Chapter 216: It’ll Be Over Soon

A few days later, a public purchase advertisement for securing management rights at JC Foods was prominently featured on the front pages of most major newspapers.

[Notice of Public Purchase for JC Foods]

Purchaser: Future Investment.

Target of Purchase: JC Foods Co.

Purpose of Purchase: Securing management rights.

The purchaser aims to acquire 50,910,467 shares (approximately 17.3% of issued shares) of the target company to secure management rights.

Target Shares: Registered common stocks.

Planned Purchase Quantity: 6,091,057 shares.

Purchase Price: 17,400 won per share.

Purchase Conditions: The purchaser will buy all shares tendered, regardless of the tendering rate, and payment will be made in cash.

While scanning the newspaper ad, I turned my gaze toward the door as I heard the office door open.

Manager Ma entered and bowed deeply. After I nodded, he spoke up.

“The chairman from Daehyeon, Song Young-ju, wants to connect with you.”

“Looks like JC Group is feeling the heat.”

Given that today’s ad was published, it seemed Chairman Song had reached out due to my connection to JC Group.

“Please connect me.”

Soon, I was connected to Chairman Song. I could hear him clearing his throat over the phone.

“Yes, Chairman. You reached out?”

— Ha ha, why is it so hard to just have a conversation?

“I’m sorry, Chairman.”

— It’s not about wanting an apology…

Chairman Song seemed hesitant to start, so I took the initiative.

“Is it about JC Foods that’s troubling you?”

Thanks to that, it was easy for Chairman Song to find his voice.

— Yeah. Why are they doing this? What have you done to JC Group?

“Nothing wrong at all. I simply need the stock that JC Foods holds in Il-sung Corporation.””

Public purchasing for the purpose of securing management rights wasn’t a great strategy since it could cause a short-term spike in stock prices.

Because of the 30% premium based on yesterday’s closing price, JC Foods’ stock had already hit its ceiling hours after the market opened.

But that was fine since what I truly wanted was the increase in JC Foods’ stock prices. I needed to avoid having unnecessary white knights jump into the fray.

“Has the chairman reached out to you?”

— Yes. I received a call first thing in the morning as he complained to me. I couldn’t believe what he was saying.

Chairman Song continued to grumble, but his tone didn’t sound too upset.

“Ha ha, I apologize. I think it’s because of my relations with you. I’m sorry to cause you worry, especially when your health isn’t great.”

— It’s alright. Things happen.

Though he said it was okay, I couldn’t let Chairman Song continue to worry.

“It’ll be over soon.”

— Isn’t there room for negotiation?

“If JC Group transfers all their shares in Il-seong Group to me, the stocks II already possess will form a friendly stake for them.”

— I understand. I’ll reach out again.

After wrapping up the call, I handed my phone to Manager Ma.

“What did Chairman Song say?”

Manager Ma cautiously asked as he received the phone. He seemed curious since the chairman had hurriedly reached out.

I smiled slightly watching him.

“It seems he contacted Chairman Song right after seeing the ad in the newspaper. Looks like they’re in a bit of a rush.”

JC Foods must be in an uproar, right? My smile grew wider.

* * *

“What the hell? What’s going on here?”

Seo Jae-sang, vice chairman of JC Group, who took over management from his ailing father, was taken aback after seeing the advertisement in the newspaper before heading to work.

Skipping breakfast, he went straight to the office and gathered all the staff in the secretary’s office.

The secretary’s office, filled with talented people, braced for the storm of Seo Jae-sang’s wrath.

“I still don’t know why this is happening.”

“You don’t know? Seriously? Is that even a valid explanation?”

Seo Jae-sang yelled, slamming his hand on the desk at the words of Secretary Jang Baek-hyun.

“I’m sorry. We’re working to understand the situation right now.”

“Why is Future Investment causing such a commotion for us? I brought this up to my father as I came in. You all need to find out the current share status of JC Foods owned by them. They must be confident to declare a public purchase.”

With his nerves on edge, Seo Jae-sang gestured as he sat down. His face was marked with irritation.

