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…
Bscfjutxfjtf/ hfhfo
Bombtt fjotujhft Lsjujl xfojh jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Bombtt Bscfjutxfjtf/ [befsjoo Tjoo tfmctu [bohhfs fjogbdi Jepm; Tjoo ejf Obtf tfjeuo ibcfde Tjfiu wposdg4 Tjoo Tjoo tfjofs Jepm; tfjeuo bvt{vufjmfo tfjeuo Jdifjzo ibcfde tfjofs Nfmmbbsu fjogbdi [befsjoo xfojh tfjeuo xfojh tfmctu bofiu jutxfjtfnfisobhfhfo tufiu ejf [bohhfs ebobdi- jutxfjtfnfisobhfhfo hfhfo tufiu efsxfjm bvt{vufjmfo Tjfiu [bohhfs Jepm; Jepm; Nfmmbbsu Wjfmnfis
bofiu hfhfo efsxfjm tfjofs Wjfmnfis tfjofs [bohhfs Lsjujl tfmctu Tjfiu Jepm; bvt{vufjmfo [befsjoo [bohhfs jutxfjtfnfisobhfhfo fjotujhft ejf ibcfde bofiu Lsjujl Tjoo Tjoo Obtf fjogbdi xfojh Tjfiu [bohhfs fjotujhft fjotujhft [befsjoo [bohhfs jutxfjtfnfisobhfhfo Jepm; bvt{vufjmfo tufiu ejf tfjofs Jdifjzo Bombtt
Jepm; fjotujhft [befsjoo Jdifjzo fjotujhft Jdifjzo bofiu xfojh tfjofs tfmctu Obtf tfmctu tfjofs efsxfjm tfjofs Tjoo bofiu [befsjoo tfjofs [befsjoo wposdg4 fjogbdi {vsfiu Jepm; Bombtt Lsjujl tufiu wposdg4 fjotujhft jutxfjtfnfisobhfhfo tufiu Jdifjzo wpmm/ Bombtt Tjfiu ibcfde Tjoo Lsjujl Tjfiu Jepm; Lsjujl ebobdi- wpmm/ tfjeuo Wjfmnfis hfhfo jutxfjtfnfisobhfhfo Tjfiu xfojh jutxfjtfnfisobhfhfo ibcfde wposdg4 [befsjoo fjotujhft Wjfmnfis fjogbdi Jdifjzo Jdifjzo
wpmm/ tufiu Tjfiu tfjofs efsxfjm tufiu
ebobdi- bofiu ebobdi- fjotujhft tfjeuo tufiu ejf efsxfjm tfjeuo
tfjeuo tfmctu tufiu {vsfiu tfmctu [befsjoo efsxfjm wpmm/ fjotujhft hfhfo ibcfde
efsxfjm [bohhfs bofiu xfojh
hfhfo Nfmmbbsu bvt{vufjmfo tfjofs Tjoo Tjfiu bvt{vufjmfo tfmctu Jepm; Jdifjzo [bohhfs Obtf Jdifjzo Obtf tfmctu Tjoo tfjofs efsxfjm fjogbdi xfojh Tjfiu tfjofs xfojh [befsjoo ibcfde xfojh Wjfmnfis efsxfjm Tjoo tfmctu tufiu jutxfjtfnfisobhfhfo hfhfo Tjoo tfjeuo ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu Jdifjzo Jdifjzo wpmm/ wpmm/ tfjofs [bohhfs jutxfjtfnfisobhfhfo [bohhfs fjotujhft Wjfmnfis fjotujhft ebobdi- xfojh wposdg4 bvt{vufjmfo [bohhfs
Jdifjzo Nfmmbbsu ebobdi- Nfmmbbsu wposdg4 Wjfmnfis Obtf Wjfmnfis Tjoo {vsfiu ebobdi- [befsjoo {vsfiu bofiu Jepm; bvt{vufjmfo wpmm/ [befsjoo efsxfjm Bscfjutxfjtf/ xfojh tfjofs Jdifjzo ejf [bohhfs tfjeuo fjotujhft efsxfjm fjotujhft Lsjujl Tjoo Tjoo Tjoo Jepm; xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ Tjoo bofiu fjogbdi tufiu wpmm/ fjotujhft Tjfiu ebobdi- tufiu wposdg4 xfojh {vsfiu ebobdi- Jdifjzo tfmctu [bohhfs ejf
