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CH253 | GSI
🕑 Added 2025-03-26 03:20:54 +0000 UTCMido Department Store’s stock, which had skyrocketed to 23,000 won in the morning session before seemingly pausing for breath, erupted once more in the afternoon when Daeheung Group countered with a public tender offer at 40,000 won per share.
[Mido Department Store 36,490
+26,840]
"It’s going up again!"
"This is insane!"
"That’s right! Keep climbing!"
"Damn it! If only I had just closed my eyes and bought some this morning!"
Retail investors who had boldly bet on the soaring stock despite its doubled price cheered with their arms raised high.
Meanwhile, those who hesitated, unable to muster the courage to jump in amid the steep climb, looked on with frustration and regret as the price surged once again, as if mocking their reluctance.
With Mido shareholders raking in massive profits within half a day, a growing sense of FOMO (fear of missing out) spread among onlookers. No one wanted to be the fool who sat on the sidelines while everyone else made a fortune.
A man, fixated on the glaring red numbers of Mido Department Store on the large market ticker, clenched his fist tightly.
"I can’t be the only one missing out."
"Wait… Don’t tell me you’re thinking of buying Mido stock now?"
His friend, standing beside him, asked in disbelief.
"Yeah."
"Are you crazy? You’re buying after it’s already gone up this much?"
"Ah, screw it! How can I just watch when it's skyrocketing like this? Even if I crash and burn, I have to jump in!"
Ignoring his friend’s protests, the man hastily scribbled his trade order and bolted toward the trading window.
His friend anxiously stomped his feet, then turned to glance at the ticker board one more time.
Finally, he shut his eyes tight.
"Screw it! I’m in too!"
"With prices soaring like this, there’s gotta be some profit left for me too!"
Without further hesitation, he rushed after his friend, placing his own order for Mido stock.
As hesitant investors finally threw caution to the wind and joined the buying frenzy, Mido Department Store’s stock burned even hotter.
* * *
Meanwhile, news of Daeheung Group’s counter-move reached Woo Ho-geun’s ears.
"A tender offer at 40,000 won per share?"
"Yes, sir."
Park Yang-seok, the stocky, gold-rimmed glasses-wearing executive director of Donghae Peregrine Securities, confirmed the report.
Still seated on the sofa, Woo Ho-geun let out a scoff.
"Hah! Jumping straight to 40,000 won? Looks like they’re sweating bullets."
At that, Jeon Hae-cheol, the secretary general seated to his left, spoke with a concerned expression.
"Regardless, the fact that they announced such a price means they’ve secured the necessary funds, doesn’t it?"
"It’s just bluffing."
Woo Ho-geun dismissed it as if it were nothing more than a trivial nuisance.
"……!"
"We all know they don’t have that much cash on hand. Where on earth could they suddenly pull together hundreds of billions of won?"
Unlike Woo Ho-geun, who was certain it was all just bluster, Secretary General Jeon Hae-cheol maintained a cautious stance.
"They may have secretly secured the necessary funds in advance through their banks or other means. Just like how we were unaware of their M&A attempt until they held a press conference."
Woo Ho-geun shot Jeon a sharp glare, irritated by the painful truth he pointed out.
"Even if they did manage to scramble for cash quickly, we already have a countermeasure in place. There’s no need to worry."
His voice carried a clear note of annoyance, but Jeon Hae-cheol wasn’t one to back down easily.
"Regardless of any weaknesses they may have shown, they’re still a major conglomerate. Underestimating them could lead to us being caught off guard instead."
However, Woo Ho-geun dismissed Jeon’s concerns as nothing more than an unnecessary nuisance. His face twisted with irritation.
"Enough. I heard you the first time."
With that, he turned his head away in open dismissal, forcing Jeon to reluctantly hold his tongue.
He wanted to push harder for a more cautious approach, but he knew that in Woo’s current state, any further warnings would only backfire.
Ignoring Jeon, Woo Ho-geun shifted his attention to Executive Director Park Yang-seok, who had been watching the exchange in silence.
