The following day.
In the chairman's office at Daeheung Group's headquarters in Mapo, Chairman Park Tae-hong sat in the seat of honor on the sofa, flanked by his two sons, Park Jin-hyung and Park Seok-won, with Chief Secretary Gil Seong-ho beside them.
Chairman Park Tae-hong, cigarette in his mouth, anxiously checked his wristwatch again, even though he had already looked at the time just moments earlier.
"The deadline is almost up. Why haven't we heard from him yet?"
Lifting his gaze, he turned toward Seok-won, who, unlike the others, looked completely at ease.
"Could it be that Chairman Woo has decided to fight to the end instead of accepting our terms?"
At that, his eldest son, President Park Jin-hyung, also looked uneasy as he added,
"They say even a cornered rat will bite a cat. Maybe we pushed him too hard without leaving him any escape."
Gil Seong-ho, the chief secretary, nodded in agreement, sharing the same concern.
However, Seok-won, who remained utterly unbothered, simply shrugged at their worries.
"Considering its original stock price, even 25,000 won per share is a generous offer."
"I'm not talking about that. I mean the share exchange ratio. You slashed the valuation of Donghae Group's Mido Department Store shares in half but insisted on calculating the value of the Donghae Oil shares at full market price."
"And? What's the problem with that?"
Both his father and brother, along with the chief secretary, stared at him in disbelief at his brazen attitude, despite being on the same side.
"You set the valuation criteria so unfairly against them. Do you think they'll just accept that?"
"Exactly. The terms are overwhelmingly in our favor. Of course, there will be pushback."
President Park Jin-hyung leaned forward as he spoke, and Gil Seong-ho adjusted his gold-rimmed glasses while nodding in agreement.
"Yes, even I think we went too far."
Even Chairman Park Tae-hong agreed, but Seok-won remained unfazed, tilting his chin up confidently.
"They lost the fight. Taking a loss is only natural. If we had lost control of Mido Department Store, do you think they would have shown us any mercy?"
None of the three men could refute his argument.
"If they were the type to be lenient, they wouldn't have attempted a hostile takeover in the first place. If anything, they would've been even more ruthless. Let's be honest—while they tried to take over our entire group, all we're doing is making them sell their shares at a slightly lower price. In my opinion, this is a perfectly reasonable demand for the winner to make of the loser."
His confidence was so unwavering that, for a brief moment, the others almost found themselves convinced.
However, they quickly realized that if Seok-won's terms were accepted as they were, Donghae Group wouldn't even recover a fraction of the money they had poured in. They would be forced to sell their Mido Department Store shares at a massive loss while buying Donghae Yuryang shares at a much higher price.
'As satisfying as it is to make them pay for what they did, will Chairman Woo really accept this?'
'Even though Donghae Group is backed into a corner, if they choose to fight to the bitter end, things could get messy for us too…'
'What if the negotiations collapse, and this turns into a prolonged battle for control?'
Each of them ran through various concerns in their minds.
Seok-won, either oblivious to or unbothered by their worries, remained completely composed as he spoke again.
"Since the market opened today, Mido Department Store's stock price has plummeted to around 30,000 won after the announcement that we acquired Baekje Industries' shares. So really, we didn't even undervalue it that much."
Chairman Park Tae-hong almost pointed out that Donghae Oil's stock price had also dropped but held back, already knowing what Seok-won's response would be.
Seeing the lingering anxiety on their faces, Seok-won sighed and reassured them.
"It's a losing deal for Donghae Group, no doubt. But Chairman Woo Yong-gap has no choice but to accept our demands."
Chairman Park Tae-hong, cigarette between his fingers, straightened his posture and asked,
"And what makes you so sure? Is there something we don't know?"
President Park Jin-hyung and Chief Secretary Gil Seong-ho both turned to Seok-won, their gazes asking the same unspoken question: Is that really true?
