When discussing behind closed doors, Robin was always absent.
He has been thinking in his mind, and while thinking, he wants to understand a truth.
Everyone is looking for a backer, so just look for the biggest one.
Who is the biggest
Defengjie's total disposable funds are less than one-tenth of Li Mu's worth. At this time, the best choice is naturally to stand with Li Mu.
Li Mu is a strong person, and sometimes he often resorts to underhanded tactics. But one thing about Li Mu is worthy of recognition. He will not kill those who really stand behind him. On the contrary, as long as those who stand behind him are not evil and are down-to-earth. If you keep up with Li Mu's development pace, you will definitely get unexpected and huge gains.
Of course, if you want to get on Li Mu's boat and become a member of Li Mu's ecosystem, you must sacrifice enough shares to Li Mu in exchange for his resources.
For Li Mu, his approach is very simple. A total of 25% of the shares are the chain, and the investment of funds and subsequent investment of resources are meat. If you want to eat meat, you have to accept the chain. This is the serious way of playing. Otherwise, If you want to eat meat but don't want to be chained, you will be chased and beaten to death.
In the big ecological strategy of Tengxun and Alibaba in the past life, there are countless such chains in their hands. The other ends of these chains are all enterprises and teams that rely on them for survival.
Moreover, these two companies are targeting each other to the point where if you raise a Tibetan Mastiff, I will raise one too; if you raise a Golden Retriever, I will raise one too; if you raise a Tibetan Retriever, I will raise him too. The younger brothers of all breeds under me are here every day. Over time, money-burning wars that will break out in niche areas are like a dogfight between two rich men.
Describing companies as dogs is not because Li Mu is discriminatory, but to describe this dependence relationship as appropriately as possible.
Robin is also faced with a choice now. Should his company rely on Li Mu for survival? If so, then be quick, put a chain on the company by yourself, hand the other end to Li Mu, and then wait for Li Mu's various resources, otherwise , Li Mu may cultivate a bigger and stronger vicious dog to compete with his company.
DFJ's Jimmy is very depressed. He has called Robin's name several times, but his eyes are still empty and he doesn't seem to take himself seriously at all.
Jimmy knocked on the table, and the representative DFJ stated his request: DFJ could allow Baidu to give 25% of its shares to Li Mu, but DFJ requested to increase capital to avoid dilution of its own equity, and they Other shareholders may also be allowed to cash out their capital increases.
In other words, Defengjie would rather spend more money than reduce its shares.
This means that the team headed by Robin and other small shareholders have another opportunity to cash out.
However, Robin was not interested.
The equity dilution of 25% is already extremely difficult for Robin to accept. If Defengjie does not dilute it, he and his team will have to further dilute the shares in their hands to give Li Mu the 25%. In this case, the team will There are not many shares left.
And Robin also knew very well that as long as Baidu gets Yiting.com and Li Mu becomes a shareholder of Baidu and exports resources to Baidu, Baidu's market value will definitely increase sharply.
In this case, the more shares are retained, the more benefits can be obtained from them.
Defengjie is very smart, but Robin is not stupid either.
Robin looked at Jimmy and said very seriously: "If Baidu decides to acquire Yiting.com and introduce Li Mu as a strategic shareholder, we will not accept any form of capital increase. As a major shareholder and the founder with the majority of voting rights, I will have the right to make the final decision.”
Jimmy knew that Robin was about to reveal his trump card.
Now, it is no longer a matter of negotiation, but a fight for interests. Robin is like a demolition team, which must demolish DFJ's current shareholding, while DFJ is like a nail-biter, he cannot give up even if he lives or lives. At least at this stage, he cannot compromise his own interests. He will be a key owner for a while and wait for the price of land to rise before he considers compromise.
Since negotiation is useless, everyone can only fight with bayonets!
If we really want to argue about who really has the right to speak, then it is basically already clear-cut. In this way, Defengjie's interests may be threatened, so Jimmy also started to show his fangs and said: "Robin, I I urge you to think clearly. Although DFJ is not a top investment institution, we still have a certain say in the US capital market. If you don't take our interests seriously, then all US capital will treat you in the future. Keep a respectful distance!”
Robin looked at Jimmy, smiled slightly after a while, and said disdainfully: "Jimmy, you are showing your cowardice!"
Jimmy frowned: "What do you mean?"
Robin smiled: "Don't threaten me with my future prospects in the U.S. capital market, because you do not represent the U.S. capital market and cannot! If you really want to reject Baidu on behalf of U.S. capital, then you can consider divesting, as long as you nod To withdraw capital, I will sell the pot and pledge all the shares, and I will also raise enough exit fees for DFJ based on the valuation of 120 million, but do you have such courage?"
Jimmy was speechless for a moment.
