deeper because it came not from a stranger, but from a relative he had believed he could trust—and the fury rose in his chest like molten steel.
The Donghae Group executives seated nearby made no effort to conceal their bewilderment, their agitation rippling through the room.
Chief Secretary Jeon Hae-cheol, in particular, wore a bitter expression as he realized that the Midopa Department Store M&A—into which he had poured countless resources while enduring considerable criticism—had slipped entirely through their fingers.
Though I had never warmed to Woo Ho-geun’s callous disregard for others and his selfish nature, I had to admit that his plan to seize Midopa’s management rights through a hostile M&A—thereby crippling the Daheung Group’s Achilles’ heel—had struck me as genuinely brilliant.
I had even marveled inwardly at why such a strategy hadn’t occurred to me sooner.

‘Of course, breaking the business world’s unspoken rule of mutual protection over management rights—absent compelling justification—would invite torrents of criticism. But the gains we stood to reap were simply too immense.’

This was precisely why the calculating Chairman Woo Yong-gap had thrown his full weight behind Woo Ho-geun’s plan.
Chief Secretary Jeon Hae-cheol recalled how the hostile M&A, which had seemed genuinely destined for success in its early stages, had begun to falter and unravel the moment Seok-won stepped into the fray. He found himself studying the man across from him with fresh eyes.

‘The failure of this entire operation stemmed from one critical miscalculation: we never accounted for Park Tae-hong’s second son.’

He muttered this realization to himself, seized by belated regret—yet there was nothing to be done about it now.
Leaning back in his chair, Seok-won observed Chairman Woo Yong-gap and the Donghae Group executives still reeling from the shock, and a composed smile played across his lips.

“As you’ve witnessed firsthand, we’ve acquired the shares that Baekje Industrial held, swelling our stake to nearly a majority—while the Donghae Group’s position has correspondingly diminished. Surely you can predict the outcome of the emergency shareholder meeting without even opening that particular box.”

The gap in shareholding had not merely reversed; it had widened to nearly double their advantage. As Seok-won had said, holding an emergency general meeting would be pointless.
Chairman Woo Yong-gap felt utterly hollowed out. Every ounce of cash in the Group, every loan they could scrape together—everything had been poured into acquiring Midopa shares at the absurd price of 70,000 won per share. In a single moment, it had all become worthless.
Chairman Woo Yong-gap slumped into his chair and fixed Seok-won with a savage glare, his voice sharp with accusation.

“How exactly did you manipulate my brother-in-law into handing over those shares?”

Seok-won met Chairman Woo Yong-gap’s piercing gaze with unruffled composure.

“It’s quite simple. The foundation of any transaction is the exchange of what each party needs.”

A thought flashed through Chairman Woo Yong-gap’s mind, and his eyes widened.

“Surely not….”
“Chairman Hwang seemed to have considerable interest in the media sector. So we exchanged the management rights of Nowon Cable and the Global Korea Economic Newspaper for the Midopa Department Store shares.”

Upon hearing the story, Chairman Woo Yong-gap couldn’t help but let out a hollow laugh.
His brother-in-law, Chairman Hwang Jung-hyun of Baekje Industrial, had set a condition for participating in this hostile M&A: he would take possession of Nowon Cable TV and the Global Korea Economic Newspaper.
With the series of incidents that erupted making it uncertain whether he could seize control of Midopa Department Store, the proposal had pinpointed exactly what was desired and offered a deal he couldn’t refuse.
Still, it was remarkable that he had made the bold choice to hand over two prime subsidiaries.
In truth, Seok-won could execute such a deal because he understood that Baekje Industrial, which had focused on construction and operated with reckless management during the IMF crisis, would collapse and default.
To secure a decisive advantage at the emergency shareholders’ meeting and completely crush Donghae Group’s lingering attachment to the hostile M&A, he needed the shares that Baekje Industrial held.
However, he had no desire to purchase stock at inflated prices that would plummet dramatically once the M&A issue disappeared.
The moment the shareholder registry closed, Midopa Department Store’s stock price—which had been climbing endlessly to record highs—plummeted below 50,000 won in an instant, making it painfully obvious just how much of a bubble had been inflated.

‘And since he knows full well that his shares can play the role of a casting vote, he would naturally try to sell them at the highest possible price.’

That’s why he had devised the share exchange.
This way, Daheung Group could end the share battle without additional cash outlay, while Baekje Industrial could acquire the company it coveted—a win-win for both sides.
Of course, everyone would think that Daheung Group had made a losing deal by handing over Nowon Cable TV and the Global Korea Economic Newspaper right now.

‘That’s exactly why Chairman Hwang Jung-hyun accepted the proposal so readily.’

