Building a Business Empire with my Technological System

Chapter 330: The Decision Later

Michael Reyes and his team arrived at the Cherry Mobile headquarters in Manila promptly at 10 a.m. The white Toyota Alphard pulled up to the front entrance, and Michael stepped out, followed by Bridget, Juliet, and Antoinette. The building, once a bustling hive of activity, now had an air of quiet desperation about it.

The Cherry Mobile logo, once a symbol of innovation and affordability, seemed faded, almost forlorn.

As they entered the lobby, they were greeted by a receptionist who led them to the elevator. The ride up to the executive floor was filled with a tense silence. Michael could sense the anticipation and nervousness in his team. This meeting was crucial, not just for Cherry Mobile, but for their ambitious plans as well.

When the elevator doors opened, Anna was waiting to greet them. "Good morning, Mr. Reyes, and team. Mr. Ngu is expecting you. Please follow me."

They were led down a corridor adorned with photographs and memorabilia of Cherry Mobile's glory days. The images of store launches, product unveilings, and team celebrations stood in stark contrast to the current state of the company. Anna knocked gently on the door to Maynard Ngu's office before opening it.

"Mr. Ngu, Mr. Reyes and his team are here."

Maynard stood up from behind his desk, looking slightly worn but still maintaining a professional demeanor. "Good morning, Mr. Reyes, and team. Please, have a seat."

Michael extended his hand as he approached Maynard. "Good morning, Mr. Ngu. Thank you for meeting with us. Now I have to introduce to you my Chief of Staff, Juliet Schmidt, my COO Bridget von Reimann, and CFO Antoneitte Estolas. As you can see, the biggest officials in the Reyes Corporation are here to demonstrate just how serious we are about this acquisition."

Maynard shook hands with each member of Michael's team, appreciating their professionalism and the clear display of commitment.

"It's a pleasure to meet all of you," he said, gesturing for them to sit.

Once everyone was seated, Michael began. "Mr. Ngu, we've done a thorough analysis of Cherry Mobile's current situation. While the challenges are significant, we believe that with the right infusion of technology, capital, and strategic direction, Cherry Mobile can not only recover but thrive.

Our proposal is to buy 100 percent of the company along with an employment contract of five years with a salary of ?30 million per year for you to remain as CEO."

"The current valuation of Cherry Mobile, according to our research, is approximately ?5 billion. We are prepared to offer ?5.5 billion to account for the company's potential and to demonstrate our commitment to its growth."

Maynard looked thoughtful, absorbing the information. "That's a very generous offer, Mr. Reyes. I appreciate your thoroughness and the respect you've shown for Cherry Mobile's legacy. However, this isn't something that I can decide solely as I have a board of directors to inform and consult with. They need to be involved in such a significant decision."

Michael nodded understandingly. "Of course, Mr. Ngu. We anticipated that you would need to discuss this with your board. We're ready to provide any additional information or attend a meeting with the board if that would be helpful."

Maynard appreciated the offer. "That would indeed be helpful. I'll arrange a board meeting as soon as possible, and I will let you know the outcome. In the meantime, could you provide us with a detailed proposal? This will help us review everything thoroughly."

Juliet handed over a sleek binder containing the proposal documents. "Everything you need is in here, including our plans for the integration of our technology, the financial details, and our vision for Cherry Mobile's future."

Maynard accepted the binder, glancing through the contents briefly. "Thank you, Ms. Schmidt. This will be very useful for our discussions. I will ensure the board reviews it carefully."

Michael stood up, signaling the end of the meeting. "Thank you for your time, Mr. Ngu. We look forward to hearing from you soon."

Maynard stood as well, shaking hands with each member of Michael's team. "Thank you, Mr. Reyes. I will be in touch soon. Have a good day."

As Michael and his team left the office, they felt a sense of accomplishment. They had presented their proposal clearly and professionally. Now, it was a matter of waiting for Cherry Mobile's response.

Back in his office, Maynard sat down and began reviewing the proposal in detail. The more he read, the more he realized the potential benefits of selling the company to the Reyes Corporation. However, he knew convincing the board would be a challenge. Many of them were wary of external acquisitions, especially given the company's recent struggles.

Later that afternoon, Maynard called for an emergency board meeting. The directors assembled promptly and all their eyes were fixed on Maynard.

"Thank you all for coming on such short notice," Maynard began as the meeting started. "I've called this meeting to discuss a significant proposal we've received from Reyes Corporation. They are interested in acquiring Cherry Mobile and have presented a detailed plan for revitalizing our company."

"Our company? It will be their company if we sell," Mr. Tan, one of the board members, interjected, his tone skeptical.

Maynard nodded, understanding the concern. "Yes, technically it will be their company, but we have to look at the bigger picture. Reyes Corporation is offering us ?5.5 billion, which is above our current valuation. They also propose a comprehensive plan to integrate their advanced technology into our products and address our quality control issues."

Another board member leaned forward. "What exactly does their proposal entail, Maynard?"

Maynard handed out copies of the proposal to each board member. "Here are the details. They plan to invest heavily in R&D, enhance our product line with their cutting-edge technology, and maintain our workforce. They also offer me a five-year contract with a salary of ?30 million per year to stay on as CEO to ensure a smooth transition."

The board members began reading through the proposal, the room filled with the sound of flipping pages and occasional murmurs of surprise or concern.

"This sounds promising, but why would Reyes Corporation want to invest in a struggling company like ours?"

"Michael Reyes, the CEO, sees potential in Cherry Mobile. He believes that with their resources and our established brand and distribution network, we can overcome our current challenges and become competitive again."

"This could be the lifeline we need. But what about our employees? Will they be taken care of?"

"They've assured us that the existing workforce will be retained and provided with opportunities for growth and development," Maynard answered. "Their goal is to build on our strengths and address our weaknesses."

The discussion continued, with board members raising various concerns and questions. Maynard addressed them as best he could, emphasizing the potential benefits and the thoroughness of Reyes Corporation's proposal.

After nearly two hours of deliberation, the board decided to accept Mr. Reyes's offer.