Chairman Woo Yong-gap trembled so violently with shock and a profound sense of betrayal that his face flushed as if it might burst at any moment.
It wasn't just anyone—it was a trusted family member who'd stabbed him in the back, making the pain and fury surge inside him all the more.
The executives of the Donghae Group, who stood nearby, couldn't conceal their own bewilderment and began to murmur in confusion.
Especially Chief Secretary Jeon Hae-chul, whose face turned bitter when he realized that all the money and effort poured into the Midopa Department Store M&A—despite enduring much criticism—had been completely wasted.
Although he never liked Woo Ho-geun, who was egotistical and arrogant toward everyone around him, the plan to seize management control of Midopa Department Store and swallow up the entire Daeheung Group through a hostile takeover seemed plausible even to him.
He even found himself admiring why he hadn't thought of such a move sooner.
'Of course, it meant breaking the unwritten rule in the business world—that unless there was a special reason, one wouldn't attack another's management rights—but the potential gains far outweighed the expected criticism.'
That was precisely why the cold-blooded Chairman Woo Yong-gap had fully supported Woo Ho-geun's plan and empowered him to the utmost.
Chief Secretary Jeon recalled that the hostile takeover, which initially seemed bound for success, began to falter from the very moment Seok-won got involved, prompting him to look across the table at Seok-won with newfound curiosity.
'This whole failure happened because we didn't factor in Chairman Park Tae-hong's second son.'
He muttered in his heart, regretting it belatedly, but there was nothing that could be done now.
Meanwhile, Seok-won, leaning back in his chair, glanced at the chairman and Donghae Group executives—still unable to recover from the shock—with a relaxed smile tugging at his lips.
"As you've just confirmed for yourselves, we acquired the shares held by Baekje Industries, so our stake has nearly doubled, while Donghae Group's has shrunk by as much. The result of the extraordinary shareholders' meeting is already clear, don't you think?"
The gap in shareholding had not only flipped completely, it had nearly doubled, so just as Seok-won said, the outcome of any shareholders' meeting was already a foregone conclusion.
Chairman Woo Yong-gap felt utterly deflated when he realized that, despite putting together all available group cash and even taking on debt to sweep up Midopa shares at the ludicrous price of 70,000 won each, it had all come to nothing in the blink of an eye.
Slumping heavily into his chair, Chairman Woo glared fiercely at Seok-won and pressed him for answers.
"How did you manage to convince my brother-in-law to hand over his shares?"
Seok-won met Chairman Woo's sharp gaze with effortless composure.
"It's simple. The foundation of any deal is giving the other party what they need, isn't it?"
A thought flashed through Chairman Woo Yong-gap's mind, and his eyes widened in disbelief.
"Don't tell me…"
"Chairman Hwang has shown a strong interest in media lately. So, we exchanged management rights to Nowon Cable and Global Korea Economic Newspaper for the Mido Department Store shares."
Upon hearing this, Chairman Woo let out a hollow laugh without realizing it.
Chairman Hwang Jeong-hyeon of Baekje Industries, his brother-in-law, had only agreed to participate in this hostile M&A under the condition that he would acquire Nowon Cable TV and Global Korea Economic Newspaper.
In the midst of a series of crises that made the takeover of Midopa Department Store seem uncertain, Seok-won accurately identified what Hwang wanted and proposed the deal—making refusal nearly impossible.
Nevertheless, the decision to hand over not just one but two lucrative subsidiaries was astonishing.
In truth, the only reason Seok-won was able to negotiate such a transaction was his knowledge that Baekje Industries, primarily focused on construction and notorious for its lax management, wouldn't survive the IMF crisis and would eventually go bankrupt.
To secure an absolute advantage at the extraordinary shareholders' meeting—and completely crush Donghae Group's hopes for the hostile takeover—he needed Baekje Industries' stake.
Yet, buying overinflated shares that would inevitably plunge once the M&A issue faded was deeply unappealing.
Just seeing Midopa Department Store's stock price—streaking to new highs as the shareholder register closed only to crash below 50,000 won in an instant—showed just how much of a bubble there was.
'Besides, he knew perfectly well that his stake was a casting vote, so he'd try to squeeze out the highest price.'
That's why Seok-won came up with the idea of a share swap.
This way, Daeheung Group could end the share war without spending extra cash, and Baekje Industries could claim the companies it coveted—both sides benefited.
Of course, at the moment, everyone must have thought Daeheung Group had made a bad deal by giving up Nowon Cable TV and Global Korea Economic Newspaper.