Had he thought the gains weren’t substantial, even the greedy Chairman Hwang Jung-hyun wouldn’t have easily betrayed his brother-in-law.
In fact, when he first broached the subject, both his father and older brother opposed it, but he had to convince them that it was unavoidable to definitively thwart Donghae Group’s hostile M&A attempt and prevent other forces from exploiting Daheung Group’s vulnerabilities and attacking again.
After lengthy discussions, both Chairman Park Tae-hong and his brother agreed this was the best possible choice, and with the resolve of sacrificing flesh to preserve bone, they decided to follow his plan.
Of course, he hadn’t revealed this to either of them, but Seok-won had no intention whatsoever of permanently relinquishing Nowon Cable TV and the Global Korea Economic Newspaper.
From the beginning, he had made this deal with Chairman Hwang Jung-hyun with the calculation that once Baekje Industrial collapsed under the weight of the IMF crisis, he would reclaim both companies at a bargain price.

‘Since I’ll be getting them back soon enough, I can just think of it as temporarily entrusting them.’

Meanwhile, Chairman Woo Yong-gap and the Donghae Group executives, who had already realized that the scales had completely tipped toward Daheung Group, couldn’t hide their dejected expressions, unlike before.
In the silence, even the air in the conference room seemed to grow heavy.
After a brief moment to compose himself, Chairman Woo Yong-gap fixed him with a sharp gaze like a wounded beast.

“If you’ve taken the shares your brother-in-law was holding, then as you say, the emergency shareholders’ meeting would be a foregone conclusion. So why did you come here?”
“Well, that’s true, but I have a habit of not leaving things unfinished—I prefer to see matters through to completion.”

At his casual shrug, Chairman Woo Yong-gap’s eyes narrowed.

“Are you saying you intend to acquire all the Midopa Department Store stock that we’re holding as well?”
“That’s correct.”

Seok-won nodded.
Chairman Woo Yong-gap stroked his chin thoughtfully for a moment, then decided to abandon the acquisition of Midopa Department Store—not out of desire, but out of necessity, since the situation had deteriorated both internally and externally, and his brother-in-law’s betrayal had rendered further equity battles meaningless.
Or rather, it was more honest to say he had no choice.

“The rice has already cooked into porridge. There’s no point clinging to it any longer. We’ll sell off all our shares.”

Jeon Hae-cheol, the Chief Secretary, and the other executives present didn’t show it outwardly, but they felt a wave of relief knowing they could recover at least some of the capital they’d poured into this M&A like water through a bottomless basket.

“What price are you offering?”

Chairman Woo Yong-gap asked directly, unwilling to drag out the conversation.

“What price do you have in mind?”

When Seok-won turned the question back on him, Chairman Woo Yong-gap tapped his fingers lightly on the conference table and paused to think.

“Even without a premium, we should at least receive the price we paid in the public acquisition, shouldn’t we?”
“If you’re referring to the public acquisition price, that would be 70,000 won per share.”
“That’s right.”

Seok-won laughed lightly as if the suggestion were absurd.

“That price is bloated with ridiculous speculation, as you well know. The tide has already turned as you said, and the current trading price is far below that. Accepting 70,000 won is difficult.”

Chairman Woo Yong-gap, who apparently hadn’t expected to repurchase the shares at 70,000 won from the start, crossed his arms without much resistance and asked.

“Then what’s the fair price you have in mind?”
“The fair price the market evaluates would be the price before the M&A bubble inflated, wouldn’t it?”

Seok-won answered as if he’d been waiting for this question.
Chairman Woo Yong-gap’s face crumpled, and his expression turned menacing.

“You’re telling me to sell the shares for a mere 9,000 won per share!”

Jeon Hae-cheol and the other executives listening to the conversation stiffened at the absurd price.
Seok-won remained unfazed by Chairman Woo Yong-gap’s angry glare and responded calmly.

“To be precise, 9,650 won. However, given the capital you’ve invested so far, asking you to sell at this price would be an unreasonable demand.”
“Hmph. I see you understand.”

Chairman Woo Yong-gap exhaled a rough breath through his nose and answered curtly.

“The stock has been fluctuating around 50,000 won all morning. Sell all your shares at exactly half that—25,000 won per share.”
“What!”

Chairman Woo Yong-gap’s expression twisted in disbelief before hardening. He slammed his palm forcefully against the table before him.

“I could sell these shares on the market right now and get 50,000 won per share, and you’re asking me to slash the price in half? Are you joking with me!”

Chairman Woo Yong-gap bellowed furiously.

“I believe your greed has become excessive.”

Chief Secretary Jeon Hae-cheol, who had been listening quietly to the exchange, interjected with a measured tone.

“The excessive greed belongs not to us, but to Donghae Group, it seems.”
“What did you say!”

Chairman Woo Yong-gap cried out in fury.
But Seok-won met his gaze directly without flinching in the slightest.

“It was Donghae Group that coveted control of Midopa Department Store and inflated a stock price that hadn’t even reached 10,000 won to an absurd level.”
“You—!”

