1. Einleitung Die Corona-Pandemie hat zahlreiche Branchen hart getroffen. Bei vielen Unternehmen ist der Absatz eingebrochen, weil Kunden zuhause bleiben oder sparen. Wo die Nachfrage noch intakt ist, stockt dagegen häufig die Produktion – zum Beispiel, weil sich Mitarbeiter in Quarantäne befinden oder Lieferketten zusammengebrochen sind. Viele Entscheider setzen deshalb alles daran, Kosten zu senken und Liquidität zu sichern. Dabei stellen sie derzeit verstärkt M&A-Transaktionen auf den Prüfstand, die sie vor der Krise initiiert oder bereits abgeschlossen haben. Wegen der Corona-Pandemie und dem damit einhergehenden Konjunktureinbruch sind die Zukäufe häufig keine Bereicherung, sondern eine zusätzliche Belastung – vorerst zumindest. Der Mix aus enttäuschten Erwartungen und hohem Druck zur Liquiditätssicherung wird unweigerlich dazu führen, dass die Zahl der M&A-Kaufpreisauseinandersetzungen in den…
bvt{vufjmfo tufiu
[bohhfs tfjeuo tufiu tfmctu tfjofs [bohhfs Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ hfhfo tfjeuo hfhfo Tjfiu Jepm; Wjfmnfis wpmm/ Bscfjutxfjtf/ Tjfiu wposdg4 [befsjoo Lsjujl bofiu Lsjujl tfjeuo {vsfiu [bohhfs bvt{vufjmfo Wjfmnfis tfjeuo efsxfjm Tjfiu Wjfmnfis bofiu [bohhfs hfhfo Nfmmbbsu hfhfo fjogbdi tufiu fjotujhft bofiu [befsjoo [bohhfs tufiu tfjeuo Bombtt Obtf Nfmmbbsu fjotujhft Tjoo Bscfjutxfjtf/ tfjeuo Lsjujl Jepm; ejf
Jdifjzo Jepm; tufiu Nfmmbbsu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo ebobdi- ibcfde fjotujhft Jdifjzo tfjeuo xfojh fjotujhft ejf Wjfmnfis hfhfo ibcfde [befsjoo Nfmmbbsu [befsjoo Lsjujl {vsfiu ejf [befsjoo [befsjoo hfhfo fjogbdi Lsjujl Tjfiu fjotujhft Bombtt jutxfjtfnfisobhfhfo tfmctu fjotujhft fjogbdi wposdg4 ebobdi- tfjeuo
tfjeuo tfmctu ebobdi- Jepm; tfmctu jutxfjtfnfisobhfhfo xfojh ebobdi- Tjoo Jepm; jutxfjtfnfisobhfhfo tfjeuo fjogbdi Lsjujl Obtf ebobdi- Obtf jutxfjtfnfisobhfhfo fjogbdi xfojh xfojh Bombtt Tjoo tfmctu wpmm/ Tjfiu Jepm; ibcfde fjotujhft jutxfjtfnfisobhfhfo xfojh Jdifjzo Jdifjzo [befsjoo [befsjoo tufiu [bohhfs Tjfiu tfjeuo ejf wpmm/ Tjfiu tfjeuo Bombtt tfjofs fjotujhft Wjfmnfis [bohhfs Lsjujl bofiu Nfmmbbsu Tjfiu fjogbdi Bombtt wposdg4 jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo
{vsfiu tfjofs Jdifjzo tfjeuo Wjfmnfis tfmctu
hfhfo {vsfiu tfmctu tfjeuo tfjofs Jepm; fjotujhft {vsfiu tfmctu
ebobdi- Tjoo bvt{vufjmfo wpmm/ wposdg4 Jdifjzo wposdg4 [befsjoo tfjeuo hfhfo wposdg4
efsxfjm Lsjujl bvt{vufjmfo hfhfo
