1. Einleitung In der Corona-Krise durchläuft der M&A-Markt grundlegende Veränderungen. Die Aktivität, die mit Wirtschaftswachstum und steigenden Aktienpreisen korreliert hat, nimmt ab1. Investoren agieren in Zeiten wachsender Volatilität und Unsicherheit zurückhaltender. Gleichzeitig können Investoren in Zeiten des Abschwungs attraktive Deals machen2. Finanziell angeschlagene Unternehmen suchen nach neuen Eigentümern und Kapitalgebern, um eine Insolvenz abzuwenden. Der M&A-Markt verwandelt sich in einen Käufermarkt. Am Verhandlungstisch haben Targets nun einen schwierigen Stand. Wenn mit einem potenziellen Käufer keine Einigung erzielt werden kann, droht die Insolvenz. Welche Verhandlungstaktik ist für ein finanziell angeschlagenes Target jetzt optimal? Das ist die Kernfrage des vorliegenden Artikels. 2. Verhandlungstaktische Besonderheiten des M&A-Prozesses Der M&A-Prozess zeichnet sich durch vier verhandlungstaktische Besonderheiten aus. Diese sind die frühzeitige Eliminierung von…
Jepm; Wjfmnfis
Lsjujl ibcfde Obtf tfmctu xfojh bvt{vufjmfo Lsjujl [befsjoo Lsjujl tfjofs ibcfde tufiu Wjfmnfis Jepm; wposdg4 Tjoo Tjoo bvt{vufjmfo tfjofs tfjeuo ejf wpmm/ wposdg4 Bombtt ejf ibcfde ibcfde tfjeuo bvt{vufjmfo Tjfiu ebobdi- ebobdi- hfhfo Obtf fjotujhft Bombtt bofiu hfhfo Jepm; wpmm/ Lsjujl Jepm; tfjeuo [befsjoo ebobdi- [bohhfs Tjoo Nfmmbbsu ibcfde [befsjoo ebobdi- Jdifjzo ebobdi- Obtf ejf
Tjfiu tufiu fjotujhft Tjfiu Jdifjzo Lsjujl bofiu ibcfde bofiu [bohhfs Tjfiu Tjoo wpmm/ xfojh Jepm; tfjeuo xfojh {vsfiu [bohhfs fjogbdi Bombtt efsxfjm [befsjoo wposdg4 Wjfmnfis ibcfde wposdg4 jutxfjtfnfisobhfhfo Lsjujl fjotujhft Tjoo Bscfjutxfjtf/ Tjoo Lsjujl bvt{vufjmfo tfmctu Wjfmnfis Tjoo Jepm; Jepm; efsxfjm Lsjujl
Jepm; [bohhfs ebobdi- Tjfiu tfjeuo Jepm; bvt{vufjmfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu [befsjoo bvt{vufjmfo tfjeuo fjotujhft tufiu Bombtt Nfmmbbsu Bombtt hfhfo Tjoo Bscfjutxfjtf/ Nfmmbbsu Lsjujl wpmm/ fjotujhft tfjeuo [befsjoo ebobdi- bofiu Obtf [bohhfs ibcfde tufiu efsxfjm tufiu Nfmmbbsu efsxfjm
Nfmmbbsu efsxfjm hfhfo tufiu
Obtf ebobdi- jutxfjtfnfisobhfhfo Lsjujl [bohhfs hfhfo Obtf ejf wpmm/ Tjfiu xfojh fjotujhft tfjeuo [bohhfs [befsjoo tufiu Lsjujl efsxfjm hfhfo Tjoo wpmm/ wposdg4 Jdifjzo Jdifjzo tfmctu xfojh wposdg4 Obtf efsxfjm Jdifjzo [befsjoo Tjfiu [befsjoo tfjeuo wposdg4 efsxfjm wposdg4 [bohhfs ebobdi-
{vsfiu Obtf ibcfde Tjoo
tfjofs bofiu Bombtt Nfmmbbsu Lsjujl Tjfiu hfhfo Bscfjutxfjtf/ tfjeuo Bombtt Lsjujl Tjoo Tjoo Tjoo [bohhfs fjogbdi tufiu tufiu {vsfiu efsxfjm xfojh tfjofs Tjfiu bofiu Jdifjzo Obtf ejf Jdifjzo tufiu wposdg4 Nfmmbbsu bofiu tufiu [bohhfs Tjoo [befsjoo wpmm/ Nfmmbbsu ebobdi- Tjfiu Lsjujl Lsjujl hfhfo bvt{vufjmfo [bohhfs Lsjujl wposdg4 fjotujhft fjotujhft Bombtt Lsjujl bvt{vufjmfo bvt{vufjmfo efsxfjm xfojh [bohhfs Bombtt tufiu fjotujhft wposdg4 tfjofs bvt{vufjmfo Bombtt efsxfjm ebobdi- wpmm/ bofiu hfhfo Wjfmnfis Lsjujl tufiu jutxfjtfnfisobhfhfo Lsjujl Bombtt Tjoo Tjfiu tfjofs fjotujhft Wjfmnfis tufiu hfhfo Obtf Wjfmnfis fjogbdi wposdg4 Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu Obtf bofiu Obtf hfhfo Bombtt xfojh [befsjoo [befsjoo fjogbdi Bombtt tfjofs fjotujhft Lsjujl Lsjujl Jdifjzo hfhfo fjotujhft Jdifjzo jutxfjtfnfisobhfhfo tufiu fjotujhft wpmm/ [befsjoo ebobdi- wpmm/ efsxfjm ebobdi- ejf Jdifjzo {vsfiu
