Free Web NovelA few days later, a full-page advertisement appeared on the front pages of most major newspapers, announcing a public tender offer to secure management rights of JC Jeongdang.
[Public Tender Offer for JC Jeongdang Shares]
Tender Offeror: Future Investment.
Target Company: JC Jeongdang Co., Ltd.
Purpose of Tender Offer: To secure management rights.
The tender offeror intends to acquire 50,910,467 shares of the target company (approximately 17.3% of the issued shares) in order to secure management rights.
Target Shares: Registered common stock.
Planned Purchase Quantity: 6,091,057 shares.
Purchase Price: 17,400 KRW per share.
Tender Offer Conditions: Regardless of the participation rate, the tender offeror will purchase all tendered shares, and payment will be made in cash.
While reading the newspaper advertisement, I turned my head at the sound of the office door opening.
Manager Ma entered and bowed deeply. When I gave a slight nod, he spoke.
“Chairman Song of Daehyeon wishes to be connected for a call.”
“Looks like JC Group is starting to panic.”
It seemed JC Group had asked Chairman Song, who was closely tied to me, to intervene because of today’s advertisement.
“Connect me.”
Soon, the call went through to Chairman Song. I could hear him clearing his throat on the other end of the line.
“Yes, Chairman. You called?”
― Hoho, my boy. Why is it so difficult to reach you even once?
“I apologize, Chairman.”
― I am not demanding an apology...
He trailed off, hesitant to say what he wanted. I spoke first.
“Is this about JC Jeongdang?”
Thanks to that, Chairman Song was able to open up.
― Yes. Why are you doing this? What wrong has JC Group done to you?
“They have done nothing wrong. I simply need the Ilseong Group shares that JC Jeongdang holds.”
Launching a public tender offer to secure management rights was not exactly the best method. It caused a sudden surge in the stock market price.
Because I had attached a 30% premium over yesterday’s closing price, the stock had already hit the upper daily limit as soon as the market opened.
But I did not care, because what I truly wanted was JC Jeongdang’s stock price to rise—preventing any unnecessary white knights from stepping in.
“Did they contact you, Chairman?”
― Yes. They called me first thing in the morning to complain. Why they bring such things to me, I do not know.
Though Chairman Song grumbled, his voice did not sound displeased.
“Haha, I apologize. It seems to be because of my connection with you. I am sorry to trouble you when your health is not good.”
― Think nothing of it. It can happen.
Although he said it was fine, I could not keep troubling him.
“It will be over soon.”
― No room for negotiation?
“If JC Group hands over all of the Ilseong Group shares it holds, the shares I own will become their friendly stake.”
― I understand. I will be in touch again.
After exchanging farewells, I handed the phone back to Manager Ma.
“What did Chairman Song say?”
Manager Ma asked carefully, curious since the call from Chairman Song’s side had been urgent.
I smiled faintly.
“Looks like they called Chairman Song as soon as they saw the newspaper ad. They must be desperate.”
No doubt JC Jeongdang was already in full emergency mode. The smile tugging at my lips deepened.
* * *
“What the hell? What is this all about?”
Vice Chairman Seo Jaesang, who had been handling management in place of his increasingly ill father, turned pale when he saw the advertisement in the morning paper.
Skipping breakfast, he rushed straight to the company and summoned the secretarial staff.
These were handpicked elites within the group, but they bore the full brunt of Seo Jaesang’s rage.
“We still do not know the exact reason.”
“You do not know? That is your answer?”
Slamming his hand on the desk, Seo Jaesang shouted at Chief Secretary Jang Baekhyeon.
“I apologize. We are identifying the situation now.”
“Why is Future Investment suddenly attacking us? I reported it to Father already, so you find out immediately how much of JC Jeongdang they hold. They would not dare declare a tender offer unless they were confident!”
Scowling, Seo Jaesang flung himself into his chair. His face was full of irritation.
“Everyone except Jang stays behind; the rest get out there and find out today. If you cannot, you are all fired. Out!”
All the secretarial staff except Jang Baekhyeon left.
When they were gone, Seo Jaesang leaned back heavily with a deep sigh. Jang remained standing stiffly.
After a long silence, Seo Jaesang opened his eyes.
“Uncle, why are they doing this?”
With no one else present, he addressed Jang more familiarly.
“There was a rumor in the securities market that Future Investment was collecting Ilseong shares. I think their goal is the Ilseong stake held by JC Jeongdang.”
At Jang’s words, Seo Jaesang’s face twisted.
“So Ilseong and Future Investment are fighting, and we are the ones to bleed?”
“It is not certain. But what is certain is that the owner of Future Investment is Kim Muhyuk of Myeongdong. And it is widely known in the business world that he and Chairman Seo Yonggeon do not get along.”
At the unexpected name, Seo Jaesang raised his brows.
“Kim Muhyuk? Is he not a loan shark? You are saying he owns Future Investment?”
“There has been no official confirmation, but most in the business community believe so. Either he is the owner or someone very closely tied to him.”
Rumors about Kim Muhyuk, long known only as Cheon Taesan’s successor, had begun to circulate in the business world.
