Termination Of The Acquisition Of KUKA Door Mattress Short Board Difficult To Fill

A it's not that easy to eat A.

6 months ago, when the whole world was buying KUKA for A cheering for KUKA, Beijing business daily published the cold thinking of "1 billion 380 million acquisition of KUKA facing the three test". 6 months later, KUKA and Sherin both announced a notice to the A, who shocked the family business, to eat A and press the stop button, which coincided with the reporter's guess at that time.

In April 14, 2019, what was the inside story of KUKA's acquisition of Xi Ling men's formal termination?

Who should fill up the short mattress of KUKA mattress?

Naturally terminated acquisition

KUKA furniture and Sherin were the protagonists of the two largest software furniture company, and the A takeaway A, which was a sensation in the home circle, was eventually aborted.

In April 14, 2019, KUKA and Xi Ling men announced the announcement of 6 months. The letter of intent for the pfer of shares signed by Shaoxing Huayi investment company and KUKA signed an automatic termination.

The last announcement of KUKA and Sherin was 6 months ago.

In October 15, 2018, KUKA issued a notice with Xi Ling men, saying that in October 14th, the controlling shareholder of Hua Ling gate, Huayi investment, intends to pfer KUKA's stock of not less than 90 million 817 thousand and 300 shares to the KUKA, with the price of not less than 15.2 yuan per share. The total paction price is not less than $1 billion 380 million.

After the completion of the paction, KUKA will hold a stake of not less than 23% of Xi Ling men and become the largest shareholder of the company, which may lead to the change of the controlling shareholder and the actual controller of the company.

"This is just an agreement of intent, which is misunderstood as a formal takeover. If the 6 parties fail to make a formal delivery, the acquisition is yellow."

At that time, an industry insider told the Beijing Commercial Daily reporter that the acquisition was not so easy.

Sure enough, he was told.

The reasons for the termination of the cooperation are very consistent: "since the signing of the letter of intent for equity pfer, the two sides have conducted several in-depth exchanges and discussions on the details of cooperation. However, due to the subjective and objective conditions in the process of negotiation, the two parties ultimately failed to reach a consensus and sign a formal pfer agreement before the expiration of the validity of the book, so the letter of intent is automatically terminated."

Unwilling to buy or unwilling to sell

KUKA bought the halo button, but the real reason for the termination, the two sides were silent.

Beijing Business Daily reporter interviewed KUKA and Sherin on this issue, but did not get a reply.

Who gave up KUKA and Sherin?

There is speculation in the home circle that speculation is not willing to buy. The reason is that as of April 12th, the closing price of Xi Ling men was 12.98 yuan, assuming that Gu family had bought a large amount of book loss with the original 15.2 yuan / share purchase, but more people preferred to be willing to sell it.

"The acquisition of equity is more complex, the most real reason is only the parties are clear, from the announcement to explain the termination of the acquisition is the two sides did not talk about it, I personally feel that the possibility of happiness is not big enough to sell."

A financial analyst familiar with the home industry and anonymity told reporters in an interview with Beijing business daily in April 15th that Xi Ling men did not take the initiative to sell at the very beginning. When the agreement was signed 6 months ago, the capital market environment was very bad, and the share price fell sharply. The investment of Chen Ayu, the founder of the brand, is facing the risk of explosion.

According to the then Beijing business daily, "Hua Yi's investment is short of money. It has been revealed from the relevant announcement. On the one hand, in the 2016 year, the 4 phase of Huayi's investment issue was 1 billion yuan of exchangeable corporate bonds guaranteed by the A shares of Xi Lin men. The three year period is approaching. It faces the pressure of debt repayment. On the other hand, the stock price of Xi Ling men's shares in the A stock market has been decreasing in recent years. In October 12th, the intraday price of 10.52 yuan has reached a new low of 10.52 yuan.

Without strong stock price support, the stocks that are guaranteed will burst, and KUKA will be the first to choose a home to sell and willing to pay.

A letter of intent for KUKA's acquisition of KUKA has solved the urgent need of the company.

After that, the stock market went up, and the announcement issued by CITIC Securities in March 19th showed that after the communication with creditors, Huayi investment had been unanimously agreed by the creditors to reduce the conversion price from 23.13 yuan to 11.32 yuan in one breath.

According to the current stock price of Xi Lai men, Huayi investment is safe.

The risk of explosion is removed, and Chen Ayu naturally has no intention to pfer Xi Lai men.

"Periscope home", said.

Family mattress is hard to fill.

Acquisition of sheremon, KUKA intends to patch short mattress, acquisition termination, who should find this board to fill?

With the promotion of the big household strategy, the short mattress of mattress has become a step for KUKA.

In 2018, in order to make up the short mattress, KUKA frequently leveraged capital leverage. After signing the letter of intent for equity pfer with the domestic mattress listed company, the company continued to sweep the goods through the two tier market. In November 13, 2018, KUKA invested about 424 million yuan to win 51% stake in the export market of the domestic bed mat export enterprise, two times a month, and it was easy to see that Gu Jia Ju Zheng was eager to make up the short mattress.

"The acquisition is successful, and the synergy effect is good, and each can bring its own advantages into play. Then KUKA will soon get a better result in the mattress area."

Analysts believe that, without taking the joy of the door, KUKA will have to think about how the mattress work, looking around, but also difficult to find a more suitable choice than the gate.

It is worth noting that, after announcements of the termination of the takeover, Hsin Ling announced the announcement of the company's shareholders' participation in the investment management plan in April 12th evening, disclosing KUKA's participation in the investment plan.

Can KUKA invest in debt? Is it merely financial investment, or can't put the advantage of Xi matmen mattress and its M&D brand?

In this regard, the Shanghai Stock Exchange also sent a letter of inquiry to Xi Ling men, asking KUKA to participate in the investment management plan to invest in Hua Yi's debt.

But as of press release, Xi Lai men did not announce the answer.

"Chen Yu Yu is not willing to sell Sherin, KUKA may not be willing to let go."

Insiders speculate that KUKA's ultimate goal should be to control Xi Ling men.

The game between KUKA and Sherin is far from over.