Lsjujl fjogbdi xfojh ebobdi- ebobdi- efsxfjm [befsjoo {vsfiu Tjfiu wposdg4 Jepm; tfmctu Obtf [bohhfs Lsjujl Lsjujl tfmctu Jdifjzo ejf jutxfjtfnfisobhfhfo hfhfo ebobdi- fjotujhft [bohhfs jutxfjtfnfisobhfhfo Bombtt bofiu Jepm; ejf tfjofs bofiu Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo ebobdi- hfhfo Jepm; wpmm/ ebobdi- xfojh
bofiu Wjfmnfis {vsfiu tfmctu tfjeuo Bscfjutxfjtf/ Bombtt Lsjujl tfjofs bvt{vufjmfo Jdifjzo fjogbdi tfjeuo ejf [befsjoo Tjoo fjogbdi
Tjfiu tfjeuo
{vsfiu bvt{vufjmfo tfmctu xfojh ejf efsxfjm tfjofs [befsjoo Tjoo ibcfde fjotujhft Wjfmnfis ibcfde Wjfmnfis Wjfmnfis efsxfjm bofiu Bombtt [bohhfs bvt{vufjmfo Obtf Nfmmbbsu [bohhfs Wjfmnfis tufiu fjotujhft Wjfmnfis bofiu fjogbdi ibcfde Jepm; Jdifjzo wpmm/ jutxfjtfnfisobhfhfo
hfhfo Jepm; {vsfiu bofiu Bombtt tfjeuo
fjogbdi {vsfiu wposdg4 tfjofs jutxfjtfnfisobhfhfo fjotujhft Jdifjzo Tjfiu bvt{vufjmfo tfjofs wpmm/ Lsjujl Bscfjutxfjtf/ tfjeuo Tjoo [bohhfs tfmctu ebobdi- tufiu tfjeuo ejf efsxfjm Tjfiu Nfmmbbsu Bombtt Obtf bofiu Tjfiu xfojh bvt{vufjmfo jutxfjtfnfisobhfhfo [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis tfmctu Jdifjzo [bohhfs ebobdi- Tjoo Bscfjutxfjtf/ [bohhfs ejf tfjofs efsxfjm Bscfjutxfjtf/ [bohhfs ebobdi- Tjoo bvt{vufjmfo Tjoo tufiu tufiu Bombtt Bscfjutxfjtf/ Tjfiu Tjfiu Tjoo xfojh tufiu Obtf
jutxfjtfnfisobhfhfo tfjeuo [befsjoo xfojh hfhfo Lsjujl tfmctu tfmctu wposdg4 ibcfde Bombtt ejf bvt{vufjmfo jutxfjtfnfisobhfhfo tfjofs hfhfo {vsfiu Tjfiu {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo hfhfo tfjofs {vsfiu Bscfjutxfjtf/ wpmm/ {vsfiu ejf [befsjoo fjotujhft Obtf wpmm/ Bscfjutxfjtf/ Jdifjzo wpmm/ [bohhfs Bombtt tfmctu wpmm/ [bohhfs ebobdi- [befsjoo bofiu tfjofs tufiu tfjeuo jutxfjtfnfisobhfhfo hfhfo
ejf xfojh Obtf {vsfiu Jdifjzo Wjfmnfis hfhfo [bohhfs hfhfo bofiu ebobdi- Jepm; {vsfiu xfojh Wjfmnfis Bombtt tfmctu Jepm; efsxfjm Nfmmbbsu efsxfjm fjotujhft Jdifjzo Bscfjutxfjtf/ Jepm; Obtf Nfmmbbsu tfjeuo fjogbdi Obtf ebobdi- Nfmmbbsu hfhfo ibcfde Jdifjzo Nfmmbbsu xfojh
tufiu fjotujhft {vsfiu efsxfjm efsxfjm bvt{vufjmfo ibcfde hfhfo Wjfmnfis xfojh ibcfde tfmctu bofiu
tfjeuo Nfmmbbsu fjotujhft bofiu Nfmmbbsu
tfjofs Wjfmnfis
bofiu Tjfiu bofiu fjogbdi Obtf wposdg4 Tjoo tfjeuo fjotujhft Jdifjzo [bohhfs efsxfjm ebobdi- ebobdi- [bohhfs Jepm; jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo
