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CH251 | GSI
🕑 Added 2025-03-26 03:19:46 +0000 UTCDonghae Group Headquarters
As soon as Woo Ho-geun hurriedly pushed open the door to the chairman’s office, a thunderous roar erupted.
“What the hell are you doing?!”
The chairman’s furious voice boomed through the room, making the walls tremble. Woo Ho-geun struggled to mask his dismay and averted his gaze from Chairman Woo Yong-gap, whose face was flushed red with rage.
“Please, have a seat and hear us out calmly.”
Jeon Hae-chul, the chief secretary, who had arrived earlier, tried to soothe the enraged chairman.
With a sharp exhale, Woo Yong-gap waved his hand dismissively, as if speaking any further was beneath him.
His anger was understandable—Daeheung Group’s unexpected press conference had blindsided them.
But it wasn’t as if the plan had completely failed; it had merely hit a snag. And yet, the chairman was acting as though they had committed an irreversible blunder.
Woo Ho-geun felt a surge of defiance rise within him.
"Damn it."
Clenching his lower lip, he silently walked over and sat on the empty sofa to his right.
Watching his son, Woo Yong-gap spoke in a voice laced with irritation.
“If you have ears, I assume you’ve heard that Daeheung Group gathered the press and publicly exposed our hostile takeover attempt?”
“…Yes.”
Upon hearing his son’s subdued response, the chairman slammed his palm down onto the sofa’s armrest and bellowed.
“We haven’t even secured enough shares yet, and they’ve already caught on! Not only that, but they managed to trace everything back to us and expose our involvement! How the hell did you let this happen?”
Woo Ho-geun remained silent, enduring the scolding.
Clicking his tongue in frustration, Woo Yong-gap glared at him.
“I specifically told you to be careful and handle this properly! What is this mess?! I should never have entrusted you with this in the first place!”
The words cut deep, wounding his pride. Woo Ho-geun clenched his fists atop his knees.
Turning away from his son, Woo Yong-gap redirected his ire toward Jeon Hae-chul.
“And you! I told you to keep a close eye on things and make sure there were no mistakes! What were you doing?”
“I take full responsibility,” Jeon Hae-chul replied, bowing his head in apology.
“There’s not a single person here who can handle things properly! Who the hell am I supposed to trust?”
Still seething, Woo Yong-gap shook with anger, his shoulders rising and falling.
At that moment, Woo Ho-geun, whose fists had been clenched so tightly that the veins on his hands stood out, raised his head and spoke firmly.
“I’ll admit, Daeheung Group caught on faster than expected, and that was surprising. But this is not a disaster worth panicking over.”
“What?!”
The chairman’s piercing gaze locked onto him, but Woo Ho-geun remained unfazed.
“It’s unfortunate that we couldn’t secure more shares before being exposed. But let’s be honest—this was never something we could keep hidden forever. It was bound to come out sooner or later.”
“You think I don’t know that? The problem is that, as you said, the timing wasn’t right!”
With a sharp glare, Woo Yong-gap whipped his head toward Jeon Hae-chul.
“How much Mido Department Store stock have we secured so far?”
At that moment, Chief Secretary Jeon Hae-chul glanced at Woo Ho-geun, who was seated across from him, before answering.
"Including the shares we acquired through Donghae Peregrine Securities and transferred to Baekje Industries, we've secured a total of 14%."
As soon as he heard the number, Chairman Woo Yong-gap scowled deeply.
"Look at this! 14% doesn’t even match what Chairman Park’s family owns, and you still have the nerve to talk so casually?!"
"We're only behind by about 5%, so we can turn the tables soon."
"Ha!"
Woo Yong-gap let out a dry laugh, his teeth grinding in frustration.
"Do you not understand that even a single vote less than the opponent means complete failure at a shareholders’ meeting? Now that they know we’re targeting Mido Department Store, they’ll obviously fight tooth and nail to buy up shares!"
But Woo Ho-geun remained composed, countering with confidence.
"Of course they will. But acquiring shares won’t be as easy as they hope."
There was something unsettling about his certainty, as if he had an ace up his sleeve.
Narrowing his eyes, Woo Yong-gap scrutinized his son.
"What exactly are you so confident about?"
"It's simple. They don’t have enough funds to buy more shares."
Meeting his father’s sharp gaze head-on, Woo Ho-geun lifted his chin.
Seeing this, Woo Yong-gap folded his arms and motioned for him to explain further.
"Based on the intelligence we've gathered, Daeheung Group currently has only around 10 billion won in liquid assets. In contrast, we still have 55 billion won left in reserve."
"Are you sure they only have that much cash on hand?"
Woo Yong-gap asked, seeking confirmation. Without hesitation, Woo Ho-geun nodded firmly.
"We verified it through internal leaks from Daeheung Group. The numbers are solid."
"Hmm."
Leaning back and crossing his legs, Woo Yong-gap reassessed his son in his mind.
He had to admit, this level of meticulousness—extracting confidential information instead of blindly rushing in—was impressive.
Still, he kept his expression neutral, only giving a slight nod.
"Even with a department store business that deals in cash transactions, they barely have any liquidity… I did hear rumors that they poured everything into building the new Gangnam branch. Looks like it’s true."
Woo Ho-geun leaned forward, his voice taking on a sharper edge.
"Holding a sudden press conference to expose our hostile M&A attempt was clearly a tactic. They’re trying to manipulate public opinion to corner us while buying time to scrape together the funds they lack."
Woo Yong-gap frowned, nodding gravely.
"The other conglomerate chairmen who hear about this won’t look kindly on us."
Jeon Hae-chul, who had been silently listening, spoke up with a serious expression.
"They also emphasized foreign involvement in their press conference, likely to stir up resentment among business leaders and the public."
"No doubt about it."
