Chapter 611: Very risky
Before 1995, although Microsoft had already demonstrated its hegemonic attitude in the operating system software market, its annual turnover was actually only more than 2 billion US dollars. The most important competitor Apple’s annual turnover is also more than one billion US dollars. Compared to Microsoft, Microsoft does not have an absolute advantage. Windos95 will be released in more than a year. Although Microsoft is very optimistic about this new operating system, before the release, in this world, perhaps Eric, no one can predict how windos95 is ruined.
At this time, in this small restaurant near the Harvard Business School Library, Bill Gates, who calmed down, knows that although Yahoo is only a small sheep with little resistance, compared to Microsoft at this time, this sheep Behind him stood a fierce beast that was even more fierce than Microsoft at the time. Bill Gates’s tough stance quickly converges, revealing the shrewd look that often comes from commercial negotiations. Gram, I can consider the suggestion that you just said windos pre-installed IE browser."
"It’s the Yahoo! browser right now, I think you already know, I just integrated the three companies."
Bill Gates was dissatisfied with Eric's sudden interjection, but he was patient: "Well, Yahoo! browser, if Yahoo browser wants to be a windos pre-installed software, must use windos for permanent exclusive use."
Although Eric understands the development trend of the operating system market in the next few years, the current market share of Microsoft Windows is only 60%. Maos, linu, uni and even the original dos are still in large use. Of course, it is impossible for him to advance. It reveals any clues and shakes his head: "This is impossible. It can make windos monopolize the latest technology of Yahoo browser to realize user diversion in a short period of time. It is already the biggest concession I can make. If you follow your suggestion, unless windos can completely dominate. Operating system market, otherwise Yahoo is equal to automatically give up more than 40% of the operating system platform. This is obviously impossible."
At this point, if you completely give up other platforms, it is equivalent to completely bind the Yahoo browser software to Microsoft. If Microsoft suddenly turns its face, Yahoo will be very passive. Microsoft's commercial credit in this area has never been better.
Windos95 has not been released yet. Even Bill Gates himself did not have absolute confidence in the operating system market. Although he did not agree to Eric, he did not continue to refute. "I will consider this matter. However, Microsoft cannot make a family." A company application that is completely unrelated to the windos platform. If Yahoo! browser wants to be a pre-installed software for Windos, Microsoft needs at least 40% of Yahoo."
"Yahoo will choose ipo next year. If you sell 40% of the shares to Microsoft, you will become Yahoo's largest shareholder, which is no different from selling Yahoo to Microsoft. Moreover, Microsoft's offer price is far lower than me. Personally anticipation." Eric originally intended to refuse to sell the shares directly, but with this in mind, he suddenly flashed a thought in his mind, so he decided to throw a good bait to Bill Gates: "I can promise Microsoft to buy Yahoo at most. 30% of the shares, but not now. It is 30% of the share options after five years. After five years, Microsoft can decide whether to acquire 30% of Yahoo's shares in any way, such as cash or stock exchange, according to Yahoo's market value at that time. ""
Bill Gates quickly figured out that he was very optimistic about Yahoo, but he did not believe that Yahoo could surpass Microsoft in five years. Microsoft’s internal value for Yahoo!’s network is estimated to be between $8 billion and $1 billion. Even the best estimate is that Yahoo’s market value is ten times five years later, and Microsoft’s desire to acquire 30% of the stock will cost only $3 billion. . In terms of the market value increase of more than 30% per year at this time, Microsoft's market value may rise to 800 to 100 billion US dollars after five years. At that time, $3 billion was nothing to Microsoft, and it took 30% of Yahoo’s stake. As long as it was operated on the open market, Microsoft would become Yahoo’s largest shareholder. It would be a breeze to annex the entire Yahoo after a hostile takeover.
Eric has been quietly paying attention to the changes in Bill Gates's expression, seeing the other side's expression gradually relax, and perhaps even thinking of something good, but also showing a proud smile, know that the door students have fallen into the pit.
