Chapter 36
Chapter 36
Translation: Godtl
"Section Chief, LK Group and several funds keep requesting meetings with our company."
What was needed in a management control battle?
Bullets.
And where would they procure these bullets?
Using company funds would be embezzlement.
But embezzlement laws are full of legal gray areas.
They were exploiting these legal loopholes to divert company funds for management control defense.
However, crossing a certain line could land them in handcuffs for breach of trust instead of securing control. Moreover, LK Group was pouring massive amounts of money into completing LK Tower, leaving little remaining liquidity.
So where could they get their bullets?
Private equity funds.
Private equity funds.
These are unpublicized funds that gather investments from fewer than 49 investors without public promotion.
They usually operate quietly.
But when an event significant enough to provoke them occurs, they suddenly appear with massive amounts of capital.
Especially during heated management battles, private equity funds—ones you've never even heard of—start popping up like mushrooms after rain.
Just as Korea's overabundant water deer are an endangered species worldwide, management battles are rare overseas but happen so frequently here that they've become an entertaining spectacle.
"As soon as rumors spread that LK Group's management battle had begun, everyone started trying to get a foot in the door. Some funds are siding with Chairman Oh Dong-young of LK Group, others with President Oh Jae-hyun. Then there are funds with no ties to either, just looking to buy our 5% stake at a higher price."
"Word has it that, just like JK Holdings sold their stake to us in an off-market deal due to funding issues, Japanese companies holding LK Orient shares are offloading them to funds. And those funds are aligned with either Chairman Oh Dong-young or President Oh Jae-hyun."
With these bullet-supplying funds joining the fray, the battle for control was intensifying.
But there's a limit to the available shares, and within that limit, whoever holds more will decide the next chairman.
And our 5% stake—
For the two factions now holding nearly equal shares, this 5% would be the final swing that decides the game.
"It's strangely thrilling yet unsettling that our securities firm is the most talked-about in the domestic market right now."
As the Assistant Manager said, Gwangun Securities is currently the most watched player in Korea's stock market.
Rumors had already spread that we held the decisive card in determining LK Group's successor.
"Now, the key will be the price."
"We'll need to find the right valuation. Maybe even nudge the price up bit by bit to get them competing."
"But if we push too far, they might find a way to fight without this stake, so we'll have to be careful."
"Remember that one case—what was it? Right. HS Group. Their share prices shot up so high during their management battle that they had to issue a rights offering."
What would be lawsuit-worthy overseas happens all the time in Korea's stock market.
Yet, since punishments are rarely severe, these incidents keep repeating—to the point where Korean investors now see them as just another kind of event.
"Section Chief, how are other firms pricing the shares?"
"Ah, well. The ownership structure is so complex that initially, the shares were tangled, making it hard to set a proper price. But now, a 30% premium over par seems to be the baseline. Some negotiations have even gone up to 50%."
"That's what others are doing?"
"Yes. I heard a Japanese firm already transferred shares to a specific fund at a 50% premium. No exact transaction details, but that's the rumor."
A maximum 50% premium.
At that rate, they'd be willing to bleed a little.
No wonder Japanese firms holding friendly shares were dumping their holdings.
"Most assumed Chairman Oh Dong-young had the upper hand, but now that the shares are tallied, the ratio is almost dead even. That's why they're suddenly so interested in us."
Both Chairman Oh Dong-young and President Oh Jae-hyun had nearly completed securing their shares.
Only we remained as the final piece.
"Chief, what do you think is a reasonable price?"
All the employees turned to look at me in unison.
I answered without hesitation.
"Three times."
"...Excuse me?"
Their faces twisted as if they'd misheard.
But they hadn't.
I had already decided the price for the 5% stake I held.
"I consider nine hundred billion won to be the fair price."
"Wha—?!"
＊＊＊
Anyone even remotely involved in stocks right now had their eyes fixed solely on Gwangun Securities.
People assumed Gwangun Securities was amusingly weighing their options with this 5% stake they currently held.
But amusing? Far from it.
In reality, the most anxious ones were the executives of Gwangun Securities.
"Chairman, we've received a report from the Prime Department. They've finalized the price for LK Orient's stake."
"Finally!"
"I thought I'd die waiting."
Chairman Hwang took a sip of water to steady himself before asking.
"How much did Jin-ho appraise it at?"
"Nine hundred billion won."
"!?"
Chairman Hwang Dae-un involuntarily spat out the water he'd been holding in his mouth.
Yet no one frowned at the sight.
Because the moment they heard the price, they too were stunned senseless.
"Did I hear that wrong?"
"Nine hundred billion?! Selling something worth three hundred billion at triple the price?"
"No way. Do they really think that's feasible right now...?"
There was a reason the executives were in an uproar.
According to the information Gwangun Securities had secured, both Chairman Oh Dong-young and President Oh Jae-hyun were currently valuing the shares at a maximum of only 50% above face value.