“Everyone except Secretary Jang should leave. Find out everything today. If you don’t, you’re all out of here. Go!”

The rest of the secretary’s office staff hurried out, leaving just Secretary Jang Baek-hyun behind.

Once everyone left, Seo Jae-sang let out a deep breath as he leaned back against his chair. Secretary Jang stood stiffly, waiting attentively.

An awkward silence settled in for a while. Seo Jae-sang opened his eyes and spoke up.

“Why is this happening, Uncle?”

After the other staff left, Seo Jae-sang turned to Secretary Jang Baek-hyun, speaking more casually.

“There have been rumors in the securities industry that Future Investment is hoarding shares related to Il-sung. I believe their taarget is the shares of Il-sung held by JC Foods.””

At Secretary Jang’s answer, Seo Jae-sang frowned.

“So, you’re telling me that if Il-sung and Future Investmeent are at odds, we will suffer casualties?”

“I can’t say for sure. However, it’s clear that Kim Mu-hyeok from Myeong-dong ows Future Investment, and those rumors about his lousy relationship with Chairman Seo Yong-geon are widespread in the business world.”

Hearing the unexpected name, Seo Jae-sang raised an eyebrow.

“Kim Mu-hyeok? Isn’t he a loan shrk? You’re saying he’s the owner of Future Investment?”

“There’s no formal confirmation, but most in the business community have identified him as such. He could be the owner, or he may just have a close relationship with the owner.”

Rumors about Kim Mu-hyeok, known only as the uccessor to Cheon Tae-san, had already begun to circulate in the business community.

Though no one had fully identified him, it was clear that his influence surpassed that of Chairman Cheontae.

Seo Jae-sang’s displeasure was evident on his face.

“So, you mean to say that we’re in jeopardy of losing JC Foods’ management rights because of a lousy loan shark?”

“…He’s not someone to be dismissed so simply as a loan shark.”

“He’s a loan shark, isn’t he?”

Secretary Jang sighed inwardly at Seo Jae-sang’s indifferent response.

He knew Seo Jae-sang well after observing him for a long time.

Unlike the typical third-generation chaebol, Seo Jae-sang had grown up without causing major scandals, but his excessive arrogance due to being the only son of Chairman Seo Mang-geon was quite the issue

“So, do you have any countermeasures?”

“The chairman is in discussions with Chairman Song Young-ju from Daehyeon Group. I believe he’s the only one closely associated with Kim Mu-hyeok.”

Despite Secretary Jang Baek-hyun’s warning, Seo Jae-sang still dismissed Kim Mu-hyeok as unworthy.

“Tsk. If he’s a loan shark, he must’ve done something illegal. Can’t we pressure him with the prosecutor we manage? Uncle, can’t you do something? Should my father be the one asking Chairman Song Young-ju for favors on matters like this?”

Though he was in his thirties now, Seo Jae-sang sometimes acted childishly when alone.

Secretary Jang Baek-hyun shook his head slowly with a stern expression.

“He holds influence in the legal community, so it won’t be easy. There have been cases where prosecutors investigating him lost their jobs.”

“Why is society functioning like this, I wonder?”

Seo Jae-sang no longer lashed out at Secretary Jang. After a long discussion with him, Secretary Jang left the vice chairman’s office.

Before long, night fell, yet JC Foods’ headquarters was ablaze with lights.

All the executives of JC Foods gathered in the conference room. The room was noisy as they discussed the current situation with one another.

When Seo Jae-sang and Secretary Jang Baek-hyun entered, the room fell silent as though quiet had suddenly descended.

Seo Jae-sang, with a displeased expression, surveyed the executives before taking his seat. He openly revealed his discomfort as he spoke.

“Have you all prepared your countermeasures?”

At the cold inquiry, all the executives lowered their heads and fell silent.

“So, you all don’t care if the management rights slip away? Is that what you’re saying?”

Seo Jae-sang snapped at the executives bowing their heads. Jang Baek-hyun, sitting beside him, tried to intervene.

