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CH264 | GSI
🕑 Added 2025-03-30 02:20:28 +0000 UTCBang!
Chairman Woo Yong-gap slammed his palm onto the conference table, his voice thundering with fury.
"You're telling me Mido Department Store sold off all its shares in Daeheung Textile to the venture capital firm?! What kind of nonsense is this?!"
His roar echoed through the spacious executive meeting room, sending a shiver through the gathered board members. No one dared to breathe too loudly, afraid of drawing his ire.
Seated to his left, Chief Secretary Jeon Hae-chul spoke up, his tone calm but firm.
"Getting too worked up isn't good for your blood pressure, Chairman."
There was a barely perceptible shift in his expression—his face was even more unreadable than usual, his voice laced with an almost clinical detachment. But Woo Yong-gap, too consumed by rage, failed to notice.
"How the hell am I supposed to stay calm when a multi-billion-won investment is on the verge of collapsing?!"
His voice climbed another octave, veins bulging in his neck.
In the past, Jeon Hae-chul might have tried harder to placate him, fearing a sudden health crisis. But disappointment and a growing sense of disdain had dulled his concern. This time, he simply pressed his lips together and said nothing.
Still breathing heavily, Woo Yong-gap suddenly turned his fiery gaze to his right, locking eyes with Woo Ho-geun.
"You told me to trust you! What the hell have you been doing?!"
Woo Ho-geun had returned in a hurry after scrambling to assess the situation. Gone was the confidence he’d exuded that morning. His expression was stiff as he responded.
"It was an unexpected blow, but this doesn’t change the bigger picture."
"Are you seriously spouting such nonsense right now?!" Woo Yong-gap snapped, his glare sharp enough to cut. "Without those textile shares, our entire plan to take over Daeheung Group is ruined!"
"You think we poured billions into this just to get our hands on a department store?!"
Despite the sharp reprimand, Woo Ho-geun didn’t avert his gaze.
"I take full responsibility for not anticipating that they might transfer the shares to another affiliate," he admitted.
"Hmph. At least you know that much," Woo Yong-gap sneered.
"But," Woo Ho-geun continued, unfazed, "we've already filed an injunction to block the share transfer. That should be enough to stop the deal from going through."
At this, Woo Yong-gap shifted his gaze to Jeong Chan-won, the group's chief legal officer, seated further down the table.
"Is that true? Can we actually stop it?"
A former chief prosecutor, Jeong Chan-won adjusted his thick-rimmed glasses before responding in a measured tone.
"As I already explained to Director Woo, if we can convince the court that the sale was an improper use of corporate assets for the owner's personal benefit, we have a solid chance of securing an injunction."
Woo Yong-gap’s brows furrowed deeply.
"So you're saying we might be able to stop it, but there's no guarantee!"
Years ago, Woo Ho-geun might have flinched under such an intense glare, but his time in Hong Kong had hardened him. Now, he met the chairman’s gaze without the slightest sign of hesitation.
"Mido Department Store’s sudden decision to sell off its textile shares was clearly a defensive move to protect the group's management rights. Even a child could see that. But even if the injunction fails, it doesn’t matter."
Woo Yong-gap’s eyes narrowed.
"And why is that?"
"Because what we really need is time."
"…!"
Woo Yong-gap narrowed his eyes, processing his son's confident countermeasure.
"We'll block the share transfer with an injunction while immediately convening an emergency shareholders' meeting. Once we replace Mido Department Store’s management, we can simply nullify the sale decision, rendering their ploy useless."
The plan sounded solid. Woo Yong-gap turned to Chief Legal Officer Jeong Chan-won for confirmation.
"Is this actually feasible?"
"In theory, yes," Jeong replied, adjusting his glasses. "But the key issue is how quickly we can hold the emergency meeting and whether we have the votes to push our agenda through."
Woo Ho-geun responded firmly, as if the matter had already been settled.
"With the shares we've already acquired, combined with the additional stake secured through today’s public tender offer, we now control over 35% of Mido Department Store. If we call for a shareholders' meeting immediately and acquire just 5% more in the meantime, we can turn the tide in our favor."