I feel that there is nothing wrong with my calculations. Bill Gates said: "Eric, I can consider this, in addition, Yahoo must open a portion of the browser software patent license to Microsoft."
"If you insist, of course there is no problem," Eric seemed to speak very well and continued to ask: "Is there still?"
"There is only this for the time being. If we think of other things, we can add them when we formally negotiate."
"Well," Eric said: "Since your conditions are over, let me talk about me. If we can achieve cooperation, we can ignore the details such as the exclusive license fee, but Yahoo! Ensure that the version of Yahoo! browser on the Windos platform will continue to lead other platforms, but Microsoft must also guarantee that it will not launch its own browser software within five years."
Eric originally planned to use some of Yahoo's technical software to rely on the windos platform for research and development, so that Windos has the latest technology of Yahoo's browser. For Yahoo itself, it doesn't even need to make any layout adjustments. 'Chip' in exchange for some benefits.
Bill Gates suddenly felt that Eric was too tender. As long as Yahoo entered the capital market, Yahoo was almost the bag of Microsoft five years later. Moreover, in five years, Microsoft is also able to thoroughly understand all the technical details of Yahoo's browser and develop alternative technologies. Even if things change, Microsoft can drive Yahoo browser out of the windos platform without any scruples.
But as a savvy businessman's natural cautiousness, Bill Gates still did not immediately agree, although he felt that there was no serious problem, but he still intends to take these terms to Microsoft's specialized strategic development department to study the pros and cons. So I continued to say ambiguously: "No problem, I can consider it."
Eric doesn't have as many calculations as Bill Gates. He doesn't mind that Bill Gates's words are full of word games like 'can be considered'. Anyway, both sides understand that before the final black and white signing of the contract, at this time any There is no legal effect on the promise. Moreover, Eric is very clear. In the new century, browser software will be more of a tributary service for network giants. Compared with the 1990s, the interface role has been greatly weakened. not to mention. In the original time and space, even if Microsoft basically dominated the browser market in the early stage, and always occupied a large market share, but its own network business is still swayed by Yahoo, Google, Amazon and other companies, basically no profit. The original best msn online service ended up shutting down.
The general intention of cooperation was determined, and the sky outside the window was completely dark, and neither side continued to wait in this small restaurant.
When bidding goodbye, Bill Gates also hopes to visit Yahoo headquarters next year. Eric will entertain John Chambers and Steve Case in the future. Of course, I don’t want the door students to come in and feel free to find a reason to evade. It was two days later.
The Gates and the couple left in a luxury car. Eric walked a few steps toward the quiet lawn next to him. He touched his pocket and pulled out a box of cigarettes. After igniting, he sat down on the lawn and looked at the occasion with the darkness. Passing pedestrians. There is still some curiosity in my heart. Both he and Bill Gates have already revealed their identity, but they have not caused any onlookers. This is beyond his expectation.
Carolyn, who had been left with a small tail and was not willing to leave, sat down next to Eric. He wanted to remind Eric to not smoke on campus, but when I watched Eric seem to be thinking about things, I didn’t bother. . Looking at the swaying Mars in Eric's hands, Caroline first worried that Eric would throw the cigarette **** around, but then he felt that if he waited for the litter, he would help him pick it up. I think I can help Eric to do something trivial. Her mood suddenly became a lot more happy.
Eric will have just recalled the negotiations with Bill Gates. Although the two sides have initially reached some cooperation intentions, the specific contract terms will definitely be adjusted in the future negotiation process, the biggest risk in this cooperation. It may be necessary to count the 30% of the share option terms, which is the biggest bait that Eric has given to the classmates. Whatever Bill Gates can understand, Eric certainly can't think of it. However, it has been laid out for more than two years in advance, and it has the prophetic advantage of the rebirth, if five years later, the east wind of the Internet wave. Yahoo's market value still can't reach the point where Microsoft is discouraged, then he will simply sell Yahoo and continue to return to Hollywood.