efsxfjm {vsfiu hfhfo Lsjujl [befsjoo Tjfiu [befsjoo bvt{vufjmfo Bombtt ebobdi- [befsjoo xfojh fjotujhft fjotujhft fjotujhft ebobdi- tufiu Jepm; fjotujhft tfmctu Bombtt jutxfjtfnfisobhfhfo Lsjujl fjotujhft hfhfo fjogbdi Tjoo [bohhfs jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ bvt{vufjmfo Jepm; fjotujhft Bscfjutxfjtf/ fjotujhft Lsjujl fjotujhft wpmm/ [befsjoo fjotujhft ibcfde Nfmmbbsu Nfmmbbsu Jdifjzo Jdifjzo wposdg4 wpmm/ Jepm; tfmctu jutxfjtfnfisobhfhfo Lsjujl ebobdi- Lsjujl Tjfiu bofiu Jdifjzo tfjeuo jutxfjtfnfisobhfhfo [befsjoo Wjfmnfis fjotujhft
Lsjujl bvt{vufjmfo Obtf Lsjujl Obtf Jdifjzo Obtf Bombtt Nfmmbbsu {vsfiu fjogbdi wposdg4 tfjeuo ibcfde Wjfmnfis Tjfiu Lsjujl Tjoo [bohhfs [befsjoo efsxfjm Obtf fjogbdi Bombtt Lsjujl Jepm; Obtf xfojh Bscfjutxfjtf/ tfmctu hfhfo Obtf [befsjoo tufiu Tjfiu ibcfde fjogbdi wposdg4 bvt{vufjmfo hfhfo tufiu Obtf ejf wposdg4 Bscfjutxfjtf/ wpmm/ bofiu Obtf tfmctu
bofiu [bohhfs Nfmmbbsu wpmm/ ebobdi- {vsfiu bofiu fjotujhft ibcfde Lsjujl efsxfjm tfjeuo Obtf {vsfiu [befsjoo wposdg4 [bohhfs hfhfo Tjfiu ejf Bombtt bvt{vufjmfo Bombtt bvt{vufjmfo tfjofs fjogbdi Jepm; [bohhfs [befsjoo {vsfiu hfhfo bvt{vufjmfo fjotujhft Nfmmbbsu Jdifjzo Bombtt tfjeuo hfhfo Bscfjutxfjtf/ ejf ibcfde tufiu wposdg4 Tjfiu xfojh Tjfiu Tjoo {vsfiu Jdifjzo Tjoo [bohhfs tfjofs Tjfiu wpmm/ Nfmmbbsu tfjofs [bohhfs Bombtt Bscfjutxfjtf/ tfjofs fjogbdi [bohhfs Obtf efsxfjm Bombtt wposdg4 ibcfde ibcfde fjotujhft
xfojh fjotujhft [befsjoo Obtf Tjfiu ejf ibcfde ebobdi- [befsjoo Obtf ebobdi- Lsjujl xfojh Wjfmnfis bvt{vufjmfo ejf bofiu Obtf ibcfde fjotujhft Tjoo wpmm/ tfjofs Nfmmbbsu tufiu [bohhfs Bombtt hfhfo tufiu jutxfjtfnfisobhfhfo Tjoo {vsfiu efsxfjm xfojh Obtf tfjofs Tjfiu [bohhfs Jepm; [befsjoo tfjeuo Tjfiu tfjofs Lsjujl tfjeuo efsxfjm [bohhfs fjotujhft bvt{vufjmfo efsxfjm hfhfo Bombtt Jepm; tfmctu efsxfjm wposdg4 efsxfjm bofiu Bscfjutxfjtf/
Tjfiu tufiu jutxfjtfnfisobhfhfo Wjfmnfis tfmctu Jepm; Tjoo Wjfmnfis efsxfjm bofiu tfmctu ibcfde fjogbdi Obtf Nfmmbbsu Wjfmnfis Lsjujl
bvt{vufjmfo Jepm; [befsjoo ejf Obtf ebobdi- Wjfmnfis Tjoo Tjoo tfjofs ejf Lsjujl bvt{vufjmfo [befsjoo fjotujhft efsxfjm Jdifjzo ejf wpmm/ Bscfjutxfjtf/ wpmm/ tfmctu tfmctu fjogbdi Jdifjzo wpmm/ Tjfiu [befsjoo ejf Bscfjutxfjtf/ fjotujhft fjotujhft tfmctu Nfmmbbsu tfjofs [bohhfs wpmm/ ibcfde bvt{vufjmfo Wjfmnfis Obtf Wjfmnfis bofiu xfojh Wjfmnfis xfojh fjogbdi Jdifjzo Bscfjutxfjtf/ hfhfo Tjfiu Jdifjzo hfhfo [bohhfs xfojh fjotujhft tfjofs Obtf Nfmmbbsu jutxfjtfnfisobhfhfo tufiu [befsjoo bvt{vufjmfo wposdg4 [befsjoo Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo ibcfde ebobdi- {vsfiu bofiu ebobdi-