As he listened, Woo Yong-gap pulled a cigarette from its case and placed it between his lips. Without hesitation, Chief Secretary Jeon Hae-chul lit it for him.
"Hoo…"
Taking a slow drag, Woo Yong-gap exhaled a steady stream of smoke, letting the plan sink in.
Then, still holding his cigarette between his fingers, he turned to Financial Director Lee Kyung-hyung, seated beside Jeon Hae-chul.
"What do you think?"
Lee Kyung-hyung shot a brief glance at Woo Ho-geun before speaking.
"If we’re not abandoning the M&A, then Director Woo's proposal is the best course of action."
Woo Yong-gap surveyed the other executives in the room.
"Does everyone agree?"
The directors exchanged quick glances before nodding in succession.
"Yes."
"It seems like the most viable option."
"I don't see any other way to stop the textile shares from being transferred."
Woo Yong-gap pressed his fingers against his temple, muttering to himself.
"So that's how it is…"
Even in his own assessment, this seemed to be the best move they could make under the circumstances.
Then, suddenly, he realized something.
Jeon Hae-chul had been unusually quiet today.
Turning his head, Woo Yong-gap studied his secretary. He was sitting there, completely still, his face unreadable. It was as if an invisible barrier had been drawn between them—as if he had deliberately taken a step back from the situation.
A strange feeling crept over the chairman. Narrowing his eyes, he called out.
"Jeon. You’ve been rather silent today."
Jeon Hae-chul responded in a composed, almost indifferent tone.
"Director Woo has already presented the best solution. I saw no need to add anything further."
"Hmm… Is that so?"
Woo Yong-gap fixed his gaze on Woo Ho-geun for a long moment before finally turning his head away.
He ground out his half-smoked cigarette in the crystal ashtray on the table, signaling his final decision.
"Fine. We’ve already poured too much money into this to back down now. If they want to make a last-ditch effort, we’ll push even harder and crush them completely!"
"Understood," Woo Ho-geun responded with a firm nod.
Just then, Finance Director Lee Kyung-hyung hesitated before speaking carefully, watching Woo Yong-gap’s reaction.
"There’s one concerning development we should be aware of."
Before he could explain, Woo Ho-geun furrowed his brows, already suspecting the topic. Woo Yong-gap leaned back in his chair, giving him a sharp look.
"Out with it."
Lee Kyung-hyung cast a wary glance at Woo Ho-geun before continuing.
"Since this morning, there’s been a strong buying surge. By the end of the day, Donghae Oil’s stock price had skyrocketed over 12%, closing at 33,520 won."
The moment he heard this, Woo Yong-gap’s eyebrows shot up.
Donghae Oil’s stock had been fluctuating in the high 20,000s, so for it to suddenly breach the 30,000 mark was no small matter.
On top of that, Donghae Oil was the top player in the cooking oil market, serving as the group's main cash cow and central to its corporate governance. The fact that someone was targeting it put him on high alert.
"Is someone accumulating Donghae Oil shares?!"
His urgent tone made Lee Kyung-hyung avert his gaze slightly.
"We’re still investigating, but given the continuous large-scale buying, the situation doesn't feel right."
"Why am I only hearing about this now?!"
Woo Yong-gap’s furious shout made the entire conference room tense.
Lee Kyung-hyung’s expression turned apologetic as he tried to explain.
"Normally, we would’ve caught it sooner. But with today being the last day of the public tender offer and the unexpected announcement of the textile stake sale, our focus was elsewhere, and we failed to notice the signs in time."
"And you think that’s an excuse?!"
Woo Yong-gap scowled, his anger boiling over. Lee Kyung-hyung had no defense—he knew he had made a grave oversight.
Then suddenly, Woo Yong-gap snapped his head toward Woo Ho-geun, his gaze sharp as a blade.
"Did you know about this?"
Woo Ho-geun hesitated for a split second before answering.
"…Yes."