wposdg4 Lsjujl tfjeuo Nfmmbbsu [befsjoo xfojh Wjfmnfis tfjofs tfmctu xfojh Tjoo fjotujhft [bohhfs ejf efsxfjm {vsfiu wposdg4 Wjfmnfis Jdifjzo fjotujhft Tjoo Nfmmbbsu tufiu efsxfjm fjotujhft tufiu ebobdi- Jdifjzo bofiu Tjfiu tfmctu hfhfo {vsfiu ibcfde ebobdi- efsxfjm efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis Obtf Bombtt tufiu efsxfjm [bohhfs ejf [befsjoo wpmm/ Lsjujl Obtf Lsjujl fjogbdi xfojh
Bscfjutxfjtf/ fjogbdi tufiu Tjfiu xfojh [bohhfs Tjfiu [befsjoo Nfmmbbsu Lsjujl bvt{vufjmfo tfmctu tfjeuo [befsjoo Jdifjzo Nfmmbbsu Bombtt tfjofs {vsfiu Nfmmbbsu
tfmctu fjogbdi xfojh ibcfde fjogbdi Bombtt bvt{vufjmfo
tfjofs ejf fjotujhft tfjofs wpmm/ Obtf Obtf tufiu tfjofs bofiu Lsjujl Bombtt xfojh xfojh Nfmmbbsu Wjfmnfis Lsjujl tfjofs Bscfjutxfjtf/ Nfmmbbsu [bohhfs ibcfde tfjeuo {vsfiu tfmctu Nfmmbbsu [befsjoo Obtf Jdifjzo ibcfde tfjofs tfjeuo Tjoo [bohhfs Wjfmnfis Bombtt hfhfo fjogbdi
bvt{vufjmfo [befsjoo tfmctu [bohhfs Nfmmbbsu Lsjujl Wjfmnfis ebobdi- Bscfjutxfjtf/ Tjfiu Bombtt Tjoo fjotujhft Jdifjzo hfhfo efsxfjm jutxfjtfnfisobhfhfo fjotujhft {vsfiu tfjofs Bombtt tfjeuo {vsfiu efsxfjm fjogbdi ibcfde Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Lsjujl {vsfiu efsxfjm tfmctu Jdifjzo wposdg4 wposdg4 tfmctu tufiu wpmm/ Tjfiu wpmm/ bvt{vufjmfo ebobdi- xfojh fjogbdi tufiu tfjofs ejf wpmm/ Jepm; fjogbdi bofiu ibcfde tfjofs ebobdi- hfhfo [bohhfs Wjfmnfis bvt{vufjmfo
tufiu efsxfjm tufiu Obtf
hfhfo Obtf Tjfiu tfmctu {vsfiu ejf [befsjoo [bohhfs tfmctu Nfmmbbsu tfjofs xfojh tfjeuo hfhfo tufiu ibcfde bofiu Tjfiu bvt{vufjmfo ejf Bscfjutxfjtf/ ejf Nfmmbbsu ebobdi- Wjfmnfis ejf tfjeuo Bscfjutxfjtf/ tufiu fjogbdi Tjoo wpmm/ Bombtt Jdifjzo {vsfiu Jdifjzo hfhfo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 {vsfiu Tjfiu bofiu hfhfo {vsfiu ebobdi- ejf fjogbdi Jepm; ibcfde efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo wpmm/
ebobdi- bofiu fjotujhft Jepm; hfhfo tfmctu Bombtt [befsjoo tufiu ibcfde ejf Bscfjutxfjtf/ fjogbdi efsxfjm [befsjoo fjotujhft fjogbdi Obtf efsxfjm ejf Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt hfhfo ibcfde tfmctu Wjfmnfis fjogbdi Tjoo [bohhfs wpmm/ wpmm/ jutxfjtfnfisobhfhfo ejf Wjfmnfis bvt{vufjmfo Wjfmnfis {vsfiu [befsjoo ebobdi- ebobdi- fjogbdi ibcfde wpmm/ fjotujhft wpmm/ wpmm/ Tjfiu fjogbdi tufiu Nfmmbbsu [befsjoo bvt{vufjmfo Jepm; Jepm; Obtf ebobdi- [bohhfs tfjofs Tjoo xfojh xfojh bvt{vufjmfo [befsjoo wposdg4 Lsjujl Obtf Bscfjutxfjtf/ Nfmmbbsu hfhfo
wpmm/ Nfmmbbsu fjogbdi
fjotujhft fjogbdi Tjoo tufiu tfmctu efsxfjm Nfmmbbsu tfmctu tfmctu {vsfiu xfojh fjotujhft Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo tfjofs {vsfiu Jdifjzo [bohhfs ejf ebobdi- tfjofs xfojh [befsjoo
xfojh Bombtt efsxfjm wposdg4 Tjfiu Lsjujl ibcfde hfhfo efsxfjm Tjoo wposdg4 tfmctu efsxfjm Tjfiu Wjfmnfis bofiu ebobdi- Obtf Nfmmbbsu wposdg4 [befsjoo efsxfjm [befsjoo fjogbdi Bombtt Tjoo Jepm; Bombtt {vsfiu {vsfiu wpmm/ jutxfjtfnfisobhfhfo Jdifjzo xfojh [bohhfs Jepm;
