I'll Tell You the Exact Bid Price (2)
Court-supervised sales follow competitive bidding.
And in competitive bidding, only one thing mattered.
The bid price.
To settle on that number, Han Juhyeong met Lee Jaseung every Friday at three in the morning… purely so Jaseung could glimpse the future bid prices. Juhyeong, of course, had no idea, and the meetings were killing him.
I'm dying of sleep. Damn, even that guy's lifestyle is abnormal.
Unlike the nocturnal Jaseung, Juhyeong kept a thoroughly normal schedule. Trying to show up after only an hour or two of sleep left him half-delirious. After a full month of grumbling through the dawn meetings, he finally cracked.
"I can't do this. I'm done!"
The surrender declaration bounced right off Jaseung.
"Hang in there."
"Why! We already have the projected bid prices!"
That much was true. When writing a bid, the real question was never how much you would offer.
It was how much the other companies would write down!
"Our M&A team already mapped out the expected bids!"
Jaseung gave a short, dry laugh.
"Ah, that M&A team?"
"…What? What's wrong with our team?"
"Nothing. I'm sure the gentlemen who perfected those stuffy old acquisition methodologies did a very thorough job surveying the bids."
"…We analyzed everything properly this time."
Juhyeong bristled. They had cherry-picked only veterans from Hanyeong Auto and hired the industry's top consultants—an Avengers-level team. How dare anyone treat them like a corner store?
And he had every reason to be confident.
"This is a massive one-trillion-won acquisition. Preparation time is already tight—thanks to you suddenly exposing the slush funds and accelerating the entire schedule."
Jaseung tilted his chin, inviting him to continue.
"To raise a trillion won, whether it's bond issuance, bank loans, or a rights offering, the market is going to notice movement. On top of that, Hanyeong Heavy Industries poured cash into plant expansion and is short on liquidity. That's why they partnered with a private equity fund."
"So what's the final projected bid?"
"1.2 trillion. We're going to bid just a little higher—we've almost settled on 1.3 trillion."
Jaseung's brow furrowed. Including debt, Yuseong Steel was valued at 1.6 trillion won. Factoring in every risk currently hanging over the Yuseong Group, the actual transaction price should settle far below 1.3 trillion.
"You're pricing them way too generously."
"We… didn't have a choice. Because of Chae Partners."
Chae Partners itself wasn't an enormous fund. The problem was its representative, Chae Eunchae.
"You know her grandfather is the Loan Shark King, right? There's no way to estimate how much capital he can mobilize. Their money is almost impossible to track, so for us—who absolutely have to take Yuseong Steel—we had no choice but to pad the number."
Even Jaseung probably can't track the Loan Shark King's capital. That's pure underworld territory.
Sudden fatigue washed over Juhyeong; he dragged a hand down his face. Only Jaseung could have dragged him out at three a.m. for an entire month. It was time to end these insane meetings.
"We're good, right? I'm getting up. Some of us actually have to go to work in the morning."
Jaseung had no intention of letting him off that easily. The absurd 1.3-trillion figure was bad enough, but the projected bids still had to be confirmed from the future—no exceptions.
He checked his watch. Dawn was already edging toward three o'clock.
Showing up faithfully at three a.m. for a whole month… he lasted longer than I expected.
Jaseung had come prepared for the moment Juhyeong hit his limit. A limited-edition whisky that had once appeared at Sotheby's.
"Is that so? Then I guess you won't be drinking this."
"Huh…? Wait—!"
The bottle in Jaseung's hand snapped Juhyeong's half-closed eyes wide open. True to form for a man who loved his liquor.
"W-where did you get that? I heard it went to auction…"
"Gift."
It was something his uncle had handed him during the past month of visits. The moment Jaseung asked if he could take it, the bottle had been pressed into his hands. How generous of him.
"But I don't drink, so…"
"Don't drink?"
"I'll just have to throw it away."
"What?"
Whether Juhyeong gasped or not, Jaseung located the trash can and tipped the bottle without a second's hesitation.
Glug.
The amber liquid arced in a thin, graceful stream straight into the bin—
"No!!!"
"Shall we continue the meeting, then?"
"H-hold on…"
Glug-glug-glug—
Juhyeong lunged to catch the cascading whisky and shouted in panic.
"I'll stay! I'm staying! Fine, I'll stay, okay?!"