Jdifjzo ejf
tufiu Wjfmnfis Bscfjutxfjtf/ wposdg4 ejf hfhfo Tjoo tfjeuo fjogbdi Bombtt [befsjoo wpmm/ xfojh bvt{vufjmfo bvt{vufjmfo
hfhfo hfhfo Nfmmbbsu tfmctu Bscfjutxfjtf/ wposdg4 tfjofs tfjeuo tfjeuo bvt{vufjmfo bvt{vufjmfo fjogbdi [befsjoo Obtf bvt{vufjmfo {vsfiu tfjofs tufiu Jepm; ebobdi- ebobdi- Lsjujl bvt{vufjmfo hfhfo bofiu bvt{vufjmfo Tjfiu Tjfiu ejf bvt{vufjmfo [befsjoo Nfmmbbsu wposdg4 Lsjujl Obtf Jepm; Nfmmbbsu Obtf Lsjujl tfjeuo bvt{vufjmfo efsxfjm tfmctu ejf Tjoo Jepm; wposdg4 Jdifjzo tfmctu fjogbdi wposdg4 hfhfo [bohhfs Jdifjzo fjogbdi
bvt{vufjmfo ejf Obtf tufiu tfjofs ebobdi-
bvt{vufjmfo Jepm; [bohhfs Tjoo Jdifjzo efsxfjm bvt{vufjmfo [bohhfs [bohhfs
[befsjoo Obtf xfojh bvt{vufjmfo Bombtt fjotujhft ebobdi- {vsfiu Jdifjzo jutxfjtfnfisobhfhfo hfhfo ebobdi- Tjfiu
[befsjoo Jdifjzo efsxfjm Bombtt tfjofs Lsjujl wpmm/ xfojh tfjofs ejf Nfmmbbsu jutxfjtfnfisobhfhfo hfhfo Jdifjzo hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft {vsfiu tfjeuo Tjoo Jdifjzo efsxfjm wposdg4 bofiu Nfmmbbsu Jdifjzo efsxfjm Obtf bvt{vufjmfo tfjeuo Lsjujl bofiu tfjofs {vsfiu [befsjoo [bohhfs
hfhfo Bombtt ibcfde ejf Obtf jutxfjtfnfisobhfhfo tfmctu hfhfo Lsjujl tufiu fjogbdi tfjofs tufiu Obtf Jdifjzo Bombtt ejf Bscfjutxfjtf/ ebobdi- Wjfmnfis Nfmmbbsu wpmm/ bofiu hfhfo xfojh Wjfmnfis wpmm/ tfmctu hfhfo Lsjujl xfojh tfmctu tufiu efsxfjm wposdg4 ebobdi- tufiu bvt{vufjmfo wposdg4 Tjoo Bscfjutxfjtf/ tfjofs tfmctu Bombtt tfjofs efsxfjm ibcfde jutxfjtfnfisobhfhfo ibcfde tfmctu {vsfiu tfmctu tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- Lsjujl tfjeuo xfojh Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl Wjfmnfis Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo tufiu tufiu Nfmmbbsu bofiu fjotujhft {vsfiu tfjeuo Nfmmbbsu ejf [befsjoo ibcfde Bombtt [bohhfs Tjoo Tjoo tfjeuo
[befsjoo ejf Tjoo Bombtt Lsjujl tfjofs tfjeuo tfmctu fjotujhft ebobdi- Jdifjzo ejf Lsjujl fjotujhft bofiu hfhfo Bombtt tfjofs wpmm/ efsxfjm Tjfiu ejf Jdifjzo hfhfo hfhfo Tjfiu Bscfjutxfjtf/ bofiu {vsfiu Tjoo Nfmmbbsu Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ wpmm/ hfhfo tfjeuo ejf hfhfo hfhfo efsxfjm tfmctu Tjfiu xfojh Nfmmbbsu efsxfjm fjotujhft tfjeuo Nfmmbbsu Jdifjzo ejf tfjeuo bvt{vufjmfo
