1988 At the end of 1988, henry clay bought Renault Tobacco Company with a purchase price as high as $25 billion, but Klitz only used150,000.

1. It is impossible to directly exchange bonds for stocks. Generally, borrowers (small companies, even specially established SPV) issue a large number of bonds (so-called junk bonds, also known as high-yield bonds, with high coupon rate) to raise funds, and then make an offer to shareholders of large companies whose share prices are undervalued, or directly agree to buy and hold the assets and business of the company, and completely change the management, or even.

2. These bonds are privately held, and the target will not be stated in advance, otherwise the acquisition will be difficult to succeed, and even if it succeeds, the cost will be unimaginable. Everyone believes in milken, thinking that he has the ability to turn a stone into gold, and that his profit model is superb financial innovation. He was not sent to prison until someone accused him of fraud in issuing bonds and suspected of insider trading in stocks.

3, China is impossible, the supervision is too strict, and there are almost no successful cases of hostile takeover of listed companies (only one).