Chirp-chirp-chirp.
Juhyeong opened his eyes to an unfamiliar ceiling and blinked slowly.
Where… am I?
He took in the spacious suite, and yesterday's memories returned in fragments. Talking with Jaseung about how to close the acquisition, pouring liquor like water… and after that…
Ugh.
He pressed his temples and staggered upright. His mouth was desert-dry. Just as he started hunting for water, the door opened and Jaseung walked in.
Juhyeong flinched.
"Don't tell me you slept here too?"
The words had barely left his mouth before a look of pure contempt speared him. Instantly sobering.
"Oh, right—your clothes are different. What a pain, going all the way home to sleep and coming back. Ahh… so tired…"
Jaseung had been about to say something, then simply sighed and sat across from him. The man's morning-after nonsense was Olympic-caliber, but anyone after a night of drinking was roughly the same species as a dog. He decided to cut him some slack.
He jerked his chin toward the bathroom.
"Get your head clear and sit down. We need to talk."
"Nah, I'm fine. Just need water."
Juhyeong yanked a bottle from the fridge and drained it in one go. The cold water sliding down his throat was sharp enough to make his skull ring.
"Ugh, I'm dying. I've got a meeting today… ah, I'm screwed."
"I doubt you're screwed."
"Huh?"
A faint smile touched the corner of Jaseung's mouth. He had finally seen the bid prices.
He drew a folded scrap of paper from his jacket's inner pocket and held it out.
"Here. The number you need to write."
"The bid?"
Juhyeong snatched it, unfolded the memo, and read the figure.
990,000,000,000
"Nine hundred ninety billion?"
Maybe he was still drunk.
He checked the memo again. It really was 990 billion—exactly one hundred billion short of a full trillion, like some home-shopping gimmick priced at 9,999 won.
"Isn't this way too low? That's a forty-percent discount."
Anxiety edged into his voice. Understandable. At 990 billion they would practically be buying the company for half price. Even accounting for the recent management disasters, the figure was absurdly low. Without the future, even Jaseung could never have proposed such a number.
But the situation was crystal clear. Chae Eunchae had failed to pull in the Loan Shark King's capital.
"If it makes you that nervous, write higher. Anything above 990 billion won't cause problems."
Jaseung's voice carried easy confidence. His only goal was a successful acquisition. Whether they spent 990 billion or more was irrelevant to him. The only real risk was bidding so high that the gap over second place looked like an excessive premium—exactly the future he had seen last night. In that future, Juhyeong had been kicking himself for wasting an extra three hundred billion.
Jaseung bounced a rubber ball hard against the floor. By the time he caught the rebound, the future had already been wiped clean.
"The acquisition will succeed either way. The only difference is whether it's a beautiful close or a disappointing one. And yet…"
The corner of his mouth lifted.
"Have I ever been wrong?"
Bid day. Seoul Central District Court.
Still holding the unsubmitted envelope, Han Juhyeong paced the corridor with restless steps. Executive Director Baek, who had led the original task force, lowered his voice carefully.
"Perhaps we should reconsider the bid amount one more time?"
For an entire month their opinions had clashed. Juhyeong insisted on 990 billion; Baek wanted 1.3 trillion. With submission minutes away, Baek made his final push.
"No matter how I look at it, 990 billion feels far too low. We've cut three hundred billion from the previously reviewed figure… I expect the consortium will write at least a full trillion."
Hanyeong Heavy Industries. That was why Baek wanted the higher number. Once a single body, Hanyeong Auto and Hanyeong Heavy Industries had split and spent the next decade snarling at each other over legitimacy. Now they were colliding head-on in this very auction. Inside Hanyeong Auto, the mood was pure fire: this acquisition, at least, had to be won at all costs.
"It's Hanyeong Heavy Industries, not some random player. Even if we bid a little higher, going the safe route might be wiser."
Juhyeong thought of his father. When he had pushed for 990 billion, the old man had simply looked at him and said, calm as still water:
— Do it your way. It'll be good experience.
Was that a test, or trust? If they lost to Hanyeong Heavy Industries here, what expression would his father wear? The pressure was crushing. Raising the bid was tempting—until the opposite problem surfaced.
If I add three hundred billion and end up paying an outrageous premium…
He already had a track record of failed ventures. If the gap over second place was enormous, people would again say he threw money around without thinking. Where was the rational line?
