I Refuse
The people gathered in the Cheolsan Capital conference room all turned their attention toward the podium.
Only three companies were known to be participating in the open competitive bidding. Acquiring a massive financial firm like Cheolsan Capital was no small matter, so it was unlikely more would join.
Jung Jong-hyun, the team leader who had come with In-hyuk, stepped forward and placed the bid box on the podium. He unlocked the sealed lid and pulled out the first envelope.
“Silverbell Capital, bidding amount: 1.343 trillion won.”
A murmur rippled through the room at once. Despite rumors that Silverbell was struggling to secure bank loans, their bid was significantly higher than the estimated amount.
The Silverbell Capital representatives looked visibly satisfied.
In the meantime, the next bid was announced.
“Omega Finance, bidding amount: 1.529 trillion won.”
At that moment, the expressions of the Silverbell and Omega representatives split between joy and despair.
The expected minimum bid had been around 1 trillion won. Surpassing Omega Finance’s offer would be extremely difficult.
As the atmosphere grew restless again, the third bid was revealed.
Jung Jong-hyun’s eyes widened the moment he checked the amount.
He took a short breath to steady himself before speaking slowly.
“AMK Partners… bidding amount: 1.7 trillion won. That concludes the bidding. The winner, based on the highest bid, is AMK Partners.”
This time the murmurs turned into outright commotion.
“I’ve heard they succeed in every investment, but… did they really just bid 1.7 trillion?”
“Does AMK even have that much capital?”
Externally, AMK Partners was a company that hadn’t even been around for a full year. No matter how successful their investments were, gathering that kind of money in such a short time seemed impossible.
It was only natural that people found AMK Partners’ bid hard to believe. Every face in the room was filled with suspicion.
Then, the M&A Team 1 of Tae Shin Asset Management released the actual bid documents—including the amounts—for the sake of transparency and fairness. The people who crowded forward had no choice but to accept the truth.
In-hyuk sat in a chair at the edge of the podium, quietly observing everyone’s expressions.
So they thought they could crush the competition with money no matter what.
His gaze landed on Tae Seok-ho, who had been certain of victory just moments ago. The faint smile that had been tugging at the corners of his mouth had completely vanished, replaced by a rigid, stony expression.
The Omega Finance employees seated in the front rows looked equally stunned. It was only natural to be confused after losing the bid despite offering 1.529 trillion won. One of the men was already on his phone, reporting to his superiors.
Vrrr— Vrrr—
At the same time, In-hyuk’s phone received a message.
It was from Norman McGrath, who was in the same conference room, sent through Ghost Link.
Norman: We have successfully won the Cheolsan Capital bid.
Gordon: Excellent work. Please handle the acquisition process through to completion. Also…
In-hyuk sent his reply, then glanced at Tae Seok-ho with a satisfied expression.
.
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Crash—!
In a hotel in Busan, objects on the desk flew across the room, shattering with a loud clatter.
Tae Seok-ho stood before the mess, chest heaving as he tried to suppress the rage that had been building inside him.
The plan he had prepared with a staggering 1.529 trillion won had just collapsed. Of course, not all of it had been his own money.
It was a combination of investment funds managed by the H&T Fund, hidden reserves he had secretly siphoned off, and money raised by using bonds and stocks of other companies held by Cheolsan Capital as collateral.
Now that all that capital had lost its target and was left floating in the air, it was only natural he felt utterly shaken.
To make matters worse, the tablet left on the desk kept displaying fresh articles about the Cheolsan Capital bidding results, further fueling his fury.
“Just where the hell did they pull together that kind of money?”
The source of AMK Partners’ funds was also a mystery. He had made sure to block any loans from domestic banks.
Yet they had still won the bid. That could only mean someone had turned their back on him.
“Have we received any answers from the banks?”
His bodyguard, Lee Jae-jun, who had been standing a short distance away, picked up the scattered objects from the floor and placed them back on the desk.
“The institutions we inquired with about loans have all stated there are no ongoing proceedings.”
“That’s impossible!”
“However, it appears that Cheongryu Safe and Haneuljae Finance were aggressively pushing loan sales after their superiors learned of this matter.”
A corporate acquisition had been won for 1.7 trillion won. No company could pay such an enormous sum in cash, so a loan from some bank was inevitable.
Moreover, the winner was AMK Partners, a firm that had recently skyrocketed thanks to massive investment returns. From the banks’ perspective, offering a loan and collecting the resulting interest must have looked incredibly tempting.
“And?”
“When we contacted the Korean branch of AMK Partners, they refused.”
“…What? Both of them?”
“Yes, sir.”
The two banks he had just mentioned were well-known for corporate lending. Even with his connections, Tae Seok-ho hadn’t been able to completely block them.
But AMK Partners’ decision was even more shocking.
“Then where are they planning to get the funds? Don’t tell me they’re using their major shares as collateral to borrow from overseas?”
“There has been no confirmed contact between the Korean branch of AMK Partners and any foreign banks.”
Tae Seok-ho quickly calmed the anger that had been surging through him and faced reality head-on.
“Then it must be someone higher up… or the people behind AMK Partners who made their move. For now, arrange a meeting with Norman McGrath. As quickly as possible.”
“I’ll contact him right away.”
Lee Jae-jun pulled out his phone. The response came faster than expected.
“The location is the lounge at Gimhae International Airport. He says he’s departing in two hours, so he only has a short window.”
“Departing?”
“He has an overseas schedule. His return date is currently unknown.”