"The reason is simple," Seok-won said. "Donghae Group absolutely does not want the M&A controversy to escalate into a full-scale investigation of their illegal loans at Donghae Mutual Credit Union. That would mean exposing the entire funding process behind their Mido Department Store share purchases."
Chairman Park Tae-hong furrowed his brows. "Well, obviously. A prosecution investigation wouldn't do them any good."
Seok-won, noticing the slightly underwhelmed reaction, gave his father a knowing smile.
"It's even more sensitive because Donghae Group is the in-law company of former President Noh."
At that, a sudden realization hit Chairman Park Tae-hong, making his eyes widen.
"You're not suggesting… Noh's slush funds were used to acquire Mido Department Store shares, are you?"
Both President Park Jin-hyung and Chief Secretary Gil Seong-ho looked just as shocked.
If Chairman Woo Yong-gap had secretly dipped into the former president's hidden funds, this situation was bound to spiral out of control.
"Is that really the case?" President Park Jin-hyung swallowed nervously.
"Well, I don't know for sure."
Seok-won shrugged nonchalantly, making his older brother frown slightly.
"Then what was all that talk just now?"
"Donghae Group poured everything they had into buying Mido Department Store shares—every last dime. Ho-geun even crossed a line he shouldn't have."
Since Daeheung Group had similarly drained its reserves to defend its own management rights, the other three nodded slightly, understanding the situation.
"Setting aside the illegal loans Ho-geun took from the mutual credit union, they even borrowed money through Hong Kong Peregrine Securities with a 10% annual interest rate and a call option clause. That's how desperate they were. So tell me, do you really think they wouldn't have touched Noh's hidden slush funds?"
Chairman Park Tae-hong's expression shifted, his eyes gleaming with understanding.
"You're right. When you're that desperate for cash, you don't care whose money it is—you just use whatever's within reach."
Chief Secretary Gil Seong-ho nodded seriously. "During the previous investigation, they vehemently denied having access to Noh's hidden funds. But realistically, it's impossible that not a single dime made its way into their hands. There's a high chance they've dipped into it now."
At last, President Park Jin-hyung, who had been tense with worry, relaxed. The weight on his shoulders seemed to lift.
"In that case, just as Seok-won said, Donghae Group has no choice but to accept—even if the terms are unreasonable."
Chairman Park Tae-hong leaned back against his chair, a triumphant grin spreading across his face.
"Hah! Just imagining Chairman Woo's face as he's forced to accept our terms—it's enough to clear a decade's worth of frustration!"
Just then, a knock came at the door.
Assistant Manager Jung Yun-kyung stepped in and bowed politely.
"Chairman Woo Yong-gap of Donghae Group is on the line."
Chairman Park Tae-hong hastily stubbed out his nearly finished cigarette in a crystal ashtray and straightened his posture.
"Put him through."
"Yes, sir."
Assistant Manager Jung Yun-kyung gave a short reply before stepping out. Moments later, the keyphone on the table rang.
Seok-won pressed the speakerphone button so that everyone could hear the conversation.
"Hello?"
[… It's me.]
The reluctance in Chairman Woo Yong-gap's voice was unmistakable.
A smirk curled on Park Tae-hong's lips as he sat with his arms crossed. Across from him, President Park Jin-hyung and Chief Secretary Gil Seong-ho leaned in slightly, their expressions filled with anticipation.
"I take it you've made up your mind since you called us first."
A heavy silence followed before Woo Yong-gap finally spoke again.
[Did it really have to come to this?]
"As I've said before, we weren't the ones who started this. Donghae Group made the first move."
Seok-won's tone was cold and unwavering.
Woo Yong-gap let out a pained groan before begrudgingly conceding.
[… Fine. We'll accept your conditions.]
At last, the awaited answer.
President Park Jin-hyung, who had been leaning toward the speakerphone, clenched his fist in triumph. Beside him, Chief Secretary Gil Seong-ho's face brightened with relief.
Chairman Park Tae-hong, unable to hide his satisfaction, let out a broad smile, now fully at ease.