Sure, they might negotiate a few percentage points higher, but...
"Three times...?"
It was almost embarrassing to say, but this was practically daylight robbery.
No matter how desperate they were for control, would they really burn nine hundred billion won for a mere 5%?
"Honestly, rationally speaking, three times makes no sense."
"True. But we're dealing with a man who stabbed his own father and brother in the back. Do you really think he's rational? A management battle isn't fought with logic alone. A man's pride is at stake too."
There's a famous saying in investing.
Cast aside emotions and think rationally.
But nothing is harder to follow.
Especially in management battles—no matter how cold and rational they start, they inevitably devolve into wars of pride.
"No matter how terrifying a man's pride can be... Still, wouldn't nine hundred billion be enough to snap anyone back to their senses?"
Having blown all their money on the tower construction, LK Group's internal funds were insufficient for this fight, so they'd joined hands with funds to wage this management war.
With the post-battle future to consider, nine hundred billion was an astronomical expenditure.
"No matter how I look at it, I don't think either Chairman Oh Dong-young or President Oh Jae-hyun will buy at this price."
"Right. Though my insight is lacking, even a blind man could see this price is set absurdly high."
"..."
The executives weren't wrong.
Any sane person would recognize this as an outrageous price.
But the crucial point was who had set it.
"If Jin-ho slapped this price tag on it, there must be a reason."
Gwangun Securities had two rules.
Chairman Hwang Dae-un adhered to these rules religiously.
But blind faith alone wasn't enough.
No matter how insignificant, he had to consider every possible way to assist.
That was an executive's duty.
"Has Jin-ho rejected all the meetings?"
"He hasn't outright refused, but he hasn't responded either. He's probably keeping them on hold."
"I see..."
That's how sales worked.
You had to make the other party want to buy before they'd open their wallets.
No matter how insane the price, if the desire to purchase took root, they'd stretch themselves to buy it. And somehow, he felt it was his role to stoke that desperate urge.
"Contact both sides. Tell them we'll meet—but only with their top decision-makers present."
That meant both Chairman Oh Dong-young and President Oh Jae-hyun were to come to the negotiation table.
"You're planning to meet them personally, sir?"
"That's right. If Jin-ho has set the price, then I'll do my best to sell it."
"Wouldn't it be better to send Deputy Director Jeong Jin-ho instead...?"
"No, that won't do. Why do you think those above exist? To act as shields, don't you think? For something this critical, I have to step forward. If there's any responsibility to bear, it should be on me."
He had no intention of using Jeong Jin-ho as a shield.
It was the same in the game.
Though Jin-ho had always taken the role of raid leader, whenever problems arose, it was Guild Leader Hwang Dae-un who stepped forward to shoulder the responsibility.
The company was no different.
While Jeong Jin-ho was the raid leader directing this investment, the one who had to bear the responsibility was Hwang Dae-un, the president of this company—himself.
"Get in touch. Tell them we want to meet as soon as possible."
＊＊＊
Gwangun Securities.
One of Korea's top ten securities firms, though honestly, anything below the top three could be considered just another mediocre player.
And yet, one of those mediocre players now held the fate of LK Group in its hands.
"Director. How on earth did Gwangun Securities know to secure those shares in advance? Aside from a handful of people, no one should have known I'd end up betraying my father."
It was an implication that information had been leaked.
"Gwangun Securities had already secured those shares before the president even began persuading the shareholders. There was no way the information could've leaked. The timing was just a bit too perfect. They took the shares right before we could act, so we didn't even realize it beforehand."
Hwang Dae-un, who had scheduled today's meeting, had the audacity—despite being the president of a no-name securities firm—to summon both the chairman of LK Group and President Oh Jae-hyun to the same table.
Under normal circumstances, they would've scoffed at his arrogance, but now, all they could do was bitterly cancel all their schedules and rush to the meeting place.
"So forget about information leaks. They secured the shares before we could even do anything?"
"Yes. It's downright uncanny. No one knows why they suddenly grabbed those utterly useless shares. Only Hwang Dae-un would know."
The fact that he had gathered both of them in one place suggested he intended to pit them against each other in a bidding war. But if the opponent was his father, it wouldn't be so easy.
"Ah, welcome, President. It's a pleasure to meet you. I'm Hwang Dae-un, CEO of Gwangun Securities."
"Ah, yes."
When they arrived at the meeting place, Chairman Oh Dong-young and Hwang Dae-un were already waiting.
The chairman glared sharply at his son.
"You wretched brat. So you've finally decided to show your face."
"...I'm sorry."
"Fine. Since we're here, let's hear it. Why the hell are you pulling this insane stunt? Are you out of your mind? You had nothing left to lose, so you stabbed me and your brother in the back? You've betrayed our family. Do you realize that?!"
Emotions flared between them.
"If you had given me even a single chance, Father, I wouldn't have had to resort to this."
"Wh-what?"