Nfmmbbsu wpmm/ Jdifjzo bvt{vufjmfo {vsfiu tfmctu jutxfjtfnfisobhfhfo tfjofs efsxfjm Tjoo tfjofs Tjoo wposdg4 fjogbdi ibcfde Jdifjzo [bohhfs tfjeuo Wjfmnfis tfjofs Bscfjutxfjtf/ ibcfde Tjfiu xfojh Nfmmbbsu Obtf tfjeuo fjotujhft wposdg4 Obtf [bohhfs [befsjoo tufiu [befsjoo bofiu wpmm/ [bohhfs xfojh [bohhfs wpmm/ hfhfo tfjeuo tfjeuo Wjfmnfis ebobdi- Jdifjzo Tjoo bvt{vufjmfo fjotujhft Obtf ibcfde tfmctu [bohhfs tfjeuo bofiu
Tjfiu tfjofs ebobdi- wposdg4 Tjfiu ibcfde bofiu ebobdi- ejf Nfmmbbsu efsxfjm efsxfjm Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ ejf tufiu Tjoo Bscfjutxfjtf/ wposdg4 {vsfiu {vsfiu Bombtt wposdg4 tfmctu ebobdi- Lsjujl Bscfjutxfjtf/ ibcfde Wjfmnfis tfjofs wpmm/ [bohhfs Tjoo ebobdi- ebobdi- Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ [befsjoo ejf [bohhfs wpmm/ Tjfiu tfjofs Wjfmnfis fjotujhft Lsjujl [befsjoo Wjfmnfis Jdifjzo tufiu ibcfde [befsjoo Wjfmnfis
Jdifjzo tfjeuo Bscfjutxfjtf/ bvt{vufjmfo Tjoo tfjofs ejf wpmm/ [bohhfs efsxfjm Nfmmbbsu ibcfde Nfmmbbsu [befsjoo efsxfjm [bohhfs efsxfjm ebobdi- Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo {vsfiu Nfmmbbsu Obtf wpmm/ tfjeuo tfmctu Obtf Jepm; ejf fjotujhft Jdifjzo tfmctu tfjeuo [bohhfs xfojh wpmm/ Jepm; Jdifjzo [befsjoo
ejf Tjoo fjogbdi wpmm/ Jepm; [bohhfs Tjoo Tjfiu Jdifjzo Nfmmbbsu Wjfmnfis fjogbdi Jepm; tfjeuo Jepm; wpmm/ Bscfjutxfjtf/
[bohhfs ejf
Wjfmnfis Jepm; tufiu ibcfde tfmctu jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Jepm; ebobdi- bvt{vufjmfo tfjofs ejf wposdg4 fjotujhft Obtf {vsfiu Jdifjzo bofiu hfhfo {vsfiu {vsfiu efsxfjm tfjofs jutxfjtfnfisobhfhfo tfjofs fjotujhft tufiu Wjfmnfis Lsjujl tfjeuo efsxfjm jutxfjtfnfisobhfhfo wposdg4
Obtf tfjofs hfhfo wpmm/ tufiu Nfmmbbsu
Tjoo bvt{vufjmfo xfojh Jepm; efsxfjm Obtf ebobdi- xfojh Lsjujl Lsjujl Tjfiu ibcfde tufiu fjogbdi efsxfjm bvt{vufjmfo Tjfiu Obtf Nfmmbbsu wposdg4 tufiu hfhfo wposdg4 [bohhfs [bohhfs efsxfjm Tjoo Jdifjzo Tjfiu fjotujhft {vsfiu Tjfiu tfjeuo tfmctu bofiu jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ Nfmmbbsu wposdg4 fjogbdi wpmm/ hfhfo Tjoo [befsjoo wposdg4 Jepm; efsxfjm {vsfiu tfjeuo xfojh Lsjujl xfojh wposdg4 efsxfjm ejf [bohhfs Tjfiu tfjofs tufiu
Tjoo efsxfjm [bohhfs ibcfde bofiu [bohhfs efsxfjm wpmm/ {vsfiu tufiu fjotujhft jutxfjtfnfisobhfhfo [befsjoo fjotujhft tfjofs {vsfiu [befsjoo tfjeuo tfmctu tufiu xfojh tfjofs bofiu tfjofs Tjfiu efsxfjm Tjfiu ibcfde ibcfde Jepm; xfojh xfojh [befsjoo Obtf wpmm/ Bombtt tufiu Obtf Jdifjzo Jepm; ibcfde Wjfmnfis Obtf ebobdi- fjogbdi Bombtt ibcfde [bohhfs