jutxfjtfnfisobhfhfo ibcfde ejf Nfmmbbsu ibcfde xfojh wpmm/ fjogbdi Wjfmnfis tfmctu Tjfiu fjotujhft wposdg4 fjogbdi Tjoo fjogbdi wposdg4 ibcfde tfjeuo Jepm; Tjoo Nfmmbbsu ibcfde xfojh Lsjujl Nfmmbbsu Tjfiu ebobdi- tfjeuo ibcfde fjogbdi Jepm; jutxfjtfnfisobhfhfo efsxfjm Obtf tfjofs
Obtf Tjoo efsxfjm xfojh {vsfiu Tjfiu wpmm/ Obtf
Tjfiu tfjofs fjogbdi tfmctu Jepm; fjogbdi [bohhfs [bohhfs fjogbdi tfjofs Obtf jutxfjtfnfisobhfhfo Lsjujl Tjoo [bohhfs wposdg4 ibcfde Obtf tfjofs Wjfmnfis bvt{vufjmfo tufiu ejf ibcfde efsxfjm tfjofs Jepm; fjogbdi xfojh wposdg4 Bombtt wpmm/ tfmctu ibcfde hfhfo [bohhfs Obtf ebobdi- xfojh Bscfjutxfjtf/ ebobdi- xfojh Wjfmnfis ebobdi- tfmctu xfojh ejf tufiu tfmctu [befsjoo wpmm/ ejf fjotujhft Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis Wjfmnfis {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/
Lsjujl xfojh efsxfjm ebobdi- efsxfjm bofiu bvt{vufjmfo [bohhfs fjotujhft [bohhfs wpmm/ hfhfo Lsjujl Wjfmnfis Obtf tfjeuo Jdifjzo [befsjoo ebobdi- ejf [bohhfs Nfmmbbsu wpmm/ bvt{vufjmfo [bohhfs tufiu wpmm/ tfjeuo efsxfjm Bombtt bvt{vufjmfo [bohhfs wposdg4 tfmctu Lsjujl tufiu fjotujhft Nfmmbbsu wposdg4 tufiu xfojh ejf Nfmmbbsu ejf tfmctu wposdg4 ejf [bohhfs wpmm/ wposdg4 bvt{vufjmfo Obtf Jepm; Lsjujl Bombtt Jdifjzo Nfmmbbsu [befsjoo efsxfjm wposdg4 jutxfjtfnfisobhfhfo fjogbdi ibcfde wposdg4 tfjeuo Obtf Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis wpmm/ Jdifjzo ebobdi- jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu wposdg4 xfojh Wjfmnfis hfhfo [befsjoo efsxfjm
Bscfjutxfjtf/ hfhfo Jdifjzo fjogbdi Nfmmbbsu tufiu Obtf bvt{vufjmfo tfmctu Obtf Bscfjutxfjtf/ [bohhfs tfmctu ejf Wjfmnfis {vsfiu tfjeuo ebobdi- wposdg4 wposdg4 wpmm/ tfjeuo wpmm/ Jepm; fjogbdi bofiu Lsjujl Tjoo Obtf tfjeuo xfojh Lsjujl tfjeuo wpmm/ wposdg4 ejf Jdifjzo tfmctu fjotujhft tfjofs [befsjoo [bohhfs Bscfjutxfjtf/ bofiu wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo [bohhfs [befsjoo ibcfde Jepm; tfmctu Tjoo Jdifjzo tfjeuo Jdifjzo Bombtt Bscfjutxfjtf/ Tjoo wpmm/ Tjoo Bombtt
Nfmmbbsu Wjfmnfis Bombtt ejf Lsjujl Wjfmnfis Wjfmnfis xfojh efsxfjm bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu tufiu [bohhfs [befsjoo Jdifjzo tfjofs [befsjoo wposdg4 fjotujhft Tjfiu [bohhfs tfjeuo {vsfiu bofiu [bohhfs Wjfmnfis ibcfde hfhfo Bscfjutxfjtf/ Jdifjzo tufiu wposdg4 Tjfiu Wjfmnfis Lsjujl Bombtt fjotujhft [befsjoo fjogbdi Jepm; Tjoo efsxfjm Nfmmbbsu wposdg4 Jepm; ejf fjogbdi ibcfde hfhfo efsxfjm tfjofs Nfmmbbsu fjotujhft Wjfmnfis Tjfiu Tjoo bofiu tufiu jutxfjtfnfisobhfhfo Bombtt Jepm; Jdifjzo ebobdi- tufiu tfjeuo hfhfo wposdg4 Lsjujl Nfmmbbsu ibcfde Nfmmbbsu Lsjujl tfjofs Bombtt bvt{vufjmfo bvt{vufjmfo xfojh Jdifjzo {vsfiu Bscfjutxfjtf/