"Handing the company over just because he's the eldest son—isn't that unfair? What exactly am I worse at than him?"
"'No younger brother can surpass the elder.' That saying fits you perfectly. You still think you're so great, don't you? You can't even see an inch ahead of you! Just because you had a few decent results, now your nose is stuck up in the air."
As their emotions escalated, President Hwang stepped in with a smile to mediate.
"Now, now. Let's all calm down. There'll be plenty of time to fight later."
"Hah—. You're President Hwang, right? I won't mince words. 50%. That should be enough, no? Stop wasting time and hand over my shares. Let's end this nonsensical fight quickly—I need to teach this insolent brat a lesson."
50%.
Just as expected.
"President Hwang. We can go up to 60%."
"Hey! Oh Jae-hyun!"
"Father. I didn't come here today as your son."
"You ungrateful wretch—!"
"President Hwang. Please make your decision quickly. Will you hand them over at 60%?"
President Hwang quietly observed the two men, their tempers flaring hotter than he had anticipated.
The resentment between father and son ran deeper than he'd thought.
At first, I thought I'd need to provoke their pride and stir up a fight between them, but it didn't seem necessary anymore.
"Let me tell you the price I have in mind for this 5% stake."
"Stop beating around the bush and just say it. How much do you want?"
President Hwang smirked as he spoke.
"900 billion."
"...?"
It was clear that Oh Dong-young and Oh Jae-hyun were indeed father and son.
The way they both blinked in shock was identical.
"N-Nine hundred billion?!"
"What—President Hwang. Are you joking right now?"
"I don't know how to joke. Let me say it again—the price we've set is 900 billion. I won't lower it by even a single won. If either of you is interested, feel free to contact me."
Chairman Oh Dong-young exploded in anger.
"President Hwang, have you lost your mind?! What do you mean, 900 billion?! Do you think this is some back-alley shop?!"
"I'm perfectly sane. And since it seems I'll only get cursed at if I stay here, I suggest you both cool your heads and think it over. I'll take my leave now."
Hwang Dae-un maintained his composure until the very end as he left the room.
Not even once did his relaxed smile falter—not until the moment he got into his car.
And the second the car door closed—
"Whew—"
Only then did he finally exhale the breath he'd been holding, his tension finally easing.
"I thought my heart was going to give out from how much it was pounding."
Before the meeting, he hadn't thought much of it, but facing Chairman Oh in person had been terrifying.
The old man was supposed to be bedridden from illness, wasn't he?
What a load of bull.
His glare was downright tiger-like.
And his voice? No joke.
Still, Hwang had tried his hardest not to look intimidated.
All to complete the stage Jin-ho had set.
"Those two were on another level, seriously."
All he'd done was bring them together to let them tear into each other.
Honestly, President Hwang hadn't really done much.
"I wonder which one will buy it."
Please, let one of them take the bait.
＊＊＊
After Hwang Dae-un left, an awkward silence lingered in the room.
But soon, Chairman Oh burst into loud laughter.
"That greedy bastard's lost his damn mind. It's practically over now. You still think you can hold on?"
"What do you mean, 'over'?"
"Do you even have the money to buy that for 900 billion? No, you don't. You've already pulled all the company funds dry. Any more, and it's embezzlement. What about the funds? You think those sharks will lend you 900 billion? Even if you take control of the company, you think they'll just let you be?"
In short, handing over 900 billion would be no different from dousing himself in oil and lighting a match.
"The game's already over. Once that greedy hyena sinks its teeth in, you've got no moves left."
"What about you, Father? You can't buy it either, can you?"
"Oh, I could if I wanted to. But why would I? If things stay as they are, my shares hold the advantage. Besides, I wouldn't give a thug like him 900 billion even if my life depended on it."
Chairman Oh Dong-young stood up with a lighthearted expression.
"Clean up your mess and come back. You're still my blood—I won't cast you out completely. But you'll rot in the plastics factory for the rest of your life. Repent for your sins until the day you die."
As if victory was already assured, Chairman Oh delivered his final ultimatum and left the room.
"..."
Left alone in the room, Oh Jae-hyun stared blankly at the ceiling.
Drinks and food had been served, but he hadn't taken a single bite.
Was this really how it ended?
Just like this?
"No."
It wasn't over yet.
"Director Choi."
"Yes, President."
Director Choi, who had been standing quietly by his side since the meeting ended, bowed his head deeply. He, too, seemed to have sensed defeat.
"Shall we... douse ourselves in oil once?"
Director Choi flinched and immediately objected.
"What? President, you can't possibly be thinking of paying 900 billion?! That's absolute madness!"
"I know. Trust me, I know. But I don't want to end my life like this. If things go this way, you'll have to resign too. Do you really want to end it like this?"
"..."
Surrendering now and giving up everything—that would be the ugliest ending possible.
The moment he drew his sword like Lee Bang-won, he had sworn it.
No matter what, he would take this company.
No matter what it took!