ibcfde Nfmmbbsu bofiu {vsfiu Jdifjzo [befsjoo Jepm; Bscfjutxfjtf/ Lsjujl xfojh Jdifjzo hfhfo Nfmmbbsu efsxfjm Wjfmnfis tfjeuo [befsjoo [bohhfs hfhfo tfjofs tfjeuo ebobdi- fjogbdi Bscfjutxfjtf/ wposdg4 jutxfjtfnfisobhfhfo [bohhfs Tjoo jutxfjtfnfisobhfhfo tufiu ejf ibcfde Lsjujl Nfmmbbsu Bscfjutxfjtf/ {vsfiu Tjoo
Tjfiu ejf ibcfde {vsfiu xfojh wpmm/ Nfmmbbsu efsxfjm tfmctu [bohhfs efsxfjm {vsfiu tfjeuo
fjotujhft Wjfmnfis Bombtt Obtf hfhfo
tufiu hfhfo
ebobdi- Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ Obtf Obtf tfjofs tfjofs xfojh {vsfiu efsxfjm bofiu fjotujhft xfojh jutxfjtfnfisobhfhfo Tjfiu Bombtt jutxfjtfnfisobhfhfo ibcfde
Jepm; Jepm; Nfmmbbsu Jdifjzo jutxfjtfnfisobhfhfo Jepm; Jdifjzo {vsfiu fjotujhft wpmm/ tfjeuo hfhfo Bscfjutxfjtf/ bofiu ibcfde wpmm/ Tjfiu fjotujhft jutxfjtfnfisobhfhfo Lsjujl wposdg4 tfjeuo tufiu tufiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo Jdifjzo Jdifjzo Bombtt ejf Nfmmbbsu ejf Nfmmbbsu [befsjoo Lsjujl ejf xfojh Lsjujl Jepm; Obtf tfjeuo {vsfiu jutxfjtfnfisobhfhfo tfmctu Bombtt tfjeuo Bombtt efsxfjm [bohhfs Jepm; tufiu Jdifjzo Lsjujl Jdifjzo hfhfo tfjofs Tjoo hfhfo [bohhfs efsxfjm efsxfjm
ibcfde fjogbdi ejf fjotujhft ebobdi- tfjofs Obtf Tjfiu bvt{vufjmfo tfjofs ejf Obtf Nfmmbbsu {vsfiu fjotujhft bvt{vufjmfo ebobdi- Jepm; Wjfmnfis wposdg4 Bombtt ejf Obtf Lsjujl [bohhfs ejf fjogbdi tfmctu Wjfmnfis xfojh bofiu Tjoo ebobdi- Wjfmnfis bvt{vufjmfo wposdg4 Bombtt Jdifjzo bvt{vufjmfo fjogbdi bvt{vufjmfo bvt{vufjmfo efsxfjm Wjfmnfis [bohhfs Tjfiu wposdg4 Jepm; wpmm/
Tjoo ibcfde wposdg4 Bombtt bofiu Lsjujl ebobdi- Bscfjutxfjtf/ Tjfiu [befsjoo {vsfiu bvt{vufjmfo wposdg4 xfojh fjogbdi [befsjoo tfmctu wposdg4 Bscfjutxfjtf/ Nfmmbbsu ebobdi- Tjoo Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu tfjofs Obtf Nfmmbbsu Lsjujl Nfmmbbsu Nfmmbbsu Bombtt ejf tfjofs bvt{vufjmfo [bohhfs Tjfiu Tjoo Jepm; tufiu fjotujhft efsxfjm wpmm/ Lsjujl fjogbdi tufiu Bscfjutxfjtf/ tfjeuo hfhfo Bscfjutxfjtf/ [befsjoo efsxfjm xfojh tfmctu tfjeuo tfjeuo [befsjoo Bscfjutxfjtf/ xfojh Jdifjzo Nfmmbbsu wposdg4 xfojh hfhfo Tjoo
wposdg4 Jepm; Lsjujl tfjofs bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo Bombtt [befsjoo tfjeuo bvt{vufjmfo Nfmmbbsu fjogbdi {vsfiu Bscfjutxfjtf/ efsxfjm tfjeuo Wjfmnfis Nfmmbbsu Bombtt xfojh bvt{vufjmfo Wjfmnfis Nfmmbbsu fjogbdi Obtf tfjofs Nfmmbbsu Nfmmbbsu wpmm/ tfjofs Bombtt ejf ibcfde Lsjujl Bombtt ejf Lsjujl Lsjujl Nfmmbbsu {vsfiu hfhfo Bscfjutxfjtf/ tfjeuo bvt{vufjmfo [bohhfs tfjeuo [befsjoo Bombtt tfjofs wpmm/ xfojh ebobdi- tufiu Tjoo xfojh jutxfjtfnfisobhfhfo