Chairman Woo Yong-gap’s eyes flashed sharply at those words.
Chief Secretary Jeon Hae-cheol immediately countered on behalf of Chairman Woo Yong-gap, who looked as though his blood pressure might spike dangerously enough to collapse him.

“But there is a considerable sum that has been invested thus far. Even if not all of it, surely you must allow us to recover at least half for this to constitute a genuine negotiation.”

Seok-won regarded the other man with cold eyes and responded with icy precision.

“The failed bet belongs to Donghae Group, not to us. Why should we bear that burden?”
“Surely this crosses a line, doesn’t it?”
“Why don’t we release a public disclosure announcing that we’ve secured the shares Baekje Industrial held, and then see how the market evaluates the situation?”

Chief Secretary Jeon Hae-cheol swallowed hard, unable to muster any response.
The other executives wore similarly grave expressions.
The fact that Midopa Department Store’s stock price remained in the 50,000-won range even after the shareholder registry closed was purely due to expectations that if the extraordinary general meeting didn’t settle matters, another battle for equity acquisition could erupt.
But if it became known that Daheung Group had secured a stake approaching the majority threshold, the stock price would inevitably plummet as those expectations evaporated—as clear as day.
Without question, the moment the disclosure was made, it would likely crash below the 25,000 won that Seok-won had proposed.
Watching the other side’s inability to hide their shock, Seok-won continued.

“If rumors spread that Donghae Group, having failed its M&A attempt, is liquidating all the shares it acquired to recover at least some losses, the stock decline would be even steeper. It might even plummet below the original price of 9,000 won in the short term.”

The blatant threat—that if negotiations fell through, I would spread these very rumors in the market—darkened Chief Secretary Jeon Hae-cheol’s and the executives’ expressions further.

“Cutting off all escape routes and forcing an unfavorable deal—you’re no ordinary player.”

Chairman Woo Yong-gap glared at Seok-won with a chilling intensity.

“But you’ve underestimated me. What will you do if, difficult as the situation is, I simply refuse to sell the Midopa Department Store shares and keep holding them?”

Chief Secretary Jeon Hae-cheol and the executives turned to look at Chairman Woo Yong-gap in surprise.

“Then you’d always be anxious, as if you had a knife at your back, wouldn’t you?”

Chairman Woo Yong-gap lifted his chin with a self-satisfied expression.
Even if things were fine for now, there was no telling when another hostile M&A threat might emerge, making the situation genuinely uncomfortable just as Chairman Woo Yong-gap suggested.
But Seok-won showed no sign of alarm whatsoever, instead responding with a faint smile playing at his lips.

“I see. In that case, Chairman Woo would find yourself far more exhausted than us.”
“What do you mean by that?”

Confused by the cryptic remark, Chairman Woo Yong-gap furrowed his brow.

“In case you’ve forgotten, the Donghae Oil shares we hold amount to nearly 20 percent. It’s not just Donghae Group that can shake the other side through M&A attempts.”
“!”

Chairman Woo Yong-gap’s face contorted instantly.

“The difference is that while Donghae Group’s threat is merely a bluff, we possess both the actual capital and justification to execute a real M&A. Just so you’re aware, you’ve surely figured out by now that I’m the representative of Eldorado Fund.”

Seok-won raised one corner of his mouth, his eyes laden with meaning.

“Ugh.”

Chairman Woo Yong-gap let out a pained groan, his face twisted in deep displeasure.
Only after discovering belatedly that Woo Ho-geun had secured illegal loans from Donghae Mutual Credit Union to finance his equity acquisition did I learn through Peregrine Securities Hong Kong about the Eldorado Fund during the process of verifying all related matters.
Upon hearing this, Chairman Woo Yong-gap realized that they had recklessly charged at the Daheung Group without even knowing they were walking into a tiger’s mouth, and he deeply regretted following Woo Ho-geun’s lead.

“Will you accept the proposal, or will you continue fighting?”

Seok-won asked, still wearing that faint smile.

‘Damn it.’

Chairman Woo Yong-gap, now fully aware that he was caught in a dead end, regretted his excessive greed—but it was far too late.
Yet surrendering so easily wounded his pride far too deeply.
After a long moment of deliberation, Chairman Woo Yong-gap finally spoke, his voice noticeably diminished in force.

“Give me a little more time to think.”
“Very well. I’ll give you one day—please provide your answer by this time tomorrow. If I don’t hear from you by then, I’ll consider it a refusal and immediately proceed with acquiring Donghae Oil shares.”
“Mm.”

Chairman Woo Yong-gap exhaled a low murmur, his complexion darkening.

“Oh, and separate from these negotiations, the acquisition announcement for Baekje Industrial shares will be released the moment the market closes today, so please be aware of that.”

Seok-won’s relentless words, leaving no room for further thought, left Chairman Woo Yong-gap drowning in humiliation and despair at finding himself unilaterally cornered.

“…I understand.”

Chairman Woo Yong-gap’s shoulders had already sagged, and he answered reluctantly, his eyes squeezed shut.

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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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