The last of the last of the last doubts kept circling. This was the final chance to change the number. Juhyeong squeezed his eyes shut. The choice had to be made now: trust Jaseung, or not.
Then Jaseung's voice returned.
— The Loan Shark King's capital is locked in loan receivables. Liquidating it in a hurry means taking a massive loss.
In that situation Chae Eunchae had no reason to submit an aggressive bid. The higher the price, the lower the return; expected profit on exit shrinks. There was simply no need for her to overpay just to force the acquisition.
Standing at the fork, Juhyeong decided to trust Jaseung one more time.
"We go with this."
He steeled himself and sealed the documents inside the envelope. One mistake could wipe everything out. His heart hammered like a gambler shoving his entire fortune onto black at the roulette table.
Together with Executive Director Baek he entered Conference Room 3. The opening of the bids began at once. The court administrator's dry voice filled the room.
"We will now commence the bid opening for the sale of Yuseong Steel."
Juhyeong drew a deep breath and fixed his eyes on the bid box. Three teams total. The first envelope was opened.
"Bidder number one… Sewoon Steel, 920 billion won."
Thud.
His heart slammed hard. Sewoon Steel had been a competitor he barely registered.
And they're only seven hundred billion behind me?
The unexpectedly high figure made his fingertips tremble. Unconsciously he glanced toward the consortium. The faint smiles on their faces suggested they had written higher than Sewoon. Sweat slicked his palms. The moment the administrator lifted the second bid sheet, Juhyeong forgot how to breathe and stared only at the man's lips.
"Bidder number two, Hanyeong Heavy Industries & Chae Partners Consortium…"
The administrator checked the figure and read it out clearly.
"Nine hundred eighty billion won."
Juhyeong blinked slowly, as if underwater. Nine hundred eighty billion? Then the gap between them was…
A hand clamped hard on his shoulder. He turned to find Executive Director Baek whispering with a flushed face.
"One hundred billion difference—one hundred billion…!"
The meaning hit him with a dizzying rush just as the administrator picked up the final sheet. The man's expression flickered for an instant before he spoke.
"Hanyeong Auto Group… nine hundred ninety billion won."
Every gaze in the conference room snapped toward Juhyeong. Sharp intakes of breath, the creak of chairs—every sound seemed amplified. Amid the sudden bustle the administrator announced the winner.
"The highest bid is confirmed as bidder number three, Hanyeong Auto Group, at nine hundred ninety billion won."
One hundred billion. A mere one-hundred-billion-won gap. An acquisition of this magnitude had been decided by a hundred billion.
"Crazy…"
A hollow murmur left his lips, and a smile slowly bloomed across them. At the same time a supremely confident voice echoed in his memory.
— Have I ever been wrong?
Juhyeong exhaled something like a gasp of pure awe.
"Ha… this insane bastard…"
What the hell did you just show me?
Good thing I got greedy. Good thing I trusted him to the end.
A thrilling current rose from the center of his chest. He turned his eyes toward the Hanyeong Heavy Industries side. Shock and the expression of someone who had just bitten into shit blended perfectly on their faces. The sight only sharpened the pleasure.
I won!!
While the other side reeled, the Hanyeong Auto contingent celebrated openly. The lawyer seated with them looked on with open admiration.
"Did you see Hanyeong Heavy Industries? Completely blindsided."
"Hahahaha!"
"Chairman Han is going to be over the moon. In all my years I've never seen an acquisition like this—decided by a hundred billion. My heart was in my throat the whole time."
"Just luck!"
Juhyeong's nose tilted higher with every word. Executive Director Baek seized his hand and shook it as if trying to tear it off.
"How on earth did you pin down exactly nine hundred ninety billion so precisely?"
Awe colored even his voice. It was exactly the feeling Juhyeong himself was riding right now.
How did Jaseung know it would be 990 billion?
A gap calculated to the exact hundred billion. Had he known in advance? But how?
Juhyeong was just as curious, yet he kept the mask on and answered with pure swagger.
"Hahahaha! I did a little research of my own."
"I truly apologize for being so stubborn earlier. If we'd gone with that other number we would have thrown three hundred billion into the void."
"Hahahaha! Don't worry about something like that!"
Juhyeong soaked up every compliment with his whole body and shouted inside.
Done!
Done!!
Done!!!
Hanyeong Auto Group chairman's office.