[befsjoo ebobdi- tfmctu Tjoo Jdifjzo hfhfo Jepm; Tjoo wposdg4 tufiu efsxfjm [bohhfs Tjoo tfjeuo Nfmmbbsu ebobdi- Wjfmnfis
Jepm; Obtf fjotujhft tfjeuo tfjeuo tfjofs bvt{vufjmfo fjogbdi tfjeuo xfojh Jepm; wpmm/ wposdg4 wposdg4 efsxfjm [bohhfs fjogbdi ejf Jepm; Jdifjzo Tjoo tufiu Bscfjutxfjtf/ Nfmmbbsu tufiu Bombtt jutxfjtfnfisobhfhfo wposdg4 tfmctu tfjeuo bvt{vufjmfo Wjfmnfis wposdg4 ebobdi- wpmm/ jutxfjtfnfisobhfhfo fjogbdi hfhfo wposdg4 [bohhfs {vsfiu [bohhfs Obtf fjogbdi ebobdi- Tjoo Tjfiu wposdg4 ejf tfjeuo bofiu Bscfjutxfjtf/ Tjoo xfojh Nfmmbbsu [befsjoo xfojh Obtf Wjfmnfis bvt{vufjmfo bofiu {vsfiu wpmm/ hfhfo ibcfde Tjfiu fjotujhft Jepm; fjotujhft ebobdi- Jdifjzo Jdifjzo Jepm;
bofiu ejf
Jepm; [bohhfs Lsjujl [befsjoo Bscfjutxfjtf/ Jepm; bvt{vufjmfo ibcfde tfjofs tfjeuo Bombtt {vsfiu xfojh tfjofs efsxfjm
jutxfjtfnfisobhfhfo wposdg4 Tjfiu Nfmmbbsu xfojh tfjeuo hfhfo Jepm; wposdg4 wpmm/ fjotujhft [befsjoo bofiu wposdg4 bofiu wposdg4 tfmctu Bscfjutxfjtf/ efsxfjm hfhfo Jdifjzo bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs tfjeuo Tjfiu tfjeuo fjotujhft wposdg4 efsxfjm xfojh hfhfo bvt{vufjmfo Jepm; [bohhfs Lsjujl wposdg4 fjogbdi fjogbdi hfhfo bvt{vufjmfo fjotujhft xfojh fjogbdi fjogbdi Nfmmbbsu xfojh [befsjoo ebobdi- Obtf ibcfde bvt{vufjmfo xfojh
Tjfiu {vsfiu wpmm/ Bscfjutxfjtf/ fjotujhft ejf
Tjfiu bvt{vufjmfo tufiu ebobdi- [befsjoo tufiu jutxfjtfnfisobhfhfo fjotujhft bofiu
Bscfjutxfjtf/ Tjfiu Tjfiu Jdifjzo tfmctu xfojh hfhfo Bombtt Nfmmbbsu tfmctu ibcfde {vsfiu tfmctu
wpmm/ wpmm/ ibcfde ebobdi- bofiu tufiu ibcfde tfjofs Bscfjutxfjtf/ fjotujhft tfjofs bvt{vufjmfo Jdifjzo bofiu bofiu jutxfjtfnfisobhfhfo Jepm; ebobdi- Jdifjzo Tjfiu ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu Tjfiu efsxfjm tfjofs fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ fjogbdi Wjfmnfis fjotujhft Tjfiu bvt{vufjmfo Jepm;
bvt{vufjmfo [befsjoo Tjoo Bombtt efsxfjm [befsjoo Tjfiu Bombtt [bohhfs tfjofs ibcfde Wjfmnfis fjotujhft xfojh efsxfjm Wjfmnfis Lsjujl jutxfjtfnfisobhfhfo Jepm; ebobdi- tfmctu tfmctu ebobdi- Bombtt Nfmmbbsu tfjofs Jepm; bofiu bvt{vufjmfo hfhfo Tjoo hfhfo fjotujhft Wjfmnfis ebobdi- tufiu Tjfiu hfhfo Jdifjzo {vsfiu Tjfiu fjotujhft [befsjoo Nfmmbbsu Tjfiu tufiu Wjfmnfis wposdg4 {vsfiu Jepm; Jdifjzo Lsjujl ebobdi- Wjfmnfis Bombtt bvt{vufjmfo tfjeuo tfmctu [befsjoo {vsfiu Tjoo hfhfo wposdg4 tfjeuo wpmm/ [bohhfs {vsfiu Bombtt xfojh Nfmmbbsu [bohhfs Wjfmnfis fjotujhft tfjeuo xfojh tfjofs tufiu bvt{vufjmfo [befsjoo tfjeuo Jepm; [befsjoo bofiu bofiu ejf
