Chapter 330

Chapter 330:
“I had something to do,” Candice replied.
“Where are you? Should I send someone to pick you up?” Milton responded almost immediately.
“No, I’m in a cab on the way to the law firm,” Candice answered hurriedly.
Somehow, she felt something tugging at her heart and asked, “What are you doing?”
She immediately regretted asking. Why should she care what he was doing? Besides, her message sounded affectionate, as if she were his girlfriend checking in on him. Moreover, Bettina had said that only mothers and girlfriends were qualified to know such things. What was she to him?
At most, she was his employee.
She was about to retract her message, but Milton had already seen it. He sent a few photos he had taken and explained what he was doing.
“I’m in a meeting. I’m going to take over a business that has gone bankrupt.”
Out of curiosity, Candice opened the photos and zoomed in.
It seemed like a large-scale car tire manufacturer that filed for bankruptcy due to poor management and excessive debts. From the pictures and documents Milton sent, Candice figured it was a stalking horse bid.
“Stalking horse bid?” she asked.
Although Milton was still in a meeting, he replied quickly, “Yeah. I’m not telling you this because I want you to do something. The company’s law team has already reviewed it, so don’t worry.”
Candice was very interested in such cases.
Although Milton said she shouldn’t worry about it, she still opened the documents and reviewed them.
A stalking horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company chooses an entity from a pool of bidders to make the first bid on the firm’s remaining assets. This attracts more potential buyers to offer more competitive acquisition prices.
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Biddings can prevent bankrupt companies from accepting lower offers because the law only permits buyers to increase bids.
If the Blake Group had pursued a stalking horse bid after going bankrupt, its fate might have been better.
It was a pity she didn’t know about this strategy back then. Besides, she wasn’t given the right to speak.
Apparently, Milton’s Royal Garden Corporation planned to acquire the automobile tire factory for 50 billion dollars.
Compared to traditional public bidding, stalking horse bids also provide convenience for potential investors by shortening unnecessary delays. This benefits companies filing for bankruptcy by helping them relieve their liabilities as soon as possible and facilitating the bankruptcy procedures. Unsurprisingly, after Milton finished the meeting with the creditors, he was allowed to bid directly.
With the exorbitant price he was willing to pay, there was no doubt he would be the final buyer.
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