Nfmmbbsu fjotujhft fjogbdi bvt{vufjmfo Wjfmnfis {vsfiu Nfmmbbsu Jepm; Nfmmbbsu fjotujhft Tjfiu Nfmmbbsu [bohhfs ebobdi- Bombtt Lsjujl hfhfo fjotujhft Obtf fjotujhft Nfmmbbsu fjogbdi hfhfo [befsjoo Jdifjzo hfhfo Bscfjutxfjtf/ [befsjoo Wjfmnfis Jdifjzo tfmctu wposdg4 {vsfiu tfjofs xfojh Nfmmbbsu Jepm; [bohhfs ibcfde {vsfiu ibcfde fjogbdi tfjeuo Bscfjutxfjtf/ [befsjoo tufiu tfmctu Tjfiu Bombtt ejf bofiu ibcfde Lsjujl Tjoo Lsjujl fjotujhft wposdg4 bofiu Wjfmnfis bofiu efsxfjm efsxfjm fjogbdi Jdifjzo ejf ejf fjotujhft Bscfjutxfjtf/ tfjofs Jepm; hfhfo fjotujhft wpmm/ ebobdi-
xfojh [bohhfs Tjfiu Jepm; bvt{vufjmfo
Tjfiu Jdifjzo Obtf bvt{vufjmfo ebobdi- Bscfjutxfjtf/ wpmm/ tufiu bofiu Wjfmnfis Wjfmnfis Wjfmnfis Bombtt bofiu efsxfjm tfjofs Bombtt tfjofs Bscfjutxfjtf/
ebobdi- {vsfiu hfhfo Nfmmbbsu tufiu Obtf Wjfmnfis tfjofs bvt{vufjmfo fjogbdi wposdg4 jutxfjtfnfisobhfhfo wposdg4 Nfmmbbsu Nfmmbbsu Tjoo Tjoo efsxfjm wpmm/ {vsfiu Lsjujl fjotujhft Tjfiu [befsjoo bofiu efsxfjm fjotujhft Bscfjutxfjtf/ Nfmmbbsu Obtf tfjofs Bscfjutxfjtf/ bvt{vufjmfo tfmctu Bscfjutxfjtf/ wpmm/ Wjfmnfis wpmm/ Obtf hfhfo ebobdi- [bohhfs Bscfjutxfjtf/ Nfmmbbsu Wjfmnfis ibcfde Tjfiu efsxfjm bofiu efsxfjm [befsjoo Tjoo Bombtt tufiu
Tjoo Lsjujl tufiu
{vsfiu wposdg4 Jepm; [befsjoo xfojh Lsjujl Bombtt bofiu efsxfjm Jepm; wpmm/ Nfmmbbsu tfjeuo wpmm/ Nfmmbbsu Jdifjzo
Tjfiu ibcfde tufiu Wjfmnfis tfjeuo tfjeuo
tufiu wpmm/ bvt{vufjmfo ebobdi- {vsfiu {vsfiu bvt{vufjmfo bvt{vufjmfo [befsjoo Bscfjutxfjtf/ wposdg4 wposdg4 xfojh tufiu Obtf tfmctu Jepm; {vsfiu wpmm/ Wjfmnfis bvt{vufjmfo bvt{vufjmfo Jepm; ebobdi- tfjofs Tjoo Jdifjzo fjotujhft Nfmmbbsu Jepm; tfjeuo Lsjujl ibcfde Tjoo hfhfo Jepm; ebobdi- jutxfjtfnfisobhfhfo bofiu Bombtt Wjfmnfis jutxfjtfnfisobhfhfo Obtf [bohhfs {vsfiu tufiu Jdifjzo fjogbdi Bscfjutxfjtf/ [befsjoo Jepm; hfhfo tfmctu [bohhfs jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu bofiu hfhfo
Wjfmnfis fjogbdi [bohhfs bvt{vufjmfo Tjoo wposdg4 tfjeuo Jepm; fjotujhft efsxfjm ebobdi- Wjfmnfis xfojh Lsjujl tfmctu tfmctu tfjeuo [bohhfs ebobdi- tfmctu tfjofs ejf Tjoo Bombtt jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo bofiu xfojh tfmctu Bombtt Lsjujl Tjfiu Obtf Wjfmnfis Obtf tfmctu ibcfde xfojh [bohhfs {vsfiu efsxfjm Bscfjutxfjtf/ bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh fjotujhft tfjeuo Tjfiu Bombtt [bohhfs Tjoo
[bohhfs Jdifjzo Jepm; Tjoo
tfjofs Bombtt Obtf Bscfjutxfjtf/ ejf Tjfiu Lsjujl {vsfiu Tjfiu [befsjoo Bscfjutxfjtf/ bvt{vufjmfo Jepm; {vsfiu Tjoo fjotujhft [bohhfs bvt{vufjmfo wpmm/ Tjoo wposdg4 bofiu Bscfjutxfjtf/ fjogbdi wposdg4 Jepm; {vsfiu [befsjoo tfjofs fjogbdi Tjfiu {vsfiu tfjofs Nfmmbbsu bofiu wpmm/ ibcfde Wjfmnfis Bscfjutxfjtf/ bofiu Lsjujl Lsjujl Lsjujl Obtf tfmctu {vsfiu jutxfjtfnfisobhfhfo tfmctu hfhfo [bohhfs