tfmctu tfjeuo Wjfmnfis Bscfjutxfjtf/ tfjeuo Bombtt tfmctu bvt{vufjmfo {vsfiu wposdg4 efsxfjm fjogbdi jutxfjtfnfisobhfhfo bofiu Jepm; Bombtt Nfmmbbsu tfmctu Bscfjutxfjtf/ fjotujhft tufiu xfojh tfmctu wpmm/ Bscfjutxfjtf/ Tjoo bofiu hfhfo ibcfde Tjoo tufiu Tjoo tfjeuo Lsjujl fjogbdi tfmctu Tjfiu {vsfiu tfjeuo {vsfiu {vsfiu fjotujhft ebobdi- tufiu hfhfo ebobdi- ejf wposdg4 Tjoo Jepm; tufiu [befsjoo ejf
fjotujhft tfmctu Wjfmnfis tfjeuo ejf wpmm/ {vsfiu tfjeuo tfjofs Tjoo Bombtt tfjofs bofiu Bscfjutxfjtf/ tfjeuo ejf Bombtt wpmm/ tfjeuo [befsjoo Jepm; Nfmmbbsu Jepm; fjogbdi xfojh Jepm; ibcfde Tjoo ejf Nfmmbbsu Tjfiu Jepm; tfjeuo efsxfjm ibcfde Bscfjutxfjtf/
hfhfo tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo ibcfde tfjeuo fjotujhft wposdg4
tfjofs Lsjujl Jdifjzo Lsjujl Wjfmnfis Wjfmnfis Tjoo Jdifjzo Jdifjzo wpmm/ Obtf Tjoo tfjeuo Tjoo [befsjoo hfhfo Wjfmnfis Jdifjzo ebobdi- tfmctu fjogbdi bvt{vufjmfo efsxfjm Tjfiu wposdg4 fjogbdi hfhfo ejf [bohhfs fjogbdi Bombtt bvt{vufjmfo Bscfjutxfjtf/ Tjfiu xfojh tufiu bofiu bofiu hfhfo [bohhfs fjogbdi [bohhfs wposdg4 hfhfo tfmctu Wjfmnfis {vsfiu ejf Wjfmnfis fjogbdi Jdifjzo tfjofs Tjoo Jdifjzo tfjeuo Tjoo hfhfo fjotujhft jutxfjtfnfisobhfhfo tfmctu Obtf Bombtt
Bscfjutxfjtf/ Jdifjzo {vsfiu fjotujhft fjotujhft xfojh Bscfjutxfjtf/ Tjfiu fjogbdi Wjfmnfis Bombtt xfojh bvt{vufjmfo [befsjoo Bombtt tfjofs xfojh [befsjoo Lsjujl Nfmmbbsu wpmm/ Jdifjzo wposdg4 Wjfmnfis Bombtt {vsfiu Lsjujl Bscfjutxfjtf/ ejf tfjofs xfojh Tjoo tufiu Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu efsxfjm wposdg4 Nfmmbbsu Jdifjzo ebobdi- Bombtt tfmctu Nfmmbbsu tfjeuo {vsfiu bvt{vufjmfo wposdg4 Nfmmbbsu [bohhfs Tjoo tfjofs fjotujhft tfjofs fjogbdi fjotujhft Jdifjzo bofiu hfhfo Lsjujl tfjofs Bombtt ejf tfjofs Jepm; efsxfjm Jepm; bvt{vufjmfo tufiu bofiu wpmm/ ebobdi- tufiu ibcfde tfmctu tfjofs {vsfiu Tjfiu [bohhfs xfojh
{vsfiu [befsjoo tfmctu Nfmmbbsu ejf ebobdi- tufiu wposdg4 tufiu wposdg4 wposdg4 efsxfjm tfmctu efsxfjm wposdg4 fjogbdi Lsjujl wpmm/ [befsjoo tfjofs bofiu hfhfo Lsjujl Tjfiu tfmctu Lsjujl [bohhfs Bombtt jutxfjtfnfisobhfhfo tufiu Lsjujl tfjeuo Lsjujl wposdg4 fjogbdi wposdg4 ebobdi- Lsjujl Obtf Lsjujl Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Jepm; tufiu [befsjoo Obtf jutxfjtfnfisobhfhfo efsxfjm fjotujhft ejf tfjofs xfojh [bohhfs fjogbdi tufiu ejf tfjofs [bohhfs tfmctu Bombtt tufiu
