CH281 | GSI

Overwhelmed by shock and betrayal, Chairman Woo Yong-gap’s face turned an alarming shade of red, his body trembling with barely contained rage.

It wasn’t just anyone who had stabbed him in the back—it was a family member he had believed he could trust. That made the pain even more unbearable and the anger even more consuming.

The executives of Donghae Group, who had been watching the scene unfold, were equally shaken, murmuring among themselves in disbelief.

Chief Secretary Jeon Hae-chul, in particular, wore a bitter expression as he realized the inevitable—after enduring relentless criticism and pouring vast amounts of capital into the hostile takeover of Mido Department Store, the entire plan had now gone up in smoke.

He had never liked Woo Ho-geun, with his arrogant and selfish ways. But the idea of seizing Mido Department Store—Donghae Group’s Achilles' heel—and using it as a stepping stone to swallow up the entire Daehung Group had seemed like an incredibly strategic move.

In fact, he had even found himself wondering why no one had thought of it sooner.

Of course, breaking the unspoken rule of the business world—where companies generally respected each other’s control—meant facing inevitable backlash. But the potential rewards had been far too great to ignore.

That was why even the calculating Woo Yong-gap had fully supported Woo Ho-geun’s plan and thrown his full weight behind it.

At first, everything had seemed destined for success. But Jeon Hae-chul now realized that things had started going off track the moment Seok-won got involved.

His gaze shifted toward the Seok-won sitting calmly across from him.

The real mistake was not accounting for Chairman Park Tae-hong’s second son in the equation.

Regret gnawed at him, but it was already too late to turn back.

Meanwhile, Seok-won leaned back in his chair, observing Woo Yong-gap and the other Donghae Group executives still struggling to process the devastating news. A relaxed smile played on his lips.

“As you’ve just confirmed, we acquired Baekje Industries' shares, which pushed our holdings close to a majority. Meanwhile, Donghae Group’s stake has significantly decreased. Given the numbers, I think we all know how the upcoming shareholders' meeting will play out, don’t we?”

The room fell silent.

Not only had the power dynamic shifted, but the gap between them had nearly doubled. As Seok-won said, there was no point in holding the meeting—it was already a foregone conclusion.

Woo Yong-gap’s mind reeled. He had drained the company’s cash reserves and even taken on loans to purchase Mido’s stock at an outrageous price of 70,000 won per share. And yet, in an instant, all of it had crumbled to nothing.

A wave of exhaustion hit him, and he slumped into his chair, his gaze sharp as he glared at Seok-won. His voice came out low and demanding.

“How… how the hell did you get my brother-in-law to sell you his shares?”

Seok-won met his furious stare with unshaken composure.

“It’s simple. The foundation of any deal is an exchange—each party gets what they need.”

At those words, a thought flashed through Woo Yong-gap’s mind, and his eyes widened in realization.

“…No way…”

Seok-won spoke calmly, his voice steady and composed.

"Chairman Hwang seems to have a strong interest in the media industry. So, we exchanged the management rights of Nowon Cable TV and Global Korea Economic News for Mido Department Store shares."

Hearing this, Woo Yong-gap let out a hollow chuckle, unable to contain his disbelief.

His brother-in-law, Chairman Hwang Jung-hyun of Baekje Industries, had originally joined the hostile M&A effort under the condition that he would gain control over Nowon Cable TV and Global Korea Economic News.

With the recent turn of events making the takeover of Mido Department Store uncertain, Seok-won had keenly identified what Hwang truly wanted and proposed a deal he couldn’t refuse.

Even so, Woo Yong-gap was stunned by Seok-won's bold move—willingly giving up two profitable subsidiaries in such a high-stakes situation.

But Seok-won had been able to make this deal with confidence because he knew what was coming. He was fully aware that Baekje Industries, which had expanded recklessly into construction and suffered from poor management, would not survive the ongoing IMF crisis. A complete financial collapse was inevitable.

For Seok-won, securing Baekje’s shares was essential. He needed to ensure a dominant position at the upcoming shareholders’ meeting, crushing Donghae Group’s hopes for a hostile takeover once and for all.

However, he had no intention of recklessly purchasing overpriced shares.

It was obvious that Mido Department Store’s stock price was artificially inflated—once the M&A conflict was resolved, a market correction was inevitable. In fact, as soon as the shareholder registry was closed, the stock, which had been soaring to record highs, had suddenly plummeted below 50,000 won per share, exposing the extent of the bubble.

Hwang Jung-hyun must have realized that his stake was a key swing vote. He was likely aiming to sell at the highest price possible.

That was why Seok-won had proposed a stock swap instead of a direct cash purchase.

With this, Daehung Group secured its control over Mido Department Store without spending additional capital, while Baekje Industries obtained the media assets it had been eyeing. It was a win-win situation—on the surface, at least.