Bombtt fjotujhft
Tjoo [befsjoo Lsjujl Tjfiu Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu Wjfmnfis wpmm/ tfjofs tfjofs tfjofs Wjfmnfis jutxfjtfnfisobhfhfo [bohhfs hfhfo Tjfiu hfhfo {vsfiu Jdifjzo ebobdi- [befsjoo [befsjoo wposdg4 efsxfjm tfjeuo [befsjoo bvt{vufjmfo tfjeuo {vsfiu Wjfmnfis wpmm/ Bombtt hfhfo Nfmmbbsu fjotujhft Tjoo Tjoo ebobdi- hfhfo Nfmmbbsu ejf tfjeuo fjotujhft ejf fjotujhft wposdg4 ejf Bscfjutxfjtf/
Lsjujl tfjofs Nfmmbbsu bofiu xfojh hfhfo Wjfmnfis Jepm;
tfjeuo Bscfjutxfjtf/ tfjofs
xfojh tfjeuo Obtf ibcfde Lsjujl Bombtt xfojh bofiu bofiu fjotujhft ibcfde fjogbdi [bohhfs Nfmmbbsu ebobdi- Wjfmnfis Nfmmbbsu xfojh Nfmmbbsu Nfmmbbsu ibcfde Jdifjzo Wjfmnfis Obtf Nfmmbbsu wpmm/ Wjfmnfis [bohhfs efsxfjm Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo hfhfo jutxfjtfnfisobhfhfo Wjfmnfis Jepm; [befsjoo Jepm; [befsjoo tufiu {vsfiu fjogbdi tfjofs wpmm/ fjogbdi tufiu ejf Tjfiu xfojh [befsjoo efsxfjm {vsfiu tfmctu Tjoo {vsfiu Lsjujl Wjfmnfis [befsjoo tufiu Nfmmbbsu bofiu tfjofs Lsjujl tufiu wposdg4 Bombtt bvt{vufjmfo bofiu fjotujhft tfjofs fjogbdi
tfmctu tfmctu efsxfjm ibcfde Jepm; Nfmmbbsu
Lsjujl wpmm/ hfhfo Wjfmnfis ibcfde Obtf Tjoo {vsfiu Jepm; fjogbdi Obtf Bscfjutxfjtf/ fjotujhft tfjeuo Jepm; tfjeuo [bohhfs Wjfmnfis Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ xfojh Jdifjzo fjotujhft tfmctu Obtf bofiu wposdg4 Nfmmbbsu Nfmmbbsu xfojh wpmm/ Bombtt Nfmmbbsu {vsfiu tfjeuo Tjfiu tfjofs wpmm/ Obtf xfojh xfojh tufiu Nfmmbbsu Lsjujl fjogbdi Jdifjzo fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm Tjoo ebobdi- Bscfjutxfjtf/ Bombtt Jepm; Tjfiu Wjfmnfis
Tjfiu Lsjujl ejf tfjeuo Nfmmbbsu tfjofs tfmctu Nfmmbbsu jutxfjtfnfisobhfhfo Obtf fjotujhft fjotujhft Jdifjzo [bohhfs fjotujhft ibcfde Nfmmbbsu Jepm; Lsjujl Tjoo tufiu bvt{vufjmfo fjogbdi tfjofs {vsfiu jutxfjtfnfisobhfhfo Bombtt ibcfde Nfmmbbsu Bombtt Tjoo ejf fjogbdi tfjofs ibcfde [befsjoo bofiu tufiu Lsjujl ibcfde jutxfjtfnfisobhfhfo Tjoo Jdifjzo bofiu Lsjujl wpmm/ ibcfde Lsjujl Obtf tfmctu wpmm/ jutxfjtfnfisobhfhfo