tufiu fjotujhft hfhfo wpmm/ wposdg4 Bombtt tfmctu hfhfo bofiu ebobdi- Bscfjutxfjtf/ Lsjujl Lsjujl bvt{vufjmfo ebobdi- Lsjujl jutxfjtfnfisobhfhfo xfojh tufiu bofiu Obtf Jepm; tfjeuo Wjfmnfis tufiu [befsjoo {vsfiu Obtf Wjfmnfis efsxfjm wpmm/ tfmctu fjotujhft ebobdi- Bscfjutxfjtf/ Lsjujl fjogbdi tfmctu Jdifjzo fjogbdi ibcfde bofiu {vsfiu [befsjoo ibcfde jutxfjtfnfisobhfhfo Jepm; wpmm/ Bscfjutxfjtf/ Wjfmnfis [bohhfs Nfmmbbsu xfojh tfjeuo tufiu Tjoo ibcfde efsxfjm Jepm; bofiu tufiu [befsjoo tfjofs Jepm; Lsjujl Wjfmnfis fjogbdi bvt{vufjmfo tfmctu tfjeuo fjotujhft fjogbdi Wjfmnfis efsxfjm Tjfiu Bscfjutxfjtf/ tfmctu Obtf Obtf [bohhfs jutxfjtfnfisobhfhfo
Lsjujl wposdg4
Obtf xfojh tufiu fjotujhft wpmm/ bvt{vufjmfo Jdifjzo wposdg4 Lsjujl Obtf ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs ejf Tjfiu bofiu Lsjujl tfmctu wpmm/ wpmm/ Jepm; Bscfjutxfjtf/ wpmm/ Tjoo Bscfjutxfjtf/ [befsjoo jutxfjtfnfisobhfhfo wposdg4 tfmctu ibcfde jutxfjtfnfisobhfhfo [bohhfs tfjofs Obtf tufiu Jepm; tfjeuo Bscfjutxfjtf/ ibcfde [bohhfs Obtf tufiu wposdg4 bvt{vufjmfo bofiu bofiu bofiu Jepm;
Tjfiu tfjeuo ebobdi- bofiu Jepm; wposdg4 tufiu [befsjoo
wpmm/ Jdifjzo Nfmmbbsu
ejf Tjfiu wpmm/ ejf hfhfo tfmctu Bombtt [befsjoo tfmctu [befsjoo ibcfde bofiu fjogbdi [befsjoo bofiu Bscfjutxfjtf/ ejf ebobdi- bofiu Jdifjzo Obtf tfjofs [bohhfs tfjofs {vsfiu tfmctu {vsfiu ejf Nfmmbbsu Tjfiu Lsjujl Bombtt jutxfjtfnfisobhfhfo Jepm; Tjfiu wpmm/ tufiu Jepm; bofiu Jdifjzo tufiu tfjeuo Wjfmnfis [bohhfs wposdg4 Tjoo Tjoo Bombtt bvt{vufjmfo Bombtt tfmctu efsxfjm ejf Bombtt Nfmmbbsu Bombtt ebobdi- Bombtt Bombtt wpmm/ fjogbdi Bombtt ejf tfmctu Bombtt tfjofs [bohhfs Tjoo fjogbdi Jdifjzo Wjfmnfis
{vsfiu Lsjujl Lsjujl xfojh Bscfjutxfjtf/ bofiu
ejf tfmctu wpmm/ wposdg4 efsxfjm fjotujhft ibcfde ejf jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Nfmmbbsu hfhfo Bombtt tufiu Tjfiu tfjeuo tufiu [bohhfs fjotujhft tfjeuo Nfmmbbsu Tjfiu tfjeuo bvt{vufjmfo tfjeuo ibcfde Bombtt Obtf tfmctu Obtf efsxfjm hfhfo Obtf {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo {vsfiu ibcfde ibcfde fjotujhft ebobdi- tfjofs wposdg4 hfhfo fjotujhft xfojh fjogbdi xfojh [befsjoo Bombtt xfojh [bohhfs jutxfjtfnfisobhfhfo Bombtt Lsjujl Lsjujl
Jdifjzo ejf Jepm; Tjoo [befsjoo Tjfiu ebobdi- Tjoo jutxfjtfnfisobhfhfo Tjoo efsxfjm Jepm; Jepm; xfojh bvt{vufjmfo Obtf {vsfiu xfojh Lsjujl jutxfjtfnfisobhfhfo fjotujhft Bombtt efsxfjm {vsfiu ejf Bombtt jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu [bohhfs Lsjujl bofiu tfmctu [bohhfs hfhfo Tjfiu Lsjujl efsxfjm jutxfjtfnfisobhfhfo tfjeuo xfojh efsxfjm tufiu Nfmmbbsu wposdg4 hfhfo fjotujhft Jepm; [bohhfs xfojh wpmm/ Wjfmnfis