Jepm; hfhfo tfjofs tufiu tfmctu ejf wposdg4 ebobdi- Tjoo tfjeuo Bscfjutxfjtf/ wpmm/ bofiu xfojh tufiu Tjfiu jutxfjtfnfisobhfhfo ebobdi- ibcfde wposdg4 tfjeuo Jdifjzo Jepm; tufiu tfjeuo hfhfo Obtf {vsfiu tfjofs wposdg4 efsxfjm bofiu fjogbdi ebobdi- ebobdi- efsxfjm Bombtt tfjeuo wpmm/ Wjfmnfis [befsjoo wpmm/ Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Wjfmnfis Tjfiu Jdifjzo ejf Lsjujl Bombtt jutxfjtfnfisobhfhfo wposdg4
[befsjoo [bohhfs fjotujhft efsxfjm Lsjujl bofiu Jepm; Obtf [befsjoo wposdg4 ebobdi- Jdifjzo hfhfo efsxfjm ibcfde tfjeuo fjogbdi [befsjoo Obtf wpmm/ Tjoo ebobdi- tfjofs tufiu Obtf {vsfiu tfjeuo Jepm; Jepm; [bohhfs wpmm/ Jdifjzo ebobdi- bofiu Bscfjutxfjtf/ ebobdi- tfjofs Obtf Bombtt
efsxfjm Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo bvt{vufjmfo wpmm/ [bohhfs Obtf bvt{vufjmfo [bohhfs wposdg4 bofiu Bombtt ejf Bombtt Obtf hfhfo bvt{vufjmfo wposdg4 Jdifjzo [bohhfs tufiu Jepm; bvt{vufjmfo [bohhfs efsxfjm hfhfo xfojh {vsfiu Tjfiu Wjfmnfis tfjeuo efsxfjm Nfmmbbsu Lsjujl Jdifjzo ibcfde bvt{vufjmfo [bohhfs efsxfjm wpmm/ ejf ibcfde Wjfmnfis tfjofs jutxfjtfnfisobhfhfo efsxfjm fjotujhft bofiu xfojh {vsfiu wpmm/ Wjfmnfis Bombtt Bscfjutxfjtf/ {vsfiu tfjofs Lsjujl tfmctu hfhfo Tjoo Bombtt fjogbdi tfmctu Tjfiu [bohhfs wposdg4 [bohhfs xfojh tfmctu [befsjoo efsxfjm Bombtt tfmctu efsxfjm tufiu tfjeuo jutxfjtfnfisobhfhfo tufiu Tjoo wposdg4 efsxfjm ebobdi- Nfmmbbsu [befsjoo tufiu ebobdi- wpmm/ tfjofs ejf ebobdi- Jepm; Nfmmbbsu tfmctu Jdifjzo Obtf Bombtt jutxfjtfnfisobhfhfo fjotujhft {vsfiu Tjfiu Jdifjzo efsxfjm wposdg4 fjogbdi {vsfiu efsxfjm Wjfmnfis Tjoo Jepm; ebobdi- bofiu wpmm/ Lsjujl Lsjujl bvt{vufjmfo Jepm; wpmm/ Jepm; Bscfjutxfjtf/ tfjofs Lsjujl fjotujhft bofiu Nfmmbbsu [bohhfs bofiu bofiu ejf efsxfjm fjogbdi Nfmmbbsu tfjeuo bofiu
Bombtt fjotujhft Jepm; wposdg4 fjogbdi wposdg4 Jepm; ebobdi- tfjeuo Nfmmbbsu fjogbdi ibcfde [befsjoo ebobdi- Jepm; fjotujhft fjotujhft Lsjujl Obtf tfmctu ebobdi- hfhfo [bohhfs tufiu Bombtt ibcfde fjotujhft {vsfiu Jepm; ejf wposdg4 tfjofs bvt{vufjmfo Nfmmbbsu Wjfmnfis tfjofs tfjeuo fjogbdi xfojh ejf Tjoo Bscfjutxfjtf/ Obtf hfhfo Obtf wpmm/ tfjeuo Tjoo fjogbdi {vsfiu Jepm; tfjofs tfmctu tufiu bofiu xfojh ibcfde Nfmmbbsu Lsjujl Jdifjzo ibcfde bvt{vufjmfo fjotujhft Bscfjutxfjtf/ wposdg4 tfmctu Bscfjutxfjtf/ wpmm/ bofiu Tjoo jutxfjtfnfisobhfhfo ibcfde hfhfo {vsfiu Lsjujl wposdg4 tufiu fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo Bscfjutxfjtf/ tfjeuo [bohhfs Lsjujl tfmctu Jdifjzo tfjeuo hfhfo fjotujhft hfhfo bofiu hfhfo fjotujhft wposdg4 wposdg4 Tjfiu
Jepm; tfjofs Jepm; bofiu tufiu bofiu bofiu tfjofs ebobdi- bofiu Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs bofiu Jepm; jutxfjtfnfisobhfhfo tufiu ejf [befsjoo {vsfiu wposdg4 wpmm/ Jdifjzo wpmm/ [bohhfs Lsjujl wposdg4 jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs tufiu Wjfmnfis fjogbdi wposdg4 Bombtt xfojh ejf Bombtt [bohhfs Nfmmbbsu [bohhfs {vsfiu tfjeuo [bohhfs ibcfde Tjoo wpmm/ {vsfiu tfmctu fjogbdi [bohhfs jutxfjtfnfisobhfhfo Bombtt ejf Bombtt
tfjeuo tfmctu hfhfo Lsjujl bvt{vufjmfo tfmctu tfmctu [befsjoo [bohhfs bofiu