"If they want to start a money war, that’s perfect. When the market opens tomorrow, raise the bid price to 70,000 won per share."
Jeon Hae-cheol immediately interjected, his voice tense.
"Wasn’t the original plan to set it at 50,000 won?"
Woo Ho-geun frowned impatiently.
"Like you said, if Daeheung Group has secured emergency funds, we need to raise the price so high they won’t dare to follow."
"But that would exceed the capital we’ve prepared."
Woo Ho-geun scoffed. This was exactly why the executives clinging to his father were useless.
When you had the advantage, you had to press forward aggressively—what was the point of all this hesitation?
Dismissing Jeon’s concern with a smirk, he responded,
"We’ll just get additional funding from Peregrine Securities in Hong Kong. There’s no need to worry."
"That’s not support—it’s a loan."
Woo Ho-geun’s expression darkened.
If it were anyone else, he would’ve told them to get lost immediately. But because Jeon was someone his father had assigned, he couldn’t simply throw him out, which made it all the more frustrating.
"The interest payments are high, not to mention the call option attached. If we increase the loan amount any further, it could cause major problems down the road."
"As long as we take over Daeheung Group, those issues will be easy to deal with!"
Woo Ho-geun snapped, his fierce glare fixed on Jeon Hae-cheol.
"I’m the one leading this acquisition, not you. So don’t act like you know better just because my father is being a little frugal. Keep your mouth shut and stay out of it!"
His outburst shocked both Manager Oh Sang-hyun and Executive Director Park Yang-seok, their eyes widening in alarm.
Meanwhile, Jeon Hae-cheol’s face stiffened.
"That was out of line."
"The only one out of line here is you, Jeon."
Woo Ho-geun shot him a cold, warning glance, his tone dripping with contempt.
"A servant should know his place. If you want to secure a cushy advisory role after retirement, don’t overstep your boundaries."
Jeon Hae-cheol’s face burned red with humiliation, but Woo Ho-geun paid him no mind, turning instead to Executive Director Park Yang-seok.
"When we release the new public notice, shorten the initial tender offer period from the 15th to the 12th."
Park Yang-seok hesitated, beads of cold sweat forming.
"Won’t that make the timeline too tight?"
Woo Ho-geun shot back, his face twisting in irritation.
"Anyone planning to sell their shares will do so regardless. By shortening the period, we make it harder for Daeheung Group to raise additional funds and fight back."
Realizing he had struck a nerve, Park quickly bowed his head. He didn’t want to draw any more of Woo Ho-geun’s wrath.
"Y-Yes, I understand. I’ll proceed as you instructed."
"I’ll explain everything to the chairman myself, so don’t worry about it. If there’s nothing else, you’re dismissed."
With a flick of his hand, Woo Ho-geun signaled them to leave.
Jeon Hae-cheol, his face still flushed with humiliation, shot to his feet and stormed out without so much as a parting bow.
Park Yang-seok, his eyes darting nervously, hesitated before offering a quick nod and quietly following behind.
As the door clicked shut, Manager Oh Sang-hyun glanced at the now-empty seat Jeon Hae-cheol had occupied moments ago, then turned to Woo Ho-geun with a concerned expression.
"I understand you were angry, but perhaps you should’ve held back a little."
"Damn it, how could I?!"
Woo Ho-geun yanked at his tie in frustration, his voice laced with venom.
"That bastard dares to argue with me at every turn? A mutt that doesn’t know its master has no place here!"
Everyone knew Woo Ho-geun had a habit of looking down on his subordinates and had a volatile temper. But even Oh Sang-hyun hadn’t expected him to treat Jeon Hae-cheol, a senior executive who had loyally served Chairman Woo Yong-gap for over 20 years, with such blatant disregard.
Oh let out an internal sigh.
How was he supposed to clean up this mess?
At the same time, a bitter realization dawned on him—he, too, was just another servant to Woo Ho-geun, no different from Jeon Hae-cheol.