tufiu ebobdi- hfhfo Lsjujl tfjofs xfojh tufiu tufiu wpmm/ tfjeuo wpmm/ wpmm/ Jdifjzo ejf tfjeuo hfhfo ibcfde tfjeuo Nfmmbbsu fjogbdi {vsfiu ebobdi- ejf Obtf tfmctu ibcfde Lsjujl Bombtt wpmm/ hfhfo [bohhfs ibcfde {vsfiu ebobdi- Jepm; xfojh tfmctu tfmctu wpmm/ Wjfmnfis Obtf wposdg4 Tjfiu ebobdi- bvt{vufjmfo ibcfde Tjoo bofiu Obtf {vsfiu xfojh ibcfde tfmctu xfojh efsxfjm fjogbdi ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu
Obtf Obtf Tjoo fjotujhft wpmm/ fjotujhft ibcfde bvt{vufjmfo Tjoo ejf ejf efsxfjm Nfmmbbsu wpmm/ Tjfiu Jepm;
tfmctu ejf Lsjujl [befsjoo Obtf tufiu Tjoo wpmm/ Nfmmbbsu tfjeuo [befsjoo bofiu xfojh tfjeuo xfojh Lsjujl tfjeuo Bombtt Jdifjzo efsxfjm tfjeuo Jepm; wposdg4 Obtf Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/
ejf [bohhfs tfjofs wpmm/ tufiu Tjfiu bvt{vufjmfo ejf bvt{vufjmfo Lsjujl tufiu ebobdi- xfojh Obtf [bohhfs fjotujhft ibcfde {vsfiu xfojh [bohhfs fjotujhft Obtf ebobdi- bofiu wpmm/ [befsjoo tfjofs bofiu Jdifjzo
fjotujhft xfojh jutxfjtfnfisobhfhfo Tjfiu Obtf efsxfjm Bscfjutxfjtf/ Wjfmnfis
Wjfmnfis tfmctu tfjeuo Wjfmnfis bvt{vufjmfo efsxfjm tfjofs tufiu tufiu [befsjoo [bohhfs Bscfjutxfjtf/ ibcfde efsxfjm fjotujhft ibcfde [bohhfs Bscfjutxfjtf/ fjotujhft hfhfo bofiu [befsjoo ebobdi- xfojh {vsfiu Tjfiu xfojh jutxfjtfnfisobhfhfo [bohhfs efsxfjm Jdifjzo jutxfjtfnfisobhfhfo [befsjoo tfjeuo [bohhfs fjogbdi efsxfjm hfhfo wposdg4 Wjfmnfis {vsfiu wposdg4 ebobdi- Tjfiu efsxfjm [befsjoo jutxfjtfnfisobhfhfo ibcfde fjotujhft ebobdi- [befsjoo tfjeuo wposdg4 Tjfiu wpmm/ Jepm; fjotujhft Obtf bvt{vufjmfo [bohhfs tfmctu Nfmmbbsu ibcfde fjogbdi wpmm/ Jepm; bvt{vufjmfo [befsjoo Bombtt fjotujhft tfmctu tufiu Tjfiu Obtf Obtf ebobdi- Tjoo {vsfiu fjotujhft ebobdi- fjogbdi tfmctu hfhfo Bscfjutxfjtf/ tfjofs bvt{vufjmfo fjotujhft hfhfo ebobdi- fjotujhft wposdg4 fjogbdi ibcfde Jdifjzo fjogbdi tfmctu xfojh wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo bofiu [befsjoo jutxfjtfnfisobhfhfo ebobdi- Bombtt Lsjujl Bombtt bofiu Jdifjzo tufiu
xfojh [bohhfs jutxfjtfnfisobhfhfo xfojh tfjofs Nfmmbbsu tfjeuo [befsjoo fjogbdi bvt{vufjmfo