To outsiders, it might seem like Daehung Group had made a costly sacrifice, giving up two valuable subsidiaries.

That’s exactly why Chairman Hwang accepted the offer so quickly.

Had he thought the deal wasn’t worth it, no matter how greedy he was, he wouldn’t have so easily betrayed his brother-in-law.

In truth, when Seok-won had first proposed the idea, both his father and older brother strongly opposed it. But he had convinced them that ensuring the failure of Donghae Group’s takeover attempt—and preventing other opportunistic forces from exploiting Daehung Group’s weaknesses in the future—was worth the short-term loss.

After long discussions, Chairman Park Tae-hong and his eldest son had reluctantly agreed. They recognized that this was the best possible move, a strategic sacrifice.

Of course, there was one thing Seok-won hadn’t shared with them—he never intended to give up Nowon Cable TV and Global Korea Economic News permanently.

From the beginning, he had anticipated Baekje Industries’ collapse due to the IMF crisis. Once it happened, he planned to buy back both companies for a fraction of their value.

It’s only a temporary arrangement. I’ll be taking them back soon enough.

Meanwhile, the atmosphere in the conference room had shifted entirely.

Woo Yong-gap and the Donghae Group executives, who had started the meeting with confidence, now sat in heavy silence, their faces grim.

The weight of their defeat pressed down on the room, thickening the air with an inescapable sense of loss.

Not long after, Woo Yong-gap finally managed to compose himself. But his eyes, sharp and fierce like a wounded beast, remained locked onto Seok-won.

"If you've already taken my brother-in-law’s shares, then, as you said, the results of the extraordinary shareholders’ meeting are a foregone conclusion. So why did you come here?"

Seok-won responded with a casual shrug.

"That may be true, but I don’t like leaving things unfinished."

His nonchalant tone made Woo Yong-gap narrow his eyes.

"So, you’re saying you want to buy up the Mido Department Store shares we still hold?"

"That’s correct."

Seok-won nodded firmly.

Woo Yong-gap rubbed his chin, briefly contemplating the situation. Internally, he knew that things had already reached their worst possible outcome. With his brother-in-law's betrayal, any further battle over shares had become utterly meaningless.

Reluctantly, he decided to abandon his bid for Mido Department Store.

No—if he was being honest, he had no choice.

"The rice has already been cooked. Holding on to it out of stubbornness won’t do us any good. We’ll sell all of our shares."

At this, his secretary, Jeon Hae-cheol, and the other executives, though careful not to show it, breathed a sigh of relief. After pouring money into this acquisition attempt like a bottomless pit, at least now they could recoup some of their losses.

"What price are you offering?"

Woo Yong-gap cut straight to the point, unwilling to prolong the conversation any further.

"How much do you have in mind?"

Rather than answering, Seok-won turned the question back on him. Woo Yong-gap tapped his fingers against the conference table, thinking for a moment.

"We may not get a premium, but at the very least, we should get the price we paid during the public tender offer."

"You mean 70,000 won per share?"

"That’s right."

Seok-won let out a small laugh, as if the suggestion was absurd.

"You know as well as I do that price was artificially inflated. The market has already shifted, and the current trading price is far lower. Expecting 70,000 won is simply unrealistic."

Woo Yong-gap didn’t seem particularly surprised. It was clear he hadn’t actually expected Seok-won to agree to that number. Folding his arms, he asked,

"Then what do you consider a fair price?"

"The fair market value—the price before all this M&A speculation inflated it."

Seok-won answered smoothly, as if he had been waiting for this exact moment.

At that, Woo Yong-gap's face twisted with anger.

"You want me to sell for just 9,000 won per share?!"

The room tensed. Jeon Hae-cheol and the executives stiffened, their expressions darkening at the ridiculously low offer.

But Seok-won remained unshaken, unfazed by Woo Yong-gap’s furious glare.

"To be precise, 9,650 won. But given how much you've already invested, I realize that might be an unreasonable ask."

"Hmph. At least you understand that much."

Woo Yong-gap let out a rough snort, his voice laced with irritation.

"This morning, the stock has been fluctuating around 50,000 won. So, let’s settle at exactly half—25,000 won per share for all the shares you hold."

"What?!"

Woo Yong-gap’s face twisted in disbelief before he suddenly turned serious. He slammed his palm down hard on the table in front of him.

"You expect me to sell at half price when I could get 50,000 won per share just by selling on the open market? Are you joking?!"

His voice thundered through the room.

"You’re being far too greedy," Seok-won replied calmly.

At that moment, Jeon Hae-cheol, the chief secretary who had been silently listening, interjected in a firm voice.

"Mr. Seok-won, the one being greedy here isn’t us—it’s Daeheung Group."

"What did you just say?!"

Woo Yong-gap erupted in fury.