Yes, it is obviously contradictory to say that the other party will have no future in the US capital market, and on the other hand, as a capital company in the US capital market, it is desperately holding on to Baidu's shares and not letting go.
Jimmy lowered his face and asked Robin: "Is it really going to be like this? At least DFJ was the first capital to help you found Baidu. Without us, you and Baidu wouldn't be where we are today!"
Robin also responded tit-for-tat: "I know that without you, Baidu and I would not be where we are today, so I have lived up to your expectations. When you invested in me, the valuation was only tens of millions of dollars. Now it is over 100 million. You withdraw now and reap the rewards." Nearly ten times the benefits, I am worthy of you!"
Jimmy said: "You should be grateful. Besides, DFJ can help you a lot. In one year or two years, don't you want to be listed on Nasdaq?"
Robin nodded: "I want to go public, but I don't necessarily have to rely on your help. Jimmy, open up the skylight and speak out. DFJ is the booster of Baidu's launch vehicle. You have completed the phased tasks. I It has also given you considerable benefits for a period of time, but at the capital level, we cannot directly cut off the relationship, so from now on, DFJ can just sit back and enjoy its achievements. In the future, the development of Baidu will also bring DFJ Greater profit space, but the prerequisite is that DFJ should not be too greedy, let alone try to interfere in the company's operations. From now on, you are no longer the boosters of the rocket, but the payload of the rocket, safely and steadily Wait, Baidu can take you to higher places, which is also the choice to maximize your interests."
Jimmy's face was extremely ugly. Seeing that Robin was no longer something he could influence, he stood up and said, "Robin, remember what you said today, you will regret it one day."
After that, he stood up and left.
Robin stopped him and said seriously: "The last sentence, do your duty as a 'loader'. Baidu can bring you at least a hundred times or even hundreds of times of investment profits in the future. From now on, Baidu will no longer accept Any investment from DFJ, but DFJ is welcome to cash out at any time!”
Jimmy was furious.
The meaning of Robin's words is obvious. DFJ will never increase its shareholding in Baidu. On the contrary, he hopes that DFJ will cash out and get out!
Angry Jimmy slammed the door and left.
Robin breathed a sigh of relief after he left.
This is not a technical thing, but it is something that requires courage.
However, Robin didn't regret it at all, even though the situation was so tense.
If DFJ was not so greedy and accepted the fairest solution of equal ratio dilution, then everyone would not be at odds today. On the contrary, everyone would be happily waiting for Li Mu to help everyone make more money.
However, DFJ is an organization that fully pursues its own interests, even to some extreme extents.
In this case, we can only break up.
After breaking up, there is no need to think too much about the next issue.
Robin greeted his assistant and said, "Go say hello to Mr. Li's assistant and tell him that I have decided to accept his proposal."
15%+10%.
Robin was no longer ready to bargain with Li Mu.
Because Del Fengjie is his own negative example.
If you bargain too hard, you will lose more.
Instead of doing this, it's better to grit your teeth and stamp your feet like you did when you had a showdown with Jimmy just now, and make your decision.
So, Li Mu came over with a smile on his face.
Seeing Robin with a determined look on his face, Li Mu asked him with a smile: "Robin, are you thinking about it?"
Robin nodded and said with a smile: "Mr. Li, think about it. You can rest against a big tree to enjoy the shade. In the future, Baidu will rely on you and your ecosystem!"
Li Mu smiled slightly: "We can't rely on each other. Let's work together."
Later, Li Mu began to discuss all the details of the cooperation with Robin.
1. Yiting Technology will exchange 100% of its shares for 15% of Baidu’s shares, and Baidu’s existing shareholders will be diluted in equal proportions;;
2. Li Mu purchased 10% of Baidu shares from all existing shareholders of Baidu at a valuation of 120 million. Li Mu invested US$12 million in cash, and existing shareholders of Baidu were diluted in equal proportions. Current shareholders can cash out 50% of the shares;
3. Li Mu lent Baidu an interest-free cash loan of US$8 million in his private name for a period of three years;
4. Li Mu, on behalf of himself and the existing shareholders of Yiting Technology, fully authorized the voting rights and board seats corresponding to a total of 25% of the shares after the merger to Robin. Li Mu himself and other shareholders will not have any interference;
5. The default search of YY123 will be permanently set to Baidu search, and popular keywords will be linked to the results page of Baidu search;
6. Before Baidu is officially listed, Makino Technology shall not engage in the development and operation of search engine products, and shall not hold more than 20% of the shares in other similar competing companies;
After these details were negotiated, Li Mu immediately asked the legal and capital operation teams of both parties to conduct in-depth docking, solve all process problems very quickly, and requested that the dust be settled as soon as possible.
For Li Mu, Yiting Technology and Yiting.com are really the boosters of his business empire rocket. Now, it has burned out all the fuel and achieved the expected results. It is time to separate from it!
(End of chapter)