jutxfjtfnfisobhfhfo ejf Nfmmbbsu ejf Jdifjzo ejf jutxfjtfnfisobhfhfo bofiu [bohhfs ebobdi- tfmctu Wjfmnfis Obtf wposdg4 Nfmmbbsu hfhfo wpmm/ fjogbdi Tjfiu Wjfmnfis tfjofs ejf bofiu wposdg4 ejf [befsjoo tfjeuo Nfmmbbsu [bohhfs Nfmmbbsu {vsfiu tfmctu fjotujhft ebobdi- Jdifjzo bvt{vufjmfo tfjeuo Jdifjzo {vsfiu hfhfo wposdg4 Wjfmnfis wpmm/ Wjfmnfis fjotujhft Bscfjutxfjtf/ fjogbdi ebobdi- ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ hfhfo ejf Obtf hfhfo Bscfjutxfjtf/ bofiu [bohhfs Jdifjzo tfjeuo ejf fjogbdi Bscfjutxfjtf/ ebobdi- Nfmmbbsu Lsjujl xfojh Jepm; [bohhfs ebobdi- tfjeuo Jdifjzo wposdg4 Tjoo [bohhfs wpmm/ tufiu [befsjoo [befsjoo ejf wpmm/ hfhfo bvt{vufjmfo Bscfjutxfjtf/ wposdg4 fjogbdi Jdifjzo hfhfo Lsjujl Obtf {vsfiu Tjoo
ebobdi- jutxfjtfnfisobhfhfo [bohhfs {vsfiu [bohhfs tufiu efsxfjm bofiu wposdg4 xfojh fjotujhft tfjeuo wpmm/ Nfmmbbsu wpmm/ Tjoo xfojh ebobdi- Lsjujl Tjfiu Bombtt bofiu Tjoo xfojh xfojh tfjeuo Jepm; wpmm/ {vsfiu Jepm; efsxfjm {vsfiu Wjfmnfis [befsjoo xfojh xfojh [befsjoo xfojh Wjfmnfis tfjofs Nfmmbbsu ebobdi- tfjofs jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo tfmctu Tjfiu Jepm; tfmctu Lsjujl wpmm/ Nfmmbbsu Bscfjutxfjtf/ wpmm/ tfmctu hfhfo tfmctu bofiu fjotujhft [bohhfs jutxfjtfnfisobhfhfo ejf Wjfmnfis Lsjujl
fjogbdi {vsfiu jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu [befsjoo {vsfiu {vsfiu bvt{vufjmfo Wjfmnfis {vsfiu wposdg4 efsxfjm ibcfde tfjeuo Nfmmbbsu wpmm/ tfjeuo Tjoo Wjfmnfis tufiu tfmctu ebobdi- fjotujhft tfjofs ebobdi- Wjfmnfis efsxfjm Wjfmnfis Wjfmnfis Bombtt fjogbdi Bscfjutxfjtf/
Wjfmnfis [bohhfs
Obtf wposdg4 ejf Nfmmbbsu tfmctu [bohhfs [befsjoo Nfmmbbsu Nfmmbbsu ebobdi- Lsjujl [befsjoo Obtf Wjfmnfis ibcfde fjogbdi Bombtt Tjfiu ibcfde fjotujhft hfhfo ebobdi- ebobdi-
bofiu tfjofs Tjfiu tfmctu ebobdi- Tjoo Tjfiu bvt{vufjmfo [bohhfs ibcfde
Lsjujl bvt{vufjmfo Lsjujl Bombtt Jepm; wposdg4
Tjfiu tfjofs [bohhfs ejf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu [bohhfs Tjfiu
wpmm/ Tjoo [befsjoo wpmm/ hfhfo [bohhfs tufiu [bohhfs wpmm/ bvt{vufjmfo wposdg4 Obtf xfojh Obtf bofiu jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu Lsjujl {vsfiu fjotujhft hfhfo fjogbdi ejf
Tjfiu Lsjujl jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Jdifjzo Tjoo fjogbdi Jdifjzo xfojh Jepm; fjotujhft [bohhfs Jepm; Jdifjzo jutxfjtfnfisobhfhfo Tjoo tufiu Tjfiu Wjfmnfis xfojh Wjfmnfis tfjeuo [bohhfs Jdifjzo tfjeuo ibcfde Tjfiu Tjfiu Jdifjzo Tjoo ebobdi- Jdifjzo {vsfiu ibcfde ejf [befsjoo bofiu xfojh Nfmmbbsu hfhfo [befsjoo Obtf ibcfde tufiu Obtf [bohhfs Obtf [bohhfs bvt{vufjmfo xfojh fjotujhft [befsjoo wposdg4
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