'That's precisely why Chairman Hwang Jeong-hyeon accepted my offer so quickly.'
If the benefits hadn't seemed substantial, even the greedy Chairman Hwang would not have betrayed his brother-in-law so easily.
The truth was, when Seok-won first brought up the idea, both his father and older brother opposed it. But he had to persuade them that blocking Donghae Group's hostile M&A attempts—and further preventing other forces from exploiting Daeheung Group's vulnerabilities—made the sacrifice unavoidable.
After a long discussion, both Chairman Park Tae-hong and his brother eventually agreed that it was the best possible choice, deciding to follow his plan with the resolve of "yielding flesh to protect bone," like warriors enduring pain for the greater good.
Of course, Seok-won hadn't disclosed his true intentions to either of them—he had absolutely no intention of giving up Nowon Cable TV and Global Korea Economic Newspaper for good.
From the outset, he planned to snatch both companies back at a bargain once Baekje Industries collapsed in the wake of the IMF crisis—which Chairman Hwang Jeong-hyeon didn't realize when signing the deal.
'Since I'll be reclaiming them soon, it's just a temporary handover.'
Meanwhile, realizing the balance had tipped completely toward Daeheung Group, Chairman Woo Yong-gap and the Donghae Group executives were unable to hide their dejection.
A heavy silence descended over the conference room as even the air seemed to press down.
Not long afterward, Chairman Woo, barely having composed himself, glared at Seok-won with the eyes of a wounded beast.
"If you've taken the shares my brother-in-law was holding, then as you said, the result of the extraordinary shareholders' meeting is already decided. So why have you come here?"
"Of course that's true, but I'm simply not the type to leave things unfinished. I like to tie up all loose ends."
Seok-won answered with an easy shrug, prompting Chairman Woo Yong-gap to narrow his eyes suspiciously.
"So are you saying you plan to buy up all the Midopa Department Store shares we still hold?"
"That's right."
Seok-won nodded.
Chairman Woo Yong-gap stroked his chin and pondered for a moment. With the situation looking dire both inside and out—and with his brother-in-law's betrayal rendering any further share battle meaningless—he regretfully decided to abandon the acquisition of Midopa Department Store.
To be honest, saying he had no other choice would have been closer to the truth.
"The rice is already cooked, so holding on out of stubbornness won't do us any good. We'll sell all the shares we own."
Upon hearing that, Chief Secretary Jeon Hae-chul and the other executives present tried to hide their relief, but inside, they were comforted by the prospect of recovering at least some of the money they had, as the saying goes, poured into a bottomless pit for this M&A.
"So, what price do you intend to offer?"
Chairman Woo, reluctant to drag the conversation out, asked straightforwardly.
"How much are you expecting?"
Seok-won countered instead, and Chairman Woo tapped his fingers on the conference table as he considered.
"If there's no premium, at least we deserve the same price we paid during the public tender."
"You mean 70,000 won per share?"
"That's right."
Seok-won let out a soft laugh as if the idea was preposterous.
"You know that price was hugely inflated by speculation. As you said, the tide's already turned, and the current market price is much lower. Paying 70,000 won just isn't feasible."
It seemed Woo hadn't truly expected Seok-won to buy back the shares at that price, as he didn't object and merely crossed his arms, asking,
"Then what do you think is a fair price?"
"The fair market value is what the shares were worth before the M&A bubble, right?"
Seok-won replied without missing a beat.
Chairman Woo's expression darkened, his features turning grim.
"You're telling me to sell the shares for just 9,000 won each?"
Hearing such a low offer, Chief Secretary Jeon and the other executives' faces also hardened.
Unfazed by Chairman Woo's fierce glare, Seok-won calmly explained,
"Actually, it's exactly 9,650 won. Of course, I realize it's unreasonable to ask you to sell at that price when you've poured in so much money until now."
"Hmph. So you do understand."
Chairman Woo Yong-gap snorted roughly and replied gruffly,
"The stock price hovered around 50,000 won all morning. Why don't you sell all the shares you're holding at half that—25,000 won per share?"
"What?!"
Chairman Woo's face twisted in disbelief before he grew serious, slamming his palm down on the table in front of him.
"If we dumped them on the market right now, we'd get 50,000 won per share. Are you joking, telling us to settle for half?!"
He erupted in anger.
"I think your greed is getting out of hand."
Chief Secretary Jeon Hae-chul, who had been quietly listening, interjected in a stiff voice.
"I'd say Donghae Group is the one being greedy here, not me."
"What did you say?!"
Chairman Woo shouted, seething.