Seok-won, too, allowed a brief smile to escape before quickly returning to his usual composed demeanor.
"You've made the right choice."
[I'll send my chief secretary to meet you this afternoon.]
It was clear that Woo Yong-gap had no intention of prolonging the conversation. He wanted to end the call as quickly as possible.
Seok-won could almost picture the bitter, defeated expression on Woo Yong-gap's face.
"That works for me. It's best to wrap things up quickly. Oh, by the way—while we've settled on the stock exchange terms, what do you plan to do about the bonds Hong Kong Peregrine Securities was holding? You should already know that I've acquired them."
The moment Seok-won brought up the bonds, he didn't need to see Woo Yong-gap's face to know it had twisted in frustration.
[What exactly do you want?]
Chairman Woo Yong-gap's voice was filled with irritation as he asked,
"The best option would be to get the full amount in cash, but given Donghae Group's current financial situation, that's unlikely. Instead, let's settle this with assets."
Seok-won responded without hesitation, as if he had been waiting for this moment.
Having already been outmaneuvered once, Woo Yong-gap immediately became suspicious, wary of another scheme.
[Assets? What assets?]
Seok-won laid out his proposal.
"The plot for your new headquarters in Seocho-dong and the logistics warehouse in Pangyo should roughly cover the amount. What do you think?"
The moment he heard those words, Woo Yong-gap ground his teeth and shouted in outrage.
[You're going too far!]
The Seocho-dong site was a prime piece of real estate that Woo Yong-gap had purchased years ago to build a grand new headquarters, one that could rival those of other major conglomerates.
He had even commissioned a 47-story scale model of the future building, which he kept in his office and admired daily.
And now, Seok-won was demanding it without hesitation. No wonder Woo Yong-gap was livid.
As the furious chairman protested, Seok-won remained unfazed, responding in a dry tone.
"If we had lost this fight, you would've taken everything from us. And now you say I'm being too much?"
[Ugh…]
Woo Yong-gap let out a heavy sigh, unable to refute the truth of Seok-won's words.
"If you don't like it, you can repay in cash."
Seok-won threw the words out casually, fully aware that Donghae Group simply didn't have the means to do so.
A long silence followed. When Woo Yong-gap finally spoke, his voice was tightly controlled, as if he were forcing himself to stay calm.
[Fine. We'll settle it with real estate.]
"Good."
[There's nothing else left, is there?]
Woo Yong-gap's voice was laced with frustration.
Seok-won, unaffected, suddenly added as if he had just remembered something.
"Oh, right. Since you failed in the M&A, don't forget that the contract requires you to guarantee five years' worth of interest."
[… I know.]
Woo Yong-gap's response was stiff and curt.
Seok-won flashed a bright smile, finally nodding in satisfaction.
"Then we're all set."
Without another word, Woo Yong-gap hung up.
As soon as the call ended, Chairman Park Tae-hong, who had been holding back his excitement, burst into laughter, slapping his knee.
"Hahaha! That Seocho-dong site was practically Woo's pride and joy, and now it's ours! I doubt he'll be getting much sleep tonight."
His son was in prison, the massive funds he poured into the M&A were gone, and now, he was forced to give up his most treasured real estate. Donghae Group had been completely shaken to its core.
Seeing Seok-won so thoroughly enjoying the moment, President Park Jin-hyung shook his head in disbelief.
"Thank God we're on the same side. If I had to go up against you, I don't think I'd stand a chance."
Sitting beside them, Chief Secretary Gil Seong-ho nodded unconsciously, his face reflecting newfound respect for Seok-won.
Seok-won picked up his teacup, only to put it back down when he realized the coffee had gone cold. Speaking in a nonchalant tone, he remarked,
"You have to set a clear example from the start. That way, they won't dare to challenge us again."
"Exactly. Couldn't have said it better myself."
Chairman Park Tae-hong looked at Seok-won with deep satisfaction, his chest swelling with pride.