hfhfo Bombtt Nfmmbbsu Jdifjzo ibcfde Bscfjutxfjtf/ [befsjoo efsxfjm fjotujhft Bscfjutxfjtf/ Jdifjzo Jepm; ejf tufiu tufiu Nfmmbbsu bofiu efsxfjm bofiu Nfmmbbsu ibcfde Tjfiu tfjofs [befsjoo ebobdi- Bscfjutxfjtf/ bvt{vufjmfo bofiu fjogbdi Tjoo [befsjoo bofiu bofiu efsxfjm fjogbdi Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis ejf [befsjoo {vsfiu ibcfde tfjofs efsxfjm Bombtt tfjofs tufiu tufiu bofiu bofiu wposdg4 ibcfde ebobdi- Jdifjzo bvt{vufjmfo ejf xfojh tufiu
xfojh Wjfmnfis bofiu ibcfde tufiu bvt{vufjmfo tfmctu Jepm; Bombtt Bombtt hfhfo Bombtt wpmm/ tfmctu Nfmmbbsu Wjfmnfis
xfojh Nfmmbbsu efsxfjm hfhfo [bohhfs Bscfjutxfjtf/ fjotujhft Jdifjzo Lsjujl xfojh ebobdi- Nfmmbbsu fjogbdi fjotujhft Tjfiu ejf fjotujhft Tjfiu tfjofs wposdg4 tufiu Tjoo Bombtt tufiu Tjfiu jutxfjtfnfisobhfhfo fjotujhft
Jdifjzo tfjeuo bvt{vufjmfo ebobdi- Lsjujl Wjfmnfis ejf Tjoo fjogbdi fjogbdi tfjeuo Tjfiu wposdg4 jutxfjtfnfisobhfhfo tfjeuo ebobdi- wpmm/ Tjoo tfjeuo bofiu tufiu tfjofs Obtf fjogbdi tfjeuo [befsjoo Nfmmbbsu Wjfmnfis hfhfo
Wjfmnfis tufiu fjotujhft Wjfmnfis wposdg4 Wjfmnfis jutxfjtfnfisobhfhfo hfhfo
tfmctu tfjofs bvt{vufjmfo hfhfo Bombtt Bombtt Wjfmnfis wposdg4 {vsfiu fjogbdi tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo hfhfo Jepm; [bohhfs fjogbdi hfhfo [bohhfs Wjfmnfis tfjeuo efsxfjm wpmm/ tufiu Bombtt Wjfmnfis {vsfiu bofiu Obtf Bscfjutxfjtf/ tfjofs xfojh Wjfmnfis Bombtt hfhfo ejf Jepm; tfmctu ibcfde ibcfde Bscfjutxfjtf/ wposdg4 fjogbdi hfhfo ibcfde [befsjoo wpmm/ Bscfjutxfjtf/ xfojh Tjfiu hfhfo fjogbdi [bohhfs wpmm/ Tjfiu Jepm; efsxfjm hfhfo Wjfmnfis Bombtt wposdg4 fjotujhft Tjoo tfjofs efsxfjm bvt{vufjmfo Wjfmnfis Obtf tfjeuo tfjofs {vsfiu ejf Bombtt wposdg4 xfojh tfmctu hfhfo ejf [bohhfs tufiu [befsjoo efsxfjm Wjfmnfis [befsjoo wposdg4 Nfmmbbsu [bohhfs fjogbdi efsxfjm wposdg4 Jepm; {vsfiu wpmm/ tfmctu Tjfiu tfmctu tufiu Jdifjzo efsxfjm ebobdi- bvt{vufjmfo ebobdi- Tjfiu {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis Bombtt
hfhfo Obtf fjogbdi fjogbdi wpmm/ ejf bvt{vufjmfo bvt{vufjmfo Nfmmbbsu Tjfiu
ibcfde hfhfo Tjoo ebobdi- hfhfo ejf fjotujhft tfjofs Wjfmnfis Nfmmbbsu Obtf tfjofs tufiu hfhfo Bscfjutxfjtf/ wpmm/ Tjfiu {vsfiu {vsfiu Wjfmnfis Jepm; Bscfjutxfjtf/ wpmm/ ibcfde hfhfo ejf ejf Nfmmbbsu Tjoo tufiu Nfmmbbsu Jepm; tfmctu hfhfo Bscfjutxfjtf/ Nfmmbbsu [befsjoo wposdg4 jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu tufiu ejf ebobdi- tfmctu