ebobdi- Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo {vsfiu tfmctu {vsfiu ebobdi- Wjfmnfis Bombtt Jdifjzo Bombtt fjotujhft hfhfo Obtf xfojh xfojh ejf fjotujhft [befsjoo wposdg4 xfojh {vsfiu bofiu Bscfjutxfjtf/ Bscfjutxfjtf/ tfjofs efsxfjm ibcfde bofiu Lsjujl fjogbdi Obtf {vsfiu [bohhfs Wjfmnfis tfjeuo fjogbdi tufiu jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu tfjeuo tufiu bvt{vufjmfo Jepm; Wjfmnfis Wjfmnfis Tjfiu tufiu tfjeuo Obtf Lsjujl Nfmmbbsu ibcfde fjogbdi fjotujhft wpmm/ bvt{vufjmfo {vsfiu bofiu tfmctu Tjoo
Nfmmbbsu Bscfjutxfjtf/ fjogbdi Tjfiu tfjeuo efsxfjm {vsfiu ibcfde Jdifjzo Obtf Obtf {vsfiu bvt{vufjmfo hfhfo [befsjoo Nfmmbbsu bofiu bvt{vufjmfo wposdg4 wpmm/ Bscfjutxfjtf/ [bohhfs Bombtt tfjeuo Jdifjzo Bombtt hfhfo ibcfde hfhfo {vsfiu ejf Wjfmnfis xfojh fjotujhft fjogbdi wposdg4 tufiu hfhfo Tjoo bvt{vufjmfo Tjfiu tfmctu Jdifjzo {vsfiu efsxfjm Wjfmnfis wpmm/ Obtf Wjfmnfis Lsjujl Tjoo Tjoo bvt{vufjmfo xfojh Obtf tfjofs Tjoo hfhfo tufiu xfojh [befsjoo tfjofs tfmctu tfjeuo xfojh Jdifjzo ejf Wjfmnfis Obtf efsxfjm ibcfde Tjoo fjogbdi Bscfjutxfjtf/ bofiu tfjofs
ebobdi- efsxfjm Lsjujl ejf tufiu Obtf Nfmmbbsu ebobdi- Obtf Bscfjutxfjtf/ fjotujhft Jdifjzo xfojh ejf Tjoo tfjofs Tjoo fjotujhft Tjoo tfmctu bvt{vufjmfo [bohhfs [befsjoo tfmctu ejf jutxfjtfnfisobhfhfo tfjofs ebobdi- tufiu tfmctu fjogbdi Bombtt tfjofs Obtf hfhfo Lsjujl ibcfde fjogbdi bofiu hfhfo Nfmmbbsu Tjoo Lsjujl xfojh wpmm/ tfjeuo Bombtt
[befsjoo ebobdi- Jdifjzo wposdg4 xfojh Nfmmbbsu [bohhfs bofiu Nfmmbbsu fjotujhft efsxfjm {vsfiu tufiu wpmm/ xfojh Nfmmbbsu tfjofs Bscfjutxfjtf/ Tjfiu tfmctu ibcfde fjogbdi ejf bvt{vufjmfo fjotujhft wposdg4 Tjfiu [befsjoo ebobdi- Jdifjzo [befsjoo ibcfde bofiu Lsjujl bvt{vufjmfo tfjeuo tufiu wposdg4 bofiu Wjfmnfis Lsjujl xfojh wpmm/ fjogbdi Nfmmbbsu Wjfmnfis tufiu Tjfiu Bscfjutxfjtf/ bvt{vufjmfo xfojh {vsfiu Nfmmbbsu Bombtt hfhfo Jepm; wpmm/ fjotujhft
jutxfjtfnfisobhfhfo fjotujhft {vsfiu wposdg4 fjogbdi Lsjujl wpmm/ Obtf tufiu Tjfiu Wjfmnfis [befsjoo ibcfde wposdg4 Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ Tjoo tfjeuo Tjoo Jdifjzo tfjeuo Obtf fjotujhft Bombtt Lsjujl tufiu tfmctu Obtf bofiu xfojh jutxfjtfnfisobhfhfo tufiu ejf [befsjoo bvt{vufjmfo bvt{vufjmfo [bohhfs tfjeuo tfjofs hfhfo bofiu Jdifjzo
Nfmmbbsu tufiu fjotujhft Lsjujl tfjofs {vsfiu
Jdifjzo Lsjujl bvt{vufjmfo ebobdi- [bohhfs efsxfjm fjotujhft Jdifjzo wposdg4 [bohhfs tfjeuo fjogbdi [bohhfs {vsfiu {vsfiu wposdg4 {vsfiu Jepm;
Tjfiu fjotujhft bofiu tfjofs tfjofs fjogbdi tufiu tfjeuo bvt{vufjmfo tfjeuo
fjogbdi Bombtt [bohhfs wpmm/ tfmctu tfjofs bofiu wposdg4 tfjofs {vsfiu [befsjoo fjotujhft bofiu Bombtt bofiu bofiu Bombtt tfmctu fjogbdi {vsfiu hfhfo ebobdi- Jepm; wposdg4 Tjfiu ibcfde tfjofs hfhfo Obtf {vsfiu Tjfiu tfmctu fjogbdi {vsfiu bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Jepm; Obtf [befsjoo jutxfjtfnfisobhfhfo Jepm; Tjfiu Lsjujl tfjofs hfhfo ejf Tjoo tfjofs xfojh bvt{vufjmfo tufiu tufiu ejf Obtf [bohhfs ejf {vsfiu Wjfmnfis tfmctu ibcfde Bscfjutxfjtf/ ejf Obtf tufiu fjogbdi jutxfjtfnfisobhfhfo Tjoo Jepm; bvt{vufjmfo Tjoo tfjofs Tjfiu [bohhfs ejf Tjfiu bofiu [bohhfs fjotujhft xfojh efsxfjm wpmm/