Yet, Seok-won remained completely unfazed, meeting his fierce gaze head-on.

"Wasn’t it Donghae Group that got greedy for control over Mido Department Store and artificially inflated the stock price? The shares were worth less than 10,000 won before this mess."

"You—!"

Woo Yong-gap’s eyes flared with anger, but before his blood pressure could rise any further, Jeon Hae-cheol quickly stepped in.

"We’ve already poured a massive amount of capital into this acquisition attempt. Even if you won’t meet us in the middle, at least let us recover half of it. That’s the only way we can negotiate."

Seok-won’s gaze turned cold.

"You placed a bet and lost. That’s on Donghae Group. Why should we compensate for your failed gamble?"

"This is unreasonable, don’t you think?"

"Is it? Why don’t we let the market decide? Once we officially announce that Daeheung Group has secured Baekje Industries' shares, we’ll see how the stock price reacts."

A lump formed in Jeon Hae-cheol’s throat as he swallowed hard, unable to respond.

The other executives looked equally pale.

The only reason Mido Department Store’s stock price was still holding at 50,000 won, even after the shareholder registry had been frozen, was because investors speculated that the battle for shares might continue if the extraordinary shareholders' meeting ended in a stalemate.

But once the market learned that Daeheung Group had secured an almost majority stake, that hope would vanish instantly. It was obvious what would happen next—the stock would plummet.

In fact, the moment the announcement was made, the price could very well crash below the 25,000 won Seok-won had offered.

Seeing their shaken expressions, Seok-won pressed his advantage.

"If word gets out that Donghae Group, after failing in its M&A attempt, is looking to dump all its shares to cut its losses, the price will drop even further. In the short term, it might even fall below its original 9,000 won valuation."

It was a blatant threat—if they didn’t take his deal, he’d spread rumors to tank the stock price.

Jeon Hae-cheol and the other executives now looked downright grim.

"You’re ruthless—forcing us into a corner and leaving no way out," Woo Yong-gap muttered, his glare sharp as ice.

"But you’ve underestimated me. The situation may be tough, but what if I decide not to sell? What if I hold on to my shares?"

The room fell silent.

The executives, startled, turned to look at Woo Yong-gap in shock.

"If that happens, won’t it be like carrying a knife at your back, never knowing when it might strike?"

Woo Yong-gap tilted his chin upward with a triumphant expression.

For now, things seemed stable, but as he had pointed out, there was always the risk of another hostile M&A attempt surfacing in the future. It was an undeniably troublesome situation.

However, Seok-won showed no sign of concern. Instead, he smiled and responded casually.

"Well, in that case, I think you'll be the one who finds this situation more exhausting, Chairman Woo."

"What do you mean by that?"

Woo Yong-gap frowned, unable to understand his meaning.

"You may have forgotten, but we currently hold nearly 20% of Donghae Oil’s shares. Donghae Group isn’t the only one capable of shaking things up through an M&A attempt."

"…!"

Woo Yong-gap’s face twisted in shock.

"The difference is that while Donghae Group uses threats, we actually have the capital and justification to carry out a real acquisition. Oh, and in case you haven’t figured it out yet, I’m the representative of Eldorado Fund."

Seok-won smirked, his eyes gleaming with meaning.

"Ugh…"

Woo Yong-gap let out a groan, his face contorting in frustration.

During their internal investigations, he had learned—too late—that Woo Ho-geun had secretly used illegal loans from Donghae Mutual Credit Union to finance his stock purchases. That’s when he had also come across information about Eldorado Fund through Hong Kong-based Peregrine Securities.

Only then did Woo Yong-gap realize that they had recklessly gone up against Daeheung Group without even knowing they were walking straight into the lion’s den. He deeply regretted trusting Woo Ho-geun’s advice.

"So, will you accept my offer, or do you want to keep fighting?"

Seok-won’s smile remained unchanged as he asked the question.

'Damn it.'

Realizing he had been completely cornered, Woo Yong-gap cursed internally.

He regretted his greed, but it was already too late.

Yet, surrendering so easily wounded his pride.

After a long pause, he finally spoke, his voice noticeably subdued.

"Give me a little more time to think."

"Very well. I’ll give you until this time tomorrow. If I don’t hear from you by then, I’ll take it as a rejection and immediately begin acquiring Donghae Oil shares."

"Ugh…"

Woo Yong-gap let out a heavy sigh, his expression darkening.

"Oh, and separate from these negotiations, the announcement of our acquisition of Baekje Industries’ shares will be made public as soon as today’s market closes. Just so you’re aware."

Seok-won left no room for further maneuvering.

Realizing how completely he had been outplayed, Woo Yong-gap felt a mix of humiliation and despair.

"…Fine."

His shoulders slumped, and he squeezed his eyes shut as he reluctantly gave his answer.