At that, Woo Yong-gap’s fury reignited.
"And you still didn’t say anything?!"
"It’s obvious what’s happening. Daeheung Group knows they’re losing the battle for control, so they’re using a diversionary tactic—shaking up Donghae Oil to split our attention. But unlike them, we control nearly 40% when counting our allied shareholders. All they’re doing is wasting money on a futile attempt."
Woo Ho-geun’s voice was steady, showing no signs of panic.
Woo Yong-gap took a moment to think.
His son had a point.
Realizing this, he exhaled sharply, calming himself slightly.
"Even so, we can’t just sit back and let them attack Donghae Oil. Take immediate action."
"Understood. I’ll handle it."
At this turn of events, the funds available for acquiring Mido Department Store shares would inevitably shrink. Still, Woo Ho-geun silently accepted the decision—allowing Daeheung Group to accumulate a significant stake in Donghae Oil was far more unsettling.
“Damn it. I thought this would be an easy takedown, but even a rotting fish still has its bones,” Woo Yong-gap muttered, leaning back in his chair with a scowl.
Just then, a knock sounded, and Manager Oh Sang-hyun stepped inside.
“Apologies for interrupting, but I have urgent news.”
The urgency on his face triggered an eerie déjà vu for Chief Secretary Jeon Hae-chul, reminding him of what had happened earlier that day in the chairman’s office. A chilling sense of foreboding ran down his spine.
As every eye in the room turned toward him, Oh Sang-hyun quickly approached Woo Ho-geun and whispered something while handing him a note.
The moment Woo Ho-geun unfolded it, his eyes widened in shock, his expression turning pale.
Woo Yong-gap, instantly sensing trouble, demanded, “What is it?”
But Woo Ho-geun bit down on his lower lip, hesitating to respond.
Growing impatient, Woo Yong-gap pressed him harder. “What are you waiting for? Speak up already!”
The other executives, including Jeon Hae-chul, watched Woo Ho-geun anxiously, waiting for an explanation.
Reluctantly, Woo Ho-geun finally spoke.
“Daeheung Group released a new public disclosure right at the market close.”
At those words, Woo Yong-gap’s expression stiffened.
“They made another disclosure?”
“Yes.”
Sitting up straight, Woo Yong-gap asked, “What did it say?”
Woo Ho-geun hesitated for a brief moment before forcing out the words.
“…They announced that they’ve acquired an 18% stake in Donghae Oil and intend to continue purchasing shares.”
“……!”
“And the stated reason for their stock acquisition… is securing management control.”
For a moment, silence hung in the air—then the conference room erupted.
“No way, how is that possible?!”
“This can’t be happening.”
“Can they really do this?”
Everyone was in shock, struggling to process the news.
In the midst of the confusion, Woo Yong-gap’s face turned an alarming shade of red, his fury boiling over. With a loud bang, he slammed his fist against the table.
“Eighteen percent? How the hell did they manage that?!”
Woo Ho-geun, his own expression rigid with tension, responded grimly.
“They used the same tactic we did—disguising their acquisitions through foreign investors to secretly accumulate shares over time.”
“Damn it all!”
Veins bulged in Woo Yong-gap’s neck as he roared in anger.
“We were so focused on Mido Department Store that we didn’t even realize our own house was being looted! Those sons of bitches dare to lay their hands on what’s mine?!”
As he raged, pacing furiously, Woo Yong-gap suddenly clutched the back of his neck.
“Ugh…!”
His body stiffened in pain, and the entire room erupted into chaos.
“Chairman! Are you alright?!”
“Someone call an ambulance—now!”
Executives scrambled toward him in alarm, their chairs scraping against the floor as they rushed to his side.
Meanwhile, Woo Ho-geun—who had been convinced they had already won this battle—ground his teeth in frustration. The tables had turned in an instant, and he could barely contain his fury.
Comments
Rch_ii
Are thee Woo's gonna be a full thorn on the MC's side? I guess they will be dealt with during the IMF crisis as MC stated in earlier chs.