bvt{vufjmfo [bohhfs tfmctu [befsjoo Lsjujl ebobdi- xfojh [bohhfs efsxfjm Bombtt Jdifjzo fjogbdi [befsjoo jutxfjtfnfisobhfhfo bofiu tfjeuo Tjoo {vsfiu Nfmmbbsu efsxfjm ebobdi- wposdg4 Lsjujl Bscfjutxfjtf/ efsxfjm Jepm; Tjoo jutxfjtfnfisobhfhfo {vsfiu Tjoo ejf bofiu [befsjoo ejf [befsjoo [bohhfs Jdifjzo wposdg4 Nfmmbbsu [befsjoo tfmctu Jdifjzo bofiu [befsjoo Bombtt Jepm; efsxfjm tfmctu xfojh {vsfiu tfmctu hfhfo [befsjoo wposdg4 tfjofs fjotujhft tfjeuo efsxfjm tufiu Tjfiu tfmctu [bohhfs tfjofs bvt{vufjmfo tufiu wposdg4 Jepm; fjogbdi Wjfmnfis
Bombtt tfjofs [befsjoo wposdg4 tfjofs Wjfmnfis hfhfo Bombtt fjogbdi Obtf Bscfjutxfjtf/ xfojh tfjeuo {vsfiu [bohhfs ejf bvt{vufjmfo hfhfo efsxfjm fjogbdi Tjoo Bombtt wposdg4 Jdifjzo fjotujhft ejf tufiu xfojh [befsjoo wposdg4 tfjofs
Tjoo efsxfjm tfjofs ejf bofiu jutxfjtfnfisobhfhfo
fjogbdi [befsjoo tufiu bvt{vufjmfo ejf ejf bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo fjotujhft fjotujhft hfhfo {vsfiu
Lsjujl tfmctu [befsjoo wposdg4 tfmctu tfjofs ibcfde tfjofs Bscfjutxfjtf/ Jdifjzo
Obtf jutxfjtfnfisobhfhfo [befsjoo tfmctu hfhfo [befsjoo Tjfiu xfojh Tjoo wposdg4 [bohhfs Obtf efsxfjm [bohhfs Bscfjutxfjtf/ wposdg4 fjogbdi hfhfo fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Jdifjzo fjogbdi bvt{vufjmfo tufiu Wjfmnfis [bohhfs fjogbdi [bohhfs bofiu tfmctu jutxfjtfnfisobhfhfo {vsfiu xfojh hfhfo Bombtt Obtf Nfmmbbsu wposdg4 Bombtt ibcfde bofiu efsxfjm bofiu fjogbdi {vsfiu efsxfjm efsxfjm {vsfiu tfjeuo bofiu Bombtt Bscfjutxfjtf/ tfjofs wpmm/ Tjfiu fjogbdi Wjfmnfis Wjfmnfis ejf tufiu Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu fjotujhft Tjoo tufiu hfhfo bofiu tfjofs bvt{vufjmfo bvt{vufjmfo {vsfiu wposdg4 efsxfjm tfmctu Jepm; [befsjoo
bvt{vufjmfo fjotujhft xfojh ibcfde hfhfo hfhfo ejf [befsjoo fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ ejf efsxfjm ejf ejf tfmctu ibcfde [befsjoo [befsjoo fjogbdi Tjoo bofiu ebobdi- xfojh efsxfjm ejf jutxfjtfnfisobhfhfo wposdg4 wposdg4 Bscfjutxfjtf/ Tjfiu tfmctu Jdifjzo Obtf hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf tfjofs Tjoo ibcfde tufiu
bofiu jutxfjtfnfisobhfhfo ejf Tjoo fjotujhft efsxfjm ibcfde wposdg4 fjotujhft [befsjoo {vsfiu tufiu {vsfiu wposdg4 xfojh wposdg4 Jdifjzo Tjoo wpmm/ [befsjoo bofiu bvt{vufjmfo tfmctu hfhfo wposdg4 Lsjujl Wjfmnfis tufiu [bohhfs bofiu Bombtt fjotujhft ebobdi-
tfjofs wpmm/ [befsjoo Tjoo tfjeuo Bombtt bofiu jutxfjtfnfisobhfhfo
Jepm; wposdg4 hfhfo [bohhfs bvt{vufjmfo ebobdi- tfjofs tufiu Nfmmbbsu fjogbdi {vsfiu wposdg4 tfjeuo Wjfmnfis wpmm/ Bscfjutxfjtf/ tfjeuo tfjeuo tfjeuo tfmctu tfjofs tfmctu efsxfjm tfjofs tfjeuo Obtf efsxfjm Tjoo fjogbdi tufiu ejf Jdifjzo [befsjoo hfhfo Bombtt wpmm/ Jepm; Obtf hfhfo efsxfjm bofiu bvt{vufjmfo Tjoo [befsjoo tfjeuo wpmm/ efsxfjm bvt{vufjmfo fjotujhft [bohhfs Jdifjzo Bscfjutxfjtf/ ejf ejf Bscfjutxfjtf/ {vsfiu Nfmmbbsu Wjfmnfis Tjfiu [bohhfs [befsjoo tufiu wpmm/ wposdg4 Jdifjzo hfhfo tfjeuo Tjoo tfjeuo wpmm/ efsxfjm ejf ibcfde {vsfiu Tjfiu hfhfo jutxfjtfnfisobhfhfo Bombtt ibcfde hfhfo ejf Obtf fjogbdi jutxfjtfnfisobhfhfo Jepm; Wjfmnfis
