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CH261 | GSI
🕑 Added 2025-03-29 04:07:01 +0000 UTCAfter the meeting ended and everyone left the room, Chairman Park Tae-hong sat alone on the sofa, calmly smoking a cigarette as he reread the document detailing the public disclosure set to be released at noon.
Just then, Deputy Manager Jung Yoon-kyung knocked and stepped inside.
“Chairman Kwak Dong-hoon of Saseong Group is on the line. How should I handle it?”
“Chairman Kwak?”
Park Tae-hong lifted his head from the document, looking slightly puzzled.
“Put him through.”
“Understood.”
Shortly after, the phone on the side table rang, and Park Tae-hong picked up the receiver.
“Hello.”
[Chairman Park, it’s me. I was quite disappointed that you couldn’t attend the Federation of Korean Industries luncheon the other day.]
Though Saseong Group outranked his company in business hierarchy, Kwak Dong-hoon was over ten years younger than him, so Park Tae-hong spoke informally.
“As you probably know, I had pressing matters at the company. I hope you understand.”
[I actually called because of that very issue.]
Holding the receiver to his ear, Park Tae-hong furrowed his brow slightly.
“What do you mean?”
Kwak Dong-hoon’s voice turned serious as he got to the point.
[The business community is deeply concerned about Donghae Group’s actions breaking the long-standing unwritten rules we’ve upheld.]
"……."
[If we allow these kinds of hostile takeovers to go unchecked, it will disrupt the order of the corporate world, encouraging reckless M&As aimed at seizing management control.]
Hearing Kwak openly criticize Chairman Woo Yong-gap and Donghae Group’s hostile M&A attempt, Park Tae-hong nodded in agreement with a satisfied expression.
“Exactly. We can’t let Donghae Group succeed with such underhanded tactics.”
[That’s why the Federation of Korean Industries will be issuing an official statement this morning, strongly urging an immediate halt to this hostile takeover.]
Of course, Chairman Woo and Donghae Group, who had already braced for backlash, wouldn’t be fazed in the slightest.
Still, it was better for the FKI to take a stand rather than remain silent. Even a verbal show of support was helpful.
“I appreciate it.”
Park Tae-hong sincerely expressed his gratitude.
[But let’s be honest—if a simple statement was enough to stop them, Chairman Woo wouldn’t have attempted this in the first place.]
“……?”
[So, the FKI leadership, including Chairman Jung of Hyunwoo Group, has agreed to provide financial support for your defense against the takeover.]
Caught completely off guard, Park Tae-hong asked in shock.
“You’re saying you’ll provide financial support?”
“Yes, that’s correct. As the first round, we will provide 50 billion won in convertible bonds. If necessary, we are prepared to offer an additional 50 billion.”
Hearing the offer of a massive 100 billion won loan, Chairman Park Tae-hong was initially delighted. However, his expression hardened as he listened to the attached conditions.
Convertible bonds allowed creditors to either reclaim their principal or convert the debt into shares at a pre-agreed price upon maturity—an arrangement that heavily favored the lender.
‘Those cunning FKI executives… There’s no way they’d offer help without securing a benefit for themselves.’
His fleeting excitement quickly cooled as he processed the implications.
Had he not had his capable son backing him, he might have reluctantly accepted, knowing full well the terms were unfavorable.
But with a last-minute turnaround strategy already in place and sufficient funds secured, there was no need to accept such a deal.
“Do you accept our offer?”
“I appreciate the gesture, but our group can manage the situation on its own. I’ll accept your goodwill, but not the funds.”
Without a moment of hesitation, Park Tae-hong firmly declined.
The financial struggles of Daehung Group were well known, so Chairman Kwak Dong-hoon had assumed the offer would be accepted without question. Hearing an outright refusal caught him off guard.
[Did you just say you don’t need any assistance?]
Seeing Kwak flustered after expecting him to eagerly accept unfavorable terms gave Park Tae-hong a quiet sense of satisfaction.