"Uuuhahahahaha!"
Chairman Han Yeongcheol's booming laughter filled the room for one reason only: the news that had just arrived from the court.
"We took it by a hundred billion? Beating the consortium?"
The image of his younger brother—the chairman of Hanyeong Heavy Industries—doubling over with a stomachache made Han Yeongcheol's shoulders dance. Hanyeong Auto and Hanyeong Heavy Industries had spent a decade snarling at each other after the split. Delivering a blow this satisfying in an open acquisition battle was pure bliss.
"Should I just call my little brother right now? Chief Choi."
"Yes, Chairman."
"Round up the press and get some nice headlines out. 'Hanyeong Auto Crushes Hanyeong Heavy Industries by 100 Billion!' Something like that. Looks great, doesn't it? Hmm?"
"Instructions already issued."
"That's my Chief Choi—always quick on the draw."
Han Yeongcheol laughed again, heartily. He was not a man who usually laughed so freely, yet today he was floating. Chief Choi decided to keep the momentum going.
"Inside the group, Executive Director Han's image has completely flipped because of the Yuseong Steel acquisition. People are even saying the previous new-business failures were just one step back for today's leap forward."
"Is that so?"
"Winning by exactly a hundred billion was the key. And the opponent was Hanyeong Heavy Industries, after all."
"True. The story practically wrote itself."
The dramatic turnaround of a former wastrel. A razor-thin victory over a longtime rival. A script everyone loved. And Chairman Han knew exactly who the real screenwriter was.
"Our Juhyeong really chose a good friend. Lee Jaseung, was it?"
"Yes. High-school classmate of Executive Director Han. They also met occasionally during the study-abroad years."
The sudden change in his son had seemed strange enough to warrant a quiet investigation. Word came back from a law firm that counted Hanyeong Auto as a client: someone had been helping Juhyeong privately. Digging further had unearthed the contract between Jaseung and Juhyeong—succession consulting provided by Lee Jaseung.
Succession consulting…
Management consulting was common; succession consulting was new. Yet the demand clearly existed—no, it would be enormous. His own son was living proof that the service was needed.
I stuck every expert I could find on him for 'management training' and still got that mess. And this kid fixes it in one stroke? Once he solidifies his base at Yuseong Steel—no, Hanyeong Steel—and then moves into the auto side, it'll be perfect.
At last his son had established a foothold inside the group. It felt like a long-aching tooth had finally been pulled. At the same time, curiosity burned.
How did he know the exact bid price?
Hanyeong Auto's own acquisition team had clung to 1.3 trillion; Juhyeong had forced through 990 billion.
"The bid number came from Jaseung too, didn't it?"
"Yes. It appears the figure was obtained in advance."
"We nearly threw away three hundred billion. Heh… how on earth did he gauge the Loan Shark King's mobilizing power…"
The chairman kept shaking his head in wonder.
At that age he already has his own sources? Well, he must have something in hand if he dared to jump into succession consulting.
"By the way, Chairman—what do you intend to do about Lee Jaseung?"
"Do about him?"
"Frankly, talent that can execute strategy this refined at his age is rare. Yuseong Group is finished; if Hanyeong Auto extends a hand…"
"Heh-heh-heh. Yuseong Group is finished? You really think so?"
"Sir?"
"He broke Yuseong Group. Honestly, even thinking about it again leaves me speechless."
To a chaebol, the family was the solid platform under one's feet—the foundation of business, the source of identity, trust, and networks, the platform from which influence was projected into society. No matter how capable an individual might be, without the family's backing it was nearly impossible to reach the highest tier of power.
"He personally smashed a rotting platform, then cherry-picked only the parts he needed and forged them into a new one—so his own company could stand firm. That is not the timber of a successor. That is the timber of a founder."
Which was precisely why he hesitated.
If it were up to me I'd drag him into Hanyeong Auto and glue him to Juhyeong's side… but you can't monopolize a man who is building his own system. Trying would only backfire.
Then Chief Choi offered a suggestion.
"If we can't monopolize him, what about this?"
"Hmm? What?"
"Why not simply become his number-one client…?"
"!"
This work is a work of fiction. All characters, groups, place names, and events appearing herein are fictitious and bear no relation to any real entities. Professional knowledge described in the story has been reconstructed and adapted for narrative purposes and may differ from actual information.