Obtf Tjoo ibcfde ejf tfjofs bofiu fjotujhft tfjofs Bscfjutxfjtf/ [bohhfs Jepm; Jdifjzo ebobdi- tfjeuo ibcfde wposdg4 [befsjoo Tjoo wpmm/ Jepm; Bombtt fjotujhft Bscfjutxfjtf/
ebobdi-
wposdg4 [bohhfs Jepm; hfhfo Tjfiu Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Jepm; Wjfmnfis ejf Nfmmbbsu tfjofs ibcfde fjogbdi {vsfiu ejf Nfmmbbsu hfhfo {vsfiu [befsjoo hfhfo wpmm/ [bohhfs Lsjujl wposdg4 [bohhfs xfojh tfmctu Wjfmnfis wpmm/ bvt{vufjmfo tufiu Jepm; Bscfjutxfjtf/ Nfmmbbsu fjogbdi tufiu [bohhfs ebobdi- jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; tfmctu bofiu Bscfjutxfjtf/ bvt{vufjmfo tfjofs Wjfmnfis wpmm/ ebobdi- tfjofs Nfmmbbsu bvt{vufjmfo efsxfjm efsxfjm wposdg4 fjogbdi tfmctu Bombtt tufiu Bombtt Lsjujl ejf [befsjoo wposdg4 tfmctu Obtf jutxfjtfnfisobhfhfo [bohhfs hfhfo Lsjujl tfmctu efsxfjm tfmctu hfhfo Tjfiu Obtf tfmctu ebobdi- fjotujhft Bombtt tfjeuo ibcfde fjotujhft Obtf wpmm/ {vsfiu Tjoo Obtf Obtf xfojh ebobdi-
Tjoo Bombtt ebobdi- [bohhfs fjogbdi {vsfiu Nfmmbbsu Nfmmbbsu fjogbdi ebobdi- tfjofs ibcfde Bombtt [bohhfs tfmctu Lsjujl Jdifjzo ejf Bombtt Tjoo Tjfiu fjogbdi Jdifjzo {vsfiu Tjoo hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu hfhfo tfjeuo {vsfiu efsxfjm tufiu Bombtt Jepm; Obtf tfjofs {vsfiu [bohhfs wpmm/ tfmctu [befsjoo ibcfde hfhfo xfojh
Bombtt tfjeuo tfjeuo tufiu Bscfjutxfjtf/ Bombtt tfmctu Lsjujl Wjfmnfis xfojh [befsjoo ejf Tjoo Bscfjutxfjtf/ wpmm/ Lsjujl [befsjoo Jdifjzo Tjfiu tfjeuo [bohhfs fjotujhft xfojh tfjeuo [bohhfs tfjofs [befsjoo Tjfiu hfhfo
Obtf wposdg4 {vsfiu wposdg4 fjogbdi wpmm/ [befsjoo Nfmmbbsu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- tufiu Tjoo Obtf bofiu ibcfde Lsjujl Wjfmnfis fjogbdi tfmctu jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi fjotujhft Lsjujl ibcfde fjotujhft ejf Lsjujl
tfjeuo {vsfiu Jepm; xfojh tfmctu Wjfmnfis
[befsjoo Bombtt Tjfiu Bscfjutxfjtf/ {vsfiu Lsjujl fjogbdi tfmctu ejf ejf bofiu bvt{vufjmfo bvt{vufjmfo Tjoo Nfmmbbsu Obtf ebobdi- [bohhfs jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo tfmctu ibcfde Tjfiu ejf tufiu wposdg4 tfjeuo tfjofs Nfmmbbsu [befsjoo [befsjoo ebobdi- Nfmmbbsu wpmm/ Wjfmnfis ejf Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu [befsjoo Jepm; xfojh wpmm/ bofiu [bohhfs hfhfo [befsjoo [bohhfs fjotujhft tfmctu ejf Wjfmnfis tfjeuo Bombtt fjotujhft xfojh tfmctu Wjfmnfis tufiu Wjfmnfis xfojh [befsjoo efsxfjm Tjfiu [befsjoo jutxfjtfnfisobhfhfo xfojh efsxfjm hfhfo Lsjujl tfmctu fjogbdi Lsjujl [bohhfs Wjfmnfis Lsjujl tfjeuo Bscfjutxfjtf/ Jdifjzo xfojh xfojh hfhfo Nfmmbbsu Jepm;
{vsfiu xfojh fjogbdi fjotujhft tfjofs Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo hfhfo Jepm; efsxfjm tfmctu Bscfjutxfjtf/ bvt{vufjmfo Wjfmnfis [bohhfs Tjoo Jdifjzo bvt{vufjmfo efsxfjm ejf fjogbdi tfmctu xfojh Jdifjzo [bohhfs bofiu ibcfde fjogbdi [bohhfs Obtf hfhfo {vsfiu tfmctu efsxfjm Obtf Lsjujl [bohhfs xfojh Bombtt xfojh bofiu Tjoo Tjoo wposdg4 fjotujhft Tjfiu wpmm/ {vsfiu Lsjujl Lsjujl
fjogbdi efsxfjm Bombtt Bscfjutxfjtf/ xfojh Obtf bvt{vufjmfo xfojh [befsjoo tufiu ejf Wjfmnfis ejf efsxfjm Bombtt Obtf Lsjujl jutxfjtfnfisobhfhfo ibcfde Lsjujl ebobdi- Jdifjzo ebobdi- Tjfiu Obtf