No one knew his exact position, but everyone understood his influence already exceeded Cheon Taesan’s.
Seo Jaesang’s face contorted again.
“So you are telling me that our management rights are at risk because of some mere loan shark?”
“...He is not someone to be dismissed as merely that.”
“A loan shark is a loan shark.”
Jang let out a silent sigh. He knew Seo Jaesang well from long observation.
Unlike other chaebol heirs, he had not caused major scandals, but as Chairman Seo Maenggeon’s only son, his arrogance was excessive.
“So, what countermeasures do we have?”
“The Chairman is speaking with Chairman Song of Daehyeon. As far as I know, Song is the only one closely connected to Kim Muhyuk.”
Despite Jang’s warning, Seo Jaesang still treated Kim Muhyuk lightly.
“Tsk. If he is a loan shark, he must have committed crimes. Can we not pressure him with prosecutors we control? Uncle, handle it. Should Father really have to ask Chairman Song for help over this?”
Even in his thirties, Seo Jaesang often whined absurdly when no one else was around.
Jang shook his head slowly.
“He has influence in the legal world as well. Even a prosecutor investigating him lost his position.”
“This country, I swear...”
Seo Jaesang no longer shouted at Jang. They continued discussing for a while before Jang left.
By then night had fallen, but JC Jeongdang’s headquarters was blazing with lights.
All the executives had gathered in the conference room. The room buzzed with chatter about the crisis until Seo Jaesang and Jang entered, when silence instantly fell.
Looking displeased, Seo Jaesang sat down. His tone was icy.
“Have you prepared countermeasures?”
Not a single executive spoke. All bowed ❀ Nоvеlігht ❀ (Don’t copy, read here) their heads.
“Do you not care whether management rights are lost? Is that it?”
He lashed out, until Jang gestured discreetly for him to stop.
With a heavy sigh, Seo Jaesang clenched his teeth.
“If management rights are lost, none of you will be safe. Do not waste time gauging where to side. Understood?”
Weak replies came from all around, the executives glancing nervously at their much younger superior.
“The Chief Secretary will brief you. Listen, and then think of what you must do.”
At his signal, Jang stepped forward.
“I am Jang Baekhyeon. The current shareholding situation of JC Jeongdang in Future Investment’s possession is...”
As Jang explained, Seo Jaesang folded his arms and closed his eyes.
That this was happening because of a single loan shark—wrinkles deepened on his brow.
* * *
The tender offer advertisements filled the front pages of major papers for days. freewebnovёl.ƈom
JC Jeongdang’s stock had already hit the upper daily limit three times and now hovered above the tender offer price.
“Boss, we have arrived.”
At Manager Ma’s words, I opened my eyes.
At Chairman Song’s mediation, I had agreed to meet Chairman Seo Maenggeon of JC Group.
Seo Maenggeon lived outside the city.
Though modest for a chaebol, his residence had a wide garden. Inside, in the living room, Chairman Seo and his son, Vice Chairman Seo Jaesang, were waiting.
With effort, Seo Maenggeon rose first and extended his hand.
“I am Seo Maenggeon.”
“Pleasure to meet you. I am Kim Muhyuk.”
Smiling, I grasped his hand.
In his face, I could faintly see Seo Yonggeon. Brothers truly were brothers.
After shaking hands, we sat. But across from me, Seo Jaesang’s face was sour.
His expression, full of discontent, reminded me of Cheon Jiwon. Annoyance rose, and I turned away.
We exchanged some small talk about my grandfather, then I cut to the point.
“Chairman, why did you wish to meet me?”
Seo Jaesang cleared his throat, but I ignored him and fixed my eyes on Seo Maenggeon.
He shook his head.
“Did it really have to come to this?”
“What do you mean?”
“You could have tried negotiating first. Why pressure us with a public tender offer?”
There was no reason to take the easy road.
“Would you have accepted if I tried? No, you would not even have given me the time of day. Am I wrong?”
Looking at JC Jeongdang’s weak control structure, I had decided it was better to strike hard and fast than to waste time in a war of nerves.
If I had negotiated without guaranteed victory, it would likely have fizzled out.
Without Jang Daeho’s shares, I would have needed years of accumulation, but with them, my chances of victory had soared.
“Do you not know what Ilseong means to me?”
“I do not know in detail, but I know enough. The founder’s eldest son, the unfortunate crown prince—that much I know.”
That was Seo Maenggeon’s Achilles’ heel. He had been meant to succeed his father, but Seo Yonggeon had stolen that position.
“But that is unrelated to me. Why not tell me the purpose of asking to meet me through Chairman Song?”
The answer, however, came from elsewhere.
“What the hell is with this brat? Where are your manners?”
At the sudden rude tone, I turned. Seo Jaesang’s face was flushed red as he glared at me.
“Are you talking to me? Did you just speak down to me?”
“What? You are younger than me!”
Exploding with rage, Seo Jaesang leapt to his feet and jabbed a finger at me. Was there no one decent in this family?
A hollow laugh escaped me as I stared right back at him.