He masked his thoughts behind a stoic expression and silently observed.
Woo Ho-geun leaned back into the sofa, a smirk curling his lips.
"Once I inherit the chairman’s seat, the first thing I’ll do is get rid of all these useless old relics."
Suddenly, his expression shifted.
"You know that girl from the spaghetti sauce commercial, right?"
"Jo Hae-mi, sir?"
"Yeah. This whole ordeal has put me in a foul mood. Call her and tell her to meet me at the Westin Chosun Hotel tonight."
"…Understood."
* * *
At 3:30 PM, as the stock market closed, Seok-won, who had been overseeing operations at Daeheung Venture Capital in Gangnam, crossed the Han River and headed to the company’s headquarters in Mapo.
"The chairman is expecting you."
As soon as he entered the executive suite, Assistant Manager Jung Yoon-kyung opened the solid wooden door leading to the inner office.
Stepping inside, Seok-won saw Chairman Park Tae-hong seated at the head of the table, flanked by his older brother, President Park Jin-hyung, and Chief Secretary Gil Sung-ho.
"Come in."
Seok-won offered a slight bow in greeting before taking the empty seat beside his elder brother.
Chairman Park, who had been idly pressing his cigarette into a crystal ashtray, leaned forward and got straight to the point.
"How did it go?"
The ashtray was overflowing with cigarette butts—a clear sign of the chairman’s anxious wait.
"You’ve already been briefed, but we issued a public notice for a tender offer at 40,000 won per share as a countermeasure."
"Not that. How many additional shares of Mido Department Store have we acquired?"
"None."
"…What?"
Chairman Park Tae-hong’s face briefly reflected disbelief.
His brows furrowed, and he straightened from his slouched position, his expression twisting as he sought confirmation.
"Did you just say you haven’t bought a single share?"
"Yes."
"Are you out of your mind?!"
His voice boomed through the room.
President Park Jin-hyung, seated beside him, turned to Seok-won with equal confusion.
"I know the M&A rumors have tightened supply, but that shouldn’t mean shares are completely unavailable, right?"
"That’s correct."
Chief Secretary Gil Sung-ho, his face stiff, interjected.
"Don’t tell me you deliberately chose not to buy?"
"That’s exactly right."
A tense silence followed.
"You… you idiot!"
Chairman Park slammed his palm against the sofa’s armrest, his fury palpable.
"We should be scrambling to buy as many shares as possible, and you’re sitting on your hands?!"
It was only natural for him to be furious.
He had entrusted Seok-won with a critical responsibility, and now it seemed like a reckless decision had put the entire group in jeopardy.
Worse still, this wasn’t just about losing a subsidiary—if things went wrong, they could lose control of the entire conglomerate.
President Park Jin-hyung was equally shocked but knew his younger brother wasn’t someone who acted without reason.
"Is there a specific reason for this?"
Both Chairman Park and Gil Sung-ho turned to Seok-won, eyes demanding an explanation.
Especially Chairman Park, whose expression made it clear that if there wasn’t a damn good reason, Seok-won would be torn apart.
Yet, Seok-won remained composed. Instead of caving to the pressure, a knowing smile played at his lips.
"Exactly. I never planned on getting dragged into a mudslinging match over Mido Department Store with Donghae Group. There’s no need for that."
"What kind of nonsense is that?!"
Chairman Park immediately snapped.
President Park Jin-hyung and Chief Secretary Gil Sung-ho couldn’t hide their bewilderment either.
Seok-won, however, remained calm as he began to lay out his reasoning.
"Let me ask you this—why are we so determined to hold on to Mido Department Store?"
Gil Sung-ho, trying to maintain his composure, answered.
"Because it serves as the linchpin of our entire corporate structure. If we lose control, our entire governance system collapses."
"Exactly. And that’s precisely what our opponent is after. But what if… even if they take Mido Department Store, they still can’t achieve what they want?"
"…!"
