Chapter 296: The Out-of-Control Auction!
The Price Escalation
After the price surpassed $150 million, the number of bidders began to drop.
Such a large sum was no small amount. Although those present were business elites and socialites, few were true decision-makers. They needed approval from their major bosses to bid further.
Even so, the price continued to climb bit by bit:
$160 million...
$170 million...
$180 million...
People were probing and compromising with one another. A few consortium heads even huddled together, seemingly considering a joint bid.
Bruce Wayne, witnessing the development, never joined the bidding. Instead, he said in a low voice,
"Three of the companies that just bid are currently in debt. They can't possibly come up with that much capital, Mr. Shaw. Be careful not to shoot yourself in the foot."
Luke smiled faintly, his expression calm and full of confidence. "ShowMe is unlike other companies. Its philosophy, technology, and management model surpass its contemporaries. These three points mean it is destined to become the industry leader. Investing in ShowMe is a guaranteed profitable venture. Spending a hundred million now will turn into billions in a few years. Who would give up such a deal?"
"Of course, it doesn't matter if they do. Once this month's financial report is released, everyone will know the true strength of ShowMe."
Bruce sneered, saying nothing more.
The $300 Million Hurdle
After crossing the $200 million threshold, the bidding continued to rise. At this price, small and medium-sized enterprises could no longer participate. The remaining bidders were either conglomerates, banks, or well-funded investment institutions.
Morgan Bank was the most aggressive. The Morgan family had a century-long history in the US. Although no one truly prominent had emerged from the family after the millennium, their accumulated political and business connections still kept the centennial family active in the highest circles.
Morgan Bank's business was primarily real estate and retail; the internet was a weakness. This was precisely why they were so keen on ShowMe.
Investing in ShowMe would not only compensate for the weak link but also allow them to launch more business ventures based on it.
As the price increased, more people withdrew. Gradually, only six representatives remained: Morgan Bank, Citibank, Sequoia Capital, and the English Tobacco Company, among others.
Unknowingly, the bidding reached $300 million.
This figure was the maximum limit for many people. Based on market valuation, the premium ratio already exceeded 200%. The English Tobacco Company chose to withdraw, followed closely by Citibank, and others gradually pulled out as well.
ShowMe had high potential and might become a multi-billion dollar internet giant in the future, but this was ultimately built on the premise that everything went smoothly. If an accident occurred, the investment would be completely lost.
Betting $300 million on an uncertain future wasn't something everyone had the courage to do.
Luthor Enters the Fray
The final contenders were Sequoia Capital and Morgan Bank. The two sides traded bids, neither willing to back down. The price steadily rose, soon hitting the $400 million mark. Sequoia Capital couldn't sustain it and began to show signs of withdrawal.
Morgan Bank seized the opportunity, raising the price by $40 million in one go, setting the price at $440 million. The venue stirred. No one expected Morgan Bank, known for its prudence and conservatism, to show such fierce aggression.
$440 million for 20% of the shares!
The auctioneer asked three times, and after confirming there were no further responses, he picked up the small wooden hammer. Just then, a loud voice suddenly boomed through the hall.
"Five hundred million dollars!"
The air instantly shook. Dosman, the Morgan Bank branch manager, looked back with a dark expression. When he saw that the bidder was Lex Luthor's assistant, he gritted his teeth.
"Five hundred and ten million!"
"Five hundred and fifty million!"
LuthorCorp pressed relentlessly, allowing no time to breathe. The massive $40 million jump in the difference also astonished the crowd.
Luke took a sip of red wine. "I didn't realize Mr. Luthor was interested in ShowMe. I should have invited him over."
The price of $550 million had exceeded Morgan Bank's psychological limit. Dosman quickly contacted his boss. Moments later, he grudgingly raised the price by $20 million. Lex Luthor responded immediately with a bid of $600 million.
$600 million, which was ShowMe's current market valuation, used to purchase only 20% of the shares! Such a premium was completely outside market norms.
Dosman hesitated for a long while before finally choosing to withdraw.
He was done with this deal.
Luke sighed. "It seems I need to have a good talk with Mr. Luthor."
"Please excuse me, all three of you."
He stood up to leave. Just as he took a step, a voice echoed in his ear.
"Seven hundred million!"
Lois and Clark were stunned, looking at Bruce Wayne with disbelief. The auctioneer, who was about to drop the hammer, looked up in astonishment, scanning the hall before his gaze settled on Luke's table.
"Mr. Wayne, are you absolutely certain you bid seven hundred million US dollars?"
Bruce took a drink of wine, saying indifferently, "Seven hundred million dollars, for 20% of ShowMe's shares."
As he spoke, his eyes locked onto Luke, carrying an ambiguous, hard-to-describe meaning.
Luke gave a strained smile. "You are truly unpredictable, sir. To jump in when the dust was about to settle and raise the price by $100 million in one go. I imagine no one would dare to compete with you now."
His words fell short, as another paddle immediately went up in the hall.
"Eight hundred million!"
The atmosphere instantly ignited. The auctioneer looked at Lex Luthor on the left and Bruce Wayne on the right. Decades of auction experience told him something big was about to happen tonight.
Both wealthy scions were immensely powerful individuals. Once they began to clash, who knew how far they would take it?
Bruce didn't hesitate, speaking instantly, "Nine hundred million!"
On the other side, Lex Luthor showed no weakness.
"One billion dollars!"
Bruce was about to speak again when Alfred quickly approached, whispering something, clearly trying to persuade him to stop. Bruce, however, shook his head sternly.
"Eleven hundred million (One billion one hundred million)."
Clatter!
A waiter, momentarily distracted, dropped a tray on the floor.
The few reporters present at the auction were flushed with excitement. It's happening! It's finally happening! Gotham's Playbody vs. Metropolis's Elite Mogul. One who had endless money at home, the other who had endless money in his hand, and both so young.
This clash between them was like Mars colliding with Earth; it would be disappointing if they didn't spark some fire.
Lois gave Bruce Wayne a strange look, then turned her gaze to Luke. She thought Luke, as the beneficiary, would be thrilled, but he kept a straight face, showing no sign of delight.
The bidding continued.
Following Bruce's astronomical bid of $1.1 billion, Lex Luthor quickly responded.
"Twelve hundred million (One billion two hundred million US dollars)."
Purchasing 20% of the shares at more than double ShowMe's market valuation was an unheard-of transaction.
After the initial commotion, the hall quickly fell into a strange atmosphere. Everyone's gaze involuntarily fixed on Lex Luthor and Bruce Wayne, filled with curiosity, excitement, and a subtle sense of anticipation.
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