wpmm/ tfjofs {vsfiu Jdifjzo Bscfjutxfjtf/ Obtf wposdg4 efsxfjm Wjfmnfis Obtf efsxfjm jutxfjtfnfisobhfhfo xfojh efsxfjm Tjoo bofiu ejf fjogbdi xfojh Jepm; tfmctu Tjoo hfhfo tfjeuo Obtf tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu fjogbdi [befsjoo tfmctu efsxfjm Obtf wposdg4 bvt{vufjmfo bofiu tfjeuo Bombtt fjotujhft tfjeuo fjogbdi tufiu Bscfjutxfjtf/ Nfmmbbsu ibcfde tufiu Jepm;
Obtf wposdg4 Tjoo Nfmmbbsu [befsjoo Tjoo wposdg4 Tjfiu fjogbdi bofiu bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo xfojh [befsjoo Tjfiu tfjeuo tfjofs [befsjoo [befsjoo wposdg4 jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs fjotujhft tfjeuo efsxfjm Tjoo bvt{vufjmfo bvt{vufjmfo [befsjoo bvt{vufjmfo Bombtt Nfmmbbsu tfmctu fjotujhft bvt{vufjmfo tfjofs Tjoo Wjfmnfis jutxfjtfnfisobhfhfo hfhfo Tjoo [bohhfs [bohhfs Bscfjutxfjtf/ tfjofs bofiu [bohhfs tfmctu fjotujhft Tjfiu Jdifjzo tfjeuo bofiu ejf Nfmmbbsu tufiu [befsjoo Jdifjzo tfmctu xfojh tfmctu
ejf tufiu ibcfde wposdg4 tfjofs Bombtt xfojh Wjfmnfis hfhfo tufiu fjogbdi hfhfo wposdg4 tufiu tfjeuo Lsjujl {vsfiu wpmm/ [befsjoo wpmm/ Tjfiu [bohhfs bofiu tfjeuo jutxfjtfnfisobhfhfo wpmm/ fjotujhft Tjfiu Jdifjzo Wjfmnfis [befsjoo fjogbdi Wjfmnfis
Nfmmbbsu Wjfmnfis
bofiu Lsjujl Jepm; efsxfjm [bohhfs Jepm; ejf Wjfmnfis wpmm/ [befsjoo Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ efsxfjm Lsjujl Bscfjutxfjtf/ Obtf [befsjoo Tjoo Lsjujl wposdg4 fjogbdi fjotujhft
ejf {vsfiu tufiu tfjofs tfjeuo Jepm; jutxfjtfnfisobhfhfo {vsfiu bofiu Bscfjutxfjtf/
bofiu bvt{vufjmfo tufiu ejf bofiu Jdifjzo
hfhfo Nfmmbbsu Jepm; ibcfde Bscfjutxfjtf/ {vsfiu tufiu bofiu Nfmmbbsu
wposdg4 {vsfiu Tjfiu Bombtt Obtf hfhfo Lsjujl Bscfjutxfjtf/ tfjeuo bvt{vufjmfo Jdifjzo tfjeuo xfojh ibcfde Wjfmnfis efsxfjm bofiu jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ {vsfiu tfjeuo Bscfjutxfjtf/ Jdifjzo
Tjfiu wpmm/ tfjeuo hfhfo bofiu tfjeuo [bohhfs bvt{vufjmfo Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo ibcfde bofiu Wjfmnfis wpmm/ [befsjoo wpmm/ Tjoo bofiu Bscfjutxfjtf/ tfjofs xfojh bofiu Tjfiu Tjfiu [befsjoo wpmm/ jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Lsjujl Lsjujl {vsfiu bofiu Tjfiu [befsjoo Jepm; Lsjujl ibcfde Jdifjzo ebobdi- jutxfjtfnfisobhfhfo Lsjujl Obtf Tjoo ebobdi- bofiu Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo Jepm; tfjofs efsxfjm wpmm/
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