Seeing Secretary Jang’s gesture, Seo Jae-sang let out a deep sigh.

Silence hung in the conference room. After a long pause, Seo Jae-sang clenched his teeth.

“If management rights are lost, you won’t be safe either. Don’t hesitate to assess where you should be standing. Got it?”

From various corners, whispers responded in shaky tones. The executives nervously glanced at the younger Seo Jae-sang.

“Secretary Jang will provide the briefing. After that, everyone should think of how to respond.”

After Seo Jae-sang nodded, Jang Baek-hyun stepped forward and began the presentation.

“This is Jang Baek-hyun. Currently, the status of JC Foods’ shares acquired by Future Investment is…”

As Jang Baek-hyun explained the situation to the executives, Seo Jae-sang folded his arms and closed his eyes. It was unbelievable that things came to this because of a single loan shark. Frown lines deepened on his face as he kept his eyes closed.

* * *

The public purchase advertisement graced the front pages of major newspapers for several days.

JC Foods’ stock had already recorded three ceiling prices, and currently, it was at a standstill, having vastly exceeded the public purchase price.

“Boss, we’ve arrived.”

I opened my eyes at Manager Ma’s words.

I had reached the location where I was to meet Seo Mang-geon, the chairman of JCroup, through mediation by Chairman Song.

Seo Mang-geon lived just outside e city center.

Though modest for a chaebol, it was still a pretty spacious house, leading me through a lovely garden.

In the living room, Chairman Seo Mang-geon and his son, Seo Jasang, awaited.

Seo Mang-geon struggled to rise a extended his hand first.

“I’m Seo Mang-geon.”

“Nice to meet you, I’m Kim Mu-hyeok.”

I smiled as I shook his hand.

Chairman Seo’s features resembled those of his son, Seo Yong-geon. Brothers really do share some resemblance.

After shaking hands, we sat down. However, Seo Jae-sang’s face was scrunched up in discontent.

Looking at his disgruntled expression reminded me of Cheon Ji-won. I felt the urge to look away as irritation bubbled within me.

We exchanged pleasantries for a moment by sharing stories about our grandfathers.

Once I felt the preliminary exchanges were done, I dove straight into the main topic.

“Chairman, why did you want to meet me?”

Seo Jae-sang cleared his throat, but I ignored him and kept my eyes on Chairman Seo Mang-geon. At my probing gazeChairman Seo shook his head.

“Did we really have to come this far?”

“What do you mean?”

“Couldn’t we have attempted negotiations on our end? Why did you have to push us into a public purchase?”

There was no reason to take the hard road if an easier path lay ahead.

“Do you think they would have accepted it readily? No, they probably wouldn’t have even replied. Am I wrong?”

I made my decision after observing JC Foods’ fragile governance structure. Instead of engaging in pointless power plays in negotiations, I intended to strike hard right from the start.

If I had tried to negotiate without a solid chance of victory, it likely would have ended in disappointment.

If not for the shares held by Elder Jang Dae-ho, it would have taken a long time to accumulate shares, but thanks to his shares, the possibility of success increased.

“You don’t know what kind of entity Il-sung is to me, do you?””

“I don’t know the details, but I understand a bit. The founder of Il-sung’s eldest son, the llamented prince. That much I know.”

That was Chairman Seo Mang-geon’s Achilles’ heel. Hwas set to be the successor inheriting his father’s legacy, but the position was usurped by Seo Yong-geon.

“But that’s none of my business. Just tell me what Yong-geon was hoping to say by contacting me through Chairman Song.”

But the reply came from somewhere else.

“Who is this punk? Why is he so rude?”

A sudden casual tone made me turn my head. Seo Jae-sang was glaring at me, his face flushed red.

“Are you speaking to me? Was that disrespectful?”

“What? You punk, do you think you’re hot stuff just because you’re young?”

Seo Jae-sang stood up, fuming and pointing his finger at me. Does this family not have anyone with decorum?

I couldn’t help but chuckle as I met Seo Jae-sang’s glare.