Norman McGrath had been at the Cheolsan Capital bidding venue earlier.
Since they had no prior acquaintance, Tae Seok-ho had expected it would be difficult to meet again. He was surprised that the other party had agreed so readily.
“He’s going abroad right in the middle of the Cheolsan Capital acquisition?”
“That appears to be the case.”
“How convenient… Anyway, we’re the ones in a hurry, so tell him we’ll head to the airport.”
Having finished speaking, Tae Seok-ho immediately left the hotel.
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About an hour later.
Tae Seok-ho arrived at the VIP lounge of Gimhae International Airport and sat down across from Norman McGrath.
“I was surprised when you asked to meet again after we saw each other just a few hours ago.”
“I apologize for taking up your valuable time. It’s such an urgent matter that…”
A short while later, Norman McGrath’s secretary placed cups of coffee in front of them.
“So, what brings you to see me so urgently?”
Getting straight to the point, Tae Seok-ho cleared his throat.
“Ahem—! I assume the branch manager already knows the reason.”
“It’s about the shares of Taeshin Mulsan and Taeshin Electronics, I presume.”
“I will purchase them at 5% above the current market price.”
“Five percent higher? That would come out to… at least eight large units, wouldn’t it?”
It meant roughly 800 billion won. Even Norman McGrath looked surprised at the offer.
“Because they are worth that much. Of course, for AMK, selling the shares at a higher price than what Cheolsan Capital originally paid would bring in substantial profit.”
Jang Hyeong-cheol, the true owner of Cheolsan Capital, had purchased the shares of Taeshin Mulsan and Taeshin Electronics over a decade ago. Compared to back then, the value had more than tripled, making the proposal an excellent deal for AMK Partners.
“Even so, five percent is…”
“I need the shares, and AMK needs to refill its coffers after spending everything on this Cheolsan Capital acquisition. Is there any better condition for both sides?”
“I understand what you’re saying perfectly. However, I am truly sorry. I must refuse the sale of Taeshin’s shares.”
Despite the answer, Tae Seok-ho didn’t look troubled. Instead, he offered a slight smile and countered.
“Are you saying you need to discuss this with your representative?”
“No. Our company also requires the Taeshin shares.”
At that moment, Tae Seok-ho’s face hardened.
“Don’t tell me… are you saying that AMK Partners intends to interfere with Taeshin’s future decisions?”
The shares held by Cheolsan Capital were 2.47% of Taeshin Mulsan and 2.1% of Taeshin Electronics. That was enough to qualify them as major shareholders, making it difficult for AMK Partners to be ignored.
“I don’t know about that.”
“Why not?”
“I am simply following orders from above.”
Norman McGrath’s expression remained indifferent.
The sight only made Tae Seok-ho’s insides more complicated.
“…Is this the will of the AMK representative?”
“I don’t know that either. This entire bidding process was carried out entirely according to the representative’s decision. Is that all you wanted to discuss?”
“…”
Tae Seok-ho felt even more frustrated than before. If Norman McGrath had any real authority, he would have tried to gauge his intentions further.
But by pushing all responsibility upward, the man had made further conversation impossible.
“If that’s all…”
“Would it be possible for me to meet your representative in person?”
The sudden suggestion caused a flicker of displeasure to cross Norman McGrath’s face.
“That would be difficult.”
“Can’t you at least ask?”
“The representative has already given an answer. He said that after the bidding ended, Executive Director Tae Seok-ho would come looking for me. And if you offered to buy the Taeshin shares, I was to refuse regardless of the reason.”
Tae Seok-ho’s face stiffened even more than before.
“As someone who has been in this industry for a while, Branch Manager, you must know that this offer is the best possible condition for AMK. Yet you’re rejecting it without leaving even the slightest room for negotiation?”
A short sigh escaped Norman McGrath’s lips.
“To be honest, I think it’s a shame. But what can someone who receives orders from above do? In Korean terms… if they say ‘do it,’ then I have to do it.”
The last sentence was spoken in Korean after an entire conversation in English. He had picked it up while working with several Korean employees.
“Don’t tell me…”
For a moment, Tae Seok-ho almost mentioned his father, Chairman Tae Geon-seung, or Tae Seok-hyun. He wondered if the veiled representative of AMK might be connected to them.
But that would only reveal his own intentions to the other party—an obvious mistake.
“If there’s nothing more to discuss, I’ll take my leave. It’s almost time.”
“…Have a safe trip.”
Norman McGrath soon left the lounge and disappeared with the other staff members.
Tae Seok-ho, now in an awkward position, let out a bitter laugh. Not only had he failed to win Cheolsan Capital in his bid to secure the shares of Taeshin Mulsan and Taeshin Electronics, but even the bold offer he had thrown out with great resolve had been crushed without any proper discussion.
“Chief Lee.”
“Yes, sir. What is it?”
“Starting now, dig deeper into the AMK representative—beyond what’s publicly known. It would be even better if you can find out his location.”
Tae Seok-ho had already begun investigating AMK Partners the moment the company entered the Cheolsan Capital bidding.
The registered business address was in the Cayman Islands, and the only information available on the listed representative, Gordon Grimes, was his name. He had assumed it was merely a paper company created for disguise.
However, considering AMK Partners’ rapid growth and its ability to move over a trillion won, it was clearly not a paper company. Moreover, they had already predicted exactly how he would move.
That alone was enough to conclude that this was not an opponent to be taken lightly.