A hostile M&A was already difficult to win public favor for, but if foreign entities were involved, it would be the perfect opportunity for Daeheung Group to turn public opinion against Donghae Group.
Realizing how much worse the situation could get, Chairman Woo Yong-gap's expression hardened.
"We already knew that taking over Mido Department Store and Daeheung Group would draw criticism from other conglomerates and the public."
"Hmm."
"We might take some heat for now, but it won’t last long. On the other hand, the benefits of acquiring Daeheung Group through Mido Department Store are beyond measure."
Woo Ho-geun's voice carried weight as he looked straight at his father, who sat at the head of the table.
"In that case, the answer is obvious. We know exactly what we need to do."
Seeing the determination in his son's eyes, Woo Yong-gap thought to himself.
"I thought he was just a reckless troublemaker, but it seems he's finally come to his senses."
His son had always been sharper than most.
Even in the past, his mistakes had only become a problem because they were exposed by the media—otherwise, he would have walked away with a fortune.
"Looks like sending him to Hong Kong was the right decision."
Originally, it had been a move to keep him out of sight and out of trouble, but in hindsight, it had become a valuable experience for him.
With a heavy nod, Woo Yong-gap signaled his agreement.
"You're right. What's done is done, and this opportunity is far too valuable to give up so easily."
However, his frown did not completely disappear.
"Now that the battle for shares has begun, they’ll fight desperately since their entire group’s fate is on the line. Do you have a strategy in place?"
"Of course I do."
Woo Ho-geun responded as if he had been waiting for the question.
At this, Woo Yong-gap straightened his posture, leaning forward slightly.
"Explain."
"Since it’s already known that we’re acquiring shares, we’ll take it a step further. Before the market opens tomorrow, I plan to announce a public tender offer for Mido Department Store’s circulating shares."
Hearing something unexpected, Woo Yong-gap widened his eyes and asked again.
"Did you just say a public tender offer?"
"Yes."
A tender offer refers to a strategy for acquiring management control, where shares are publicly purchased at a predetermined price until the required amount is secured.
"If we stop hesitating and strike directly like this, we can neutralize Daeheung Group's ploy to stall for time while they scramble for countermeasures."
Woo Yong-gap pondered for a moment, then frowned as if something about the plan still bothered him.
"It’s not a bad strategy, but to make shareholders accept the tender offer, we’ll need to offer them a significant incentive. Won’t that put too much strain on our finances?"
Hearing his concern, Woo Ho-geun responded firmly.
"The moment Daeheung Group went public with the situation, this became an all-out financial war. In that case, striking hard and fast before they can gather funds is actually the cheaper option in the long run."
Seated across from them, Secretary Jeon Hae-chul cautiously joined the discussion, siding with Woo Ho-geun.
"Young master is right. Dragging this out won’t benefit us at all."
Woo Ho-geun pressed his point further.
"Exactly. If we hesitate, another group might see an opportunity and interfere, complicating things even more."
Leaning back against the sofa, Woo Yong-gap fell into deep thought, his face serious. But before long, he made up his mind.
"You're right. Letting this situation escalate will do us no good. It’s better to wrap this up quickly, even if it means taking some risks. If we move fast, groups like the Federation of Korean Industries and other major conglomerates might feel uneasy, but they’ll have less room to intervene."
"Exactly."
Tapping his fingers against the armrest, Woo Yong-gap voiced another concern.
"Even if they’re unprepared, Daeheung Group won’t just sit back and let this happen. If we announce a tender offer, it’ll be difficult to secure enough shares with the funds we’ve set aside."
"That’s why I already spoke with my uncle before coming here."
Noting that Woo Ho-geun had anticipated the issue, Woo Yong-gap raised an eyebrow.
"You mean your mother’s brother?"
"Yes."
Woo Ho-geun straightened his posture, exuding confidence.
"Baekje Industries has agreed to acquire 4.1% of Mido Department Store’s shares from the securities firm, and my uncle has also agreed to lend us an additional 23 billion won."
"He actually agreed to that?"
"Yes. In return, if we secure management control of Daeheung Group, we’ll transfer two of its subsidiaries to him."
Woo Yong-gap narrowed his eyes.
"Which subsidiaries are you offering?"
"Nowon Cable TV and Global Korea Economic Newspaper."
Both were among the most valuable subsidiaries within Daeheung Group.
Clicking his tongue briefly, Woo Yong-gap smirked at his brother-in-law's shrewdness—offering help while securing his own interests.
But he couldn’t blame him; he would have done the same.
"It’s a bit of a loss, but if it means we can take over all of Daeheung Group, it’s a fair trade."
"Exactly. Being too greedy could ruin everything. Sometimes it’s better to give up a small piece and focus on taking the core."
Woo Yong-gap nodded before asking another question.
"Alright, we’ll go with that. Now, how much are you setting for the tender offer price?"
Seeing that his father was willing to approve the deal he had made with his uncle, Woo Ho-geun felt relieved and promptly answered.
"20,000 won per share."
"What’s Mido Department Store’s stock price right now?"
Secretary Jeon Hae-chul immediately responded.
"It closed at 9,650 won today."
"So, a little over double the market price, then."
Woo Ho-geun calmly added more details.
"Our initial offer is 20,000 won per share. If Daeheung Group counters, we’ll raise it to 50,000 won in the second phase."
"Hmm."
Woo Yong-gap furrowed his brow and let out a deep hum.
For a moment, he sat in silence, weighing his options. Then, he finally lifted his head.
"It’s an expensive gamble, but if we think of it as not just acquiring Mido Department Store, but all of Daeheung Group, it’s worth the risk. Fine, go ahead with your plan."
Holding his breath as he waited for his father’s response, Woo Ho-geun’s face instantly lit up with excitement.
"Thank you!"