As for the rest, Eric didn't care too much. Bill Gates, who relied on software to make a home, was still the browser software. The door students could see that even if the Yahoo browser is completely free, it can still promote windos. It played a very big role in promoting, so it was eager to come forward and want to win Yahoo before the windos95 was released. The facts of the original time and space have proved that having the dominance of browser software does not bring much advantage to Microsoft's Internet business.
In order to choose to cooperate with Microsoft, in addition to wanting to promote Yahoo browser next year, winds95 Donghuo mainly worried that Microsoft will rely on the market advantage of Windows system to launch new browsers to create different technical standards, hinder the Internet industry. The development of the original time and space Microsoft's IE and Netscape browser use the same touch sai kernel, still launched a variety of different peripheral technology standards caused a series of website incompatibility events. If Microsoft now launches a new browser and a completely different web page decoding kernel, then this incompatibility will be more serious. Eric does not want to have a long-standing technical standard battle with Microsoft, which will only hurt both sides.
Caroline’s gaze swayed with the smoke in Eric’s hand, but I saw Eric suddenly twisted his head and waved the cigarette that was about to burn. He asked, “Do you want to try it?”
Caroline shook her head quickly: "No, I don't want to."
Eric smiled and got up and annihilated the cigarette **** in his hand and threw it into the trash can on the side of the road. Then he said to Caroline: "Which do you live in, I will send you back?"
Caroline’s gaze flew into the trash can with the cigarette butt, and when he heard Eric’s words, he turned his face and replied: “I don’t have a house, I live in an apartment in the east.”
Eric followed Caroline's instructions and walked eastward. He said, "How do you live outside, is it a girl who is very unsafe?"
"No, not me, I live with my classmates, and it is very close to the school."
Eric sighed and said nothing.
The two walked a long way forward, and Caroline found another topic, saying: "Eric, why do you want to sell 30% of Yahoo's shares to Microsoft? Even if it is five years later, it seems risky. Also big?"
The market value of Yahoo in the original time was close to 100 billion US dollars. Eric believes that after integrating a series of plans in memory, as long as the Internet wave is on schedule, the market value of this time and space Yahoo will be no problem, even if it is only 200 billion. By the time, 30% of the shares will be 60 billion US dollars, equivalent to 10% of Microsoft's highest market value in the original time, Microsoft must not get 60 billion dollars in cash, Eric remembers that in 1999, Microsoft was the highest in the Internet bubble. Point turnover is only 19 billion US dollars, Bill Gates will not be willing to use 10% of the shares to exchange 30% of Yahoo's shares, it will be difficult to determine, after all, 10% of the shares For Microsoft, which has gradually become a publicly held company, it is equivalent to introducing a major shareholder to Microsoft, which will affect Bill Gates' control over Microsoft. Moreover, even if the transaction is successful, Eric will definitely not lose money. After all, windos is an operating system platform that will realize monopoly. As long as PC is not eliminated, Microsoft will continue to bring stable huge profits, with Bill Gates continuing to reduce. With Microsoft's stock, Eric may have to borrow one of Microsoft's largest individual shareholders.
Moreover, even if this time and space Microsoft did not encounter anti-monopoly investigations, according to the madness of the Internet bubble, the bubble is still inevitably encountered the day of the break. After the Internet bubble burst, Eric could still use the funds that were cashed out during the bubble to easily complete the second Internet industry layout.
However, these are not things that can tell the Nizi next to them. Eric just said very casually: "The greater the risk, the greater the gain."
Carolyn only saw the risk with the information accumulated in her little brain, and she didn't think Eric was able to harvest anything from the deal. However, imagine a series of miracles that Eric has created in just a few short years. Caroline has no doubt about any of Eric's views. She thinks, I can't think of it, it must be too stupid.
Walking all the way, looking at the red brick apartment building near the soldier factory community, Caroline was more and more uneasy, she knew that if she did not take the initiative to seize anything, Eric sent her back, will definitely be again Disappearing from his own life, he thought that he could only see him again in some newspapers and magazines. Carolyn felt a little flustered and took a few steps. The girl finally got the courage to pull Eric and said: Eric, you just said in the restaurant, hire me to be your personal assistant." (To be continued.)