“That’s right.”
His calm, composed tone only added to Kwak’s confusion.
[Today is the final day of Donghae Group’s public tender offer. Surely you’re not planning to give up on the Mido Department Store?]
“Of course not. The department store is a key subsidiary of our group.”
Park Tae-hong leaned back comfortably on the sofa.
Kwak, unable to understand the situation, pressed further in a hurried voice.
[Then why are you rejecting the funding?]
At this, Park Tae-hong simply chuckled, flashing a confident grin.
“I don’t know what the market thinks, but our group isn’t weak enough to crumble under a mere takeover attempt.”
Silence fell on the other end of the line. Sensing Kwak’s uncertainty, Park Tae-hong’s lips curled into an amused smirk.
“I can’t reveal too much just yet, but you’ll soon understand what I mean.”
Kwak was at a loss. He couldn’t begin to guess what Park had planned.
Yet, since Park was turning down the offer outright, there was no point in pressing the issue.
[…Well, if you ever change your mind, don’t hesitate to reach out.]
“Of course. Once this is all over, let’s have a meal together.”
Kwak couldn’t shake the feeling that something was off. Today was the final deadline for the public tender offer, and yet the man who should have been scrambling for funds was acting far too composed.
[…Yes, let’s do that.]
Kwak hesitated for a moment before finally ending the call.
Setting down the receiver, Park Tae-hong glanced at the document he had left on the table during the call, a knowing smile playing on his lips.
“Heh… Once the disclosure goes live, the whole market will be thrown into chaos.”
* * *
Gangnam, Daehung Venture Capital
After returning from headquarters, Seok-won didn’t head to his office but instead made his way directly to the Treasury Operations Department.
Accompanied by his secretary, Han Ji-sung, he entered the bustling office, where traders were actively buying up Donghae Oil’s stock.
Ring! Ring!
“Buy 3,500 shares of Donghae Oil at 29,500 won!”
“Okay, deal!”
With his white dress shirt sleeves rolled up, Deputy Director Choi Ho-geun stood at the back, arms crossed, his sharp gaze monitoring every transaction. Then, in a commanding voice, he asked:
“How many shares have we acquired so far?”
At that moment, Chief Manager Jung Hwan-yeop, feeling stifled, yanked off his tie in frustration and answered without even turning around.
"Just over 100,000 shares!"
Right after, Deputy Manager Yoo Seok-hyun, who had just placed his phone back on the receiver, added,
"I’ve got about 56,000 shares."
"We’ve been sweeping up everything, and the price has already shot up by over 1,000 won. Should we take a break and let the market cool off a bit?"
Jung Hwan-yeop asked, eyes still glued to the monitor.
Even as he spoke, his fingers were moving rapidly across the keyboard, placing yet another buy order. He might have had a laid-back and carefree attitude on most days, but his skills were unquestionably top-notch.
[Donghae Oil 29,760 ▲ 1,320]
Chief Manager Choi Ho-geun, arms crossed, stared at the stock prices displayed on the massive market board installed on the wall, contemplating their next move.
Just then, a deep, authoritative voice cut through the room.
"Once the disclosure goes public, the stock price will skyrocket. Keep buying as much as possible before that happens."
Choi Ho-geun turned around in surprise. Seeing Seok-won standing there, he quickly bowed his head in greeting.
"You’re here, sir."
Seok-won took a step forward, scanning the room before asking,
"What’s the market sentiment like?"
"So far, there’s no major movement. But as you can see, we’ve been aggressively acquiring shares, driving Donghae Yuryang’s price up significantly. Some players are starting to catch on."
Dressed in a sleek gray suit, Seok-won nodded slightly.
"It’s a stock that usually sees low trading volume. A sudden surge in activity will definitely raise suspicions."
Choi Ho-geun immediately added,
"And since it’s tied to an M&A deal, the more perceptive investors are already catching on and joining the buy-side."
Seok-won shrugged, unsurprised.