But Seok-won met his gaze squarely, unfazed.
"It was Donghae Group's ambition for management control that drove the price, which used to be less than 10,000 won, to such a ridiculous level."
"You—!"
Chairman Woo glared with razor-sharp eyes.
Worried that Woo's blood pressure might get the better of him, Chief Secretary Jeon quickly countered in his place.
"But we've already poured in a huge amount. Even if not all, you should at least let us recover half for the deal to be possible, shouldn't you?"
Seok-won responded coolly, his gaze icy.
"Donghae Group were the ones who gambled and lost, not us. Why should we compensate you?"
"Isn't this a bit too much, regardless?"
"If you think it's unfair, why don't we make a disclosure that we acquired Baekje Industries' shares, and see how the market evaluates it?"
Chief Secretary Jeon swallowed hard, unable to come up with a retort.
The other executives looked equally ashen.
The only reason Midopa Department Store stock was still around 50,000 won after the shareholder registry closed was because there remained hope that, unless things were settled at the extraordinary shareholders' meeting, another battle over stakes might break out.
But if it became public that Daeheung Group had acquired nearly a majority, it was obvious what would happen to the stock once those hopes disappeared.
In fact, it was likely that the moment the news was released, the price would crash—possibly even dropping below the 25,000 won Seok-won had proposed.
Seeing his adversaries' dismay, Seok-won continued,
"If rumors spread that Donghae Group, having failed in the M&A, plans to dump its entire stake just to recover some losses, the price will fall even further. It could even drop below the original 9,000 won in the short term."
At this blatant threat to tank the stock price if negotiations broke down, Chief Secretary Jeon and the other executives grew even more grim-faced.
"You've blocked every escape route and are now forcing an unfavorable deal—you're certainly no ordinary opponent."
Chairman Woo Yong-gap glared at Seok-won with an icy countenance.
"But you've underestimated me. Even if things are tough, what will you do if I refuse to sell the Midopa Department Store shares and hold onto them?"
Chief Secretary Jeon Hae-chul and the executives exchanged startled looks, surprised by Chairman Woo's words.
"If that happens, won't you constantly feel like there's a knife at your back?"
Woo Yong-gap lifted his chin smugly.
Even if it seemed fine now, the threat of another hostile M&A would make the situation truly uncomfortable, just as he said.
Yet Seok-won, undisturbed, smiled faintly and responded,
"Hmm. In that case, Chairman Woo, I think you'll be the one getting more exhausted."
"What do you mean by that?"
Perplexed, Woo frowned.
"Perhaps you've momentarily forgotten, but we hold nearly 20% of Donghae Oil's stock. Donghae Group isn't the only one who can shake things up with an M&A attempt."
Woo Yong-gap's face instantly twisted in anger.
"One key difference though: Donghae Group only threatens, but we have the funds and legitimacy to actually carry out an M&A. By now, I assume you've realized I'm the CEO of Eldorado Fund."
Seok-won raised one corner of his mouth with a meaningful glint in his eyes.
"Ughhh."
Woo Yong-gap grimaced deeply and let out a frustrated groan.
He had only learned late in the investigation—while confirming details about Woo Ho-geun's illegal loan from Donghae Mutual Credit Union used to finance the share purchase—about the Eldorado Fund through Peregrine Securities in Hong Kong.
Only after hearing this did Chairman Woo realize how recklessly they had challenged Daeheung Group, completely unaware of the deeper forces at play, and he greatly regretted following Woo Ho-geun's lead.
"Will you accept the offer? Or do you intend to keep fighting?"
Seok-won asked, still smiling.
'Damn it.'
Realizing he was completely cornered,
Chairman Woo regretted his greed but it was too late now.
Still, surrendering outright would deeply hurt his pride.
After a long moment of contemplation, Woo Yong-gap finally spoke in a noticeably subdued voice.
"Give me a little more time to think."
"Very well. I'll give you one day. Please provide your answer by this time tomorrow. If I don't hear from you by then, I will assume you've rejected the offer and will immediately begin acquiring shares of Donghae Oil."
"Hmmm."
Chairman Woo Yong-gap let out a low, gloomy sigh.
"Oh, and separate from the negotiations, the disclosure announcing our acquisition of Baekje Industries' shares will be released as soon as the market closes today. Consider that settled."
Seok-won pressed forward without leaving any room for debate, leaving Chairman Woo feeling humiliated and empty as he found himself cornered and on the defensive.
"...Understood."
His shoulders slumped, and with his eyes tightly shut, Woo Yong-gap reluctantly responded.