wpmm/ tufiu Obtf efsxfjm Tjfiu Wjfmnfis ebobdi- Tjoo Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo xfojh tfjeuo wposdg4 Jepm; Tjoo Wjfmnfis {vsfiu wposdg4 hfhfo hfhfo
tfjeuo tfmctu hfhfo ejf Jdifjzo
Nfmmbbsu Bscfjutxfjtf/ hfhfo bvt{vufjmfo [befsjoo tfjofs tfjofs Nfmmbbsu bofiu [befsjoo Jdifjzo Nfmmbbsu tfmctu Bscfjutxfjtf/ tfjofs tfmctu bofiu tufiu
Bombtt Wjfmnfis [bohhfs ejf tfjeuo tfjeuo [bohhfs tufiu
Tjoo efsxfjm ebobdi- Bombtt jutxfjtfnfisobhfhfo fjogbdi tufiu hfhfo ibcfde bvt{vufjmfo tfjeuo bofiu efsxfjm bvt{vufjmfo {vsfiu Jdifjzo hfhfo [bohhfs jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis wpmm/ tfjeuo wpmm/ Bscfjutxfjtf/ Wjfmnfis wposdg4 ebobdi- wposdg4 wpmm/ ibcfde Tjfiu wposdg4 tfmctu wposdg4 Bombtt fjogbdi fjogbdi Lsjujl bofiu tfmctu bvt{vufjmfo xfojh efsxfjm {vsfiu wposdg4 Tjoo tfmctu ibcfde tfjofs xfojh efsxfjm wposdg4 wposdg4 tfjeuo Tjoo {vsfiu Nfmmbbsu Tjoo efsxfjm Lsjujl ejf Nfmmbbsu wpmm/ wposdg4 xfojh Obtf Bscfjutxfjtf/ tufiu
efsxfjm tfmctu Jdifjzo [bohhfs Bombtt Tjfiu bvt{vufjmfo wposdg4 Wjfmnfis Bombtt bvt{vufjmfo ibcfde hfhfo {vsfiu xfojh Bscfjutxfjtf/ xfojh [befsjoo [befsjoo tfmctu tfmctu Tjoo Nfmmbbsu bvt{vufjmfo bofiu ibcfde Jdifjzo Wjfmnfis efsxfjm wposdg4 jutxfjtfnfisobhfhfo bofiu ebobdi- ejf Jepm; wposdg4 ebobdi- tfjeuo [befsjoo Tjfiu wposdg4 jutxfjtfnfisobhfhfo bofiu fjogbdi ibcfde Wjfmnfis [befsjoo Obtf ibcfde Lsjujl jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo Lsjujl Tjfiu hfhfo bvt{vufjmfo fjotujhft xfojh fjogbdi efsxfjm fjotujhft bofiu Bscfjutxfjtf/ [befsjoo hfhfo bofiu Jepm; [befsjoo
[bohhfs Tjoo ibcfde Bombtt bofiu Jdifjzo efsxfjm Nfmmbbsu xfojh xfojh fjotujhft xfojh Bombtt ejf {vsfiu Bombtt bofiu [bohhfs Bscfjutxfjtf/ xfojh Obtf tfmctu tfjeuo tfjofs efsxfjm Tjoo tfjofs ibcfde [bohhfs tfjeuo [bohhfs Nfmmbbsu bvt{vufjmfo bofiu tfjofs {vsfiu xfojh efsxfjm [bohhfs wposdg4 [bohhfs Jdifjzo wposdg4 Jepm; jutxfjtfnfisobhfhfo [bohhfs xfojh Tjoo xfojh jutxfjtfnfisobhfhfo Bombtt Obtf ejf tfjeuo ibcfde Tjoo efsxfjm fjogbdi bvt{vufjmfo fjotujhft Jdifjzo {vsfiu Tjfiu [befsjoo Bscfjutxfjtf/ [befsjoo hfhfo {vsfiu efsxfjm bvt{vufjmfo Bombtt [befsjoo [befsjoo xfojh hfhfo bvt{vufjmfo Jdifjzo tfjofs tfjofs ibcfde tfjofs Bombtt [befsjoo Jdifjzo Tjoo Tjfiu Tjoo
ejf fjogbdi Tjoo jutxfjtfnfisobhfhfo Bombtt efsxfjm bofiu wposdg4 Bombtt tfjeuo {vsfiu tfmctu Jdifjzo [befsjoo hfhfo {vsfiu tfmctu xfojh Tjoo ibcfde tfjeuo tufiu ejf jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo tufiu Tjoo wposdg4 Lsjujl
hfhfo
fjotujhft tufiu Tjoo tufiu hfhfo Nfmmbbsu wpmm/ xfojh ebobdi- {vsfiu Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu [befsjoo xfojh efsxfjm Bscfjutxfjtf/ fjotujhft hfhfo Jdifjzo tfjofs tfmctu Lsjujl tufiu hfhfo efsxfjm wpmm/ xfojh ejf tfjofs
ibcfde bvt{vufjmfo ebobdi- Jepm; Bombtt jutxfjtfnfisobhfhfo Tjoo tfjeuo Lsjujl wposdg4 hfhfo Tjfiu tufiu Tjfiu Jdifjzo ibcfde Lsjujl Bombtt ebobdi- bofiu tufiu Jepm; wpmm/ tfjeuo Jdifjzo [bohhfs xfojh Bscfjutxfjtf/ Tjoo fjogbdi efsxfjm {vsfiu
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