"When a stock is being scooped up in bulk, it would be stranger if the market didn’t notice."
"That’s true."
Even Choi himself would have jumped in on such a move without hesitation if he had spotted it from the outside.
"How’s Mido Department Store’s stock doing?"
Without missing a beat, Choi responded,
"It briefly surpassed 70,000 won per share, but after rumors spread about our group's financial struggles, it dipped and is now fluctuating around 70,100 won."
"That’s exactly the price Donghae Group offered in their tender bid."
"Since today is the deadline and we haven’t raised our counteroffer, the market seems to be leaning toward accepting Donghae Group’s bid."
It was an understandable reaction from uninformed retail investors.
"If they secure the shares they need through this public tender, the stock price—after its recent surge—will inevitably collapse. Investors are looking to sell before that happens."
"I’d do the same if I were them."
"They might be celebrating now, but soon, the Mido Department Store shares they paid a premium for will turn into a burden."
Understanding Seok-won’s strategy, Choi Ho-geun smirked.
"Once the disclosures go live, the traders at the Yeouido securities firms and retail investors won’t have time to eat lunch today."
"That’s right."
Seok-won met his gaze and chuckled.
As soon as the announcement dropped that Mido Department Store had sold off all its textile holdings, followed by the disclosure of Donghae Yuryang’s stake acquisition, the market would go into an uproar.
With things moving at such a rapid pace, no one would have the luxury of stepping out for lunch—not the securities firms, not the traders, and certainly not the Treasury Operations Department staff.
Suddenly, as if remembering something, Seok-won turned to his secretary, Han Ji-sung.
"Hand them out."
"Understood."
Han Ji-sung, who had been holding plastic bags in both hands, placed them on the meeting table in the corner of the office.
"What’s that?"
"Since it’ll be hard to step out during lunch, I picked up some bento boxes from a Japanese restaurant."
Choi Ho-geun gave a grateful smile at the thoughtful gesture.
"Thank you for thinking about our lunch as well."
Whether by perfect timing or sheer coincidence, the clock struck noon, marking the start of the lunch break.
Jung Hwan-yeop, who had been diligently working while still keeping an ear on the conversation behind him, quickly approached with both thumbs up.
"Ahh, this is why you’re the best, boss!"
Yoo Seok-hyun and Hong Jae-hee were equally touched by Seok-won’s thoughtful lunch treat.
"I was just wondering how I was going to manage lunch today. Thank you!"
"No one else would be this considerate but you, sir."
As everyone gathered around, Jung Hwan-yeop was the first to tear open the plastic bag and pull out the bento box inside.
"Whoa! Isn’t this an expensive eel rice bowl?"
"I picked that because it’s great for stamina. Eat up and stay strong."
Jung Hwan-yeop picked up a thick, glistening piece of grilled eel with his chopsticks, popped it into his mouth, and chewed with delight.
"Wow! This is seriously good. Absolutely delicious!"
Watching him grin from ear to ear, Choi Ho-geun let out a sigh and rubbed his forehead.
"Ugh… That guy again…"
Seok-won, on the other hand, simply smiled, pleased to see his team enjoying their meal.
"I’m glad you like it."
"Boss, you should eat with us too."
"No, I’ll pass. If I stay, you might get too nervous to enjoy your food. Just eat comfortably among yourselves."
Glancing around, Seok-won noticed that while Choi Ho-geun was the only one looking restless, Yoo Seok-hyun and Hong Jae-hee had already opened their bento boxes and were eating enthusiastically.
Spending time around Jung Hwan-yeop must have rubbed off on them, making them just as shameless.
As Choi Ho-geun sat there, sinking into self-doubt about his leadership skills, a sudden notification sound rang out from the computer.
"What was that?"
"I’ll check."
Yoo Seok-hyun immediately stood up, scanned the monitor, and turned to Seok-won.
"The disclosure from Mido Department Store just went live."
"I see."
Seok-won’s lips curled into a knowing smirk, a glint of intrigue in his eyes.
