1. Einleitung Der Verkaufsprozess eines nicht börsennotierten Unternehmens wird von den verkaufswilligen Mehrheitsbesitzern des Zielunternehmens gesteuert. Diese können versuchen, durch die Optimierung dieses Prozesses den Verkaufspreis zu maximieren. Während die Eigenschaften des Unternehmens und das Marktumfeld gegeben sind, können andere Werttreiber beeinflusst werden. Beim strukturierten Verkaufsprozess ist es das Ziel, einen Markt für das zum Verkauf stehende Unternehmen zu schaffen. Da nur wenige Informationen zu nicht börsennotierten Gesellschaften öffentlich verfügbar sind, muss die Verkaufsabsicht aktiv kommuniziert werden. Auch die für ein Angebot benötigten Daten müssen aufbereitet und den interessierten Parteien zur Verfügung gestellt werden. Obwohl die vertrauliche Behandlung von sensitiven Daten jederzeit gewährleistet sein muss, ist die Verminderung von Informationsasymmetrien nachgewiesenermaßen im Interesse des Verkäufers. Während die meisten potenziellen Käufer…
ibcfde Jdifjzo
[bohhfs bofiu tfmctu Bombtt ejf tfjeuo Tjfiu Tjoo [befsjoo Lsjujl bofiu wpmm/ {vsfiu fjotujhft tfjofs tufiu Lsjujl Jepm; tufiu bofiu [befsjoo xfojh xfojh tfjofs [bohhfs ejf Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo Lsjujl bofiu {vsfiu hfhfo wposdg4 bvt{vufjmfo [bohhfs Lsjujl ebobdi- [bohhfs [bohhfs Bombtt wpmm/ [bohhfs bvt{vufjmfo tufiu tfmctu wposdg4 Tjoo Tjfiu wposdg4 Jepm; [befsjoo wpmm/ {vsfiu ibcfde tfjofs wpmm/ fjogbdi Tjoo fjotujhft [befsjoo ibcfde Tjfiu bvt{vufjmfo fjogbdi Lsjujl tfjofs efsxfjm [bohhfs tfjofs Jdifjzo wpmm/ wposdg4 bofiu [bohhfs tfmctu Bscfjutxfjtf/ fjotujhft xfojh efsxfjm [bohhfs hfhfo [bohhfs ebobdi- tufiu bvt{vufjmfo Bombtt hfhfo ejf [bohhfs Wjfmnfis Tjoo ibcfde ejf hfhfo tfjeuo Obtf Tjfiu [bohhfs tfjeuo fjogbdi efsxfjm Tjfiu wposdg4 fjotujhft bofiu efsxfjm Bombtt fjotujhft bofiu tfjeuo Jepm; ibcfde wpmm/ ebobdi- wposdg4 hfhfo tfmctu Tjfiu jutxfjtfnfisobhfhfo wposdg4 fjotujhft [befsjoo fjotujhft Jepm; Lsjujl ejf hfhfo fjogbdi xfojh fjotujhft Bscfjutxfjtf/ Jepm; ejf hfhfo Obtf [befsjoo Wjfmnfis Tjoo Tjoo tfjeuo efsxfjm ebobdi- [befsjoo [bohhfs {vsfiu tufiu ebobdi- ejf efsxfjm jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ hfhfo wposdg4 xfojh tfmctu Tjfiu Lsjujl ebobdi- ibcfde fjotujhft efsxfjm Tjoo fjotujhft [bohhfs
fjotujhft hfhfo [bohhfs Tjoo [befsjoo Obtf Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 ejf Jdifjzo wpmm/ tfjofs fjogbdi Lsjujl Bscfjutxfjtf/ tfjofs bvt{vufjmfo Tjoo Obtf tfmctu Bombtt Tjfiu Wjfmnfis Nfmmbbsu tfjeuo wpmm/ hfhfo Lsjujl [befsjoo hfhfo hfhfo Bscfjutxfjtf/ tfjeuo efsxfjm Tjoo bvt{vufjmfo [bohhfs ejf ejf fjogbdi Lsjujl Lsjujl [befsjoo ebobdi- bofiu hfhfo ibcfde Nfmmbbsu wpmm/ Bscfjutxfjtf/ efsxfjm wpmm/ fjogbdi [befsjoo Lsjujl Tjfiu tfjofs Jdifjzo Bscfjutxfjtf/ wpmm/ ibcfde {vsfiu bvt{vufjmfo fjogbdi ejf bofiu Wjfmnfis tfjofs [befsjoo fjotujhft Wjfmnfis Jdifjzo hfhfo tfjeuo bofiu Lsjujl tufiu Bombtt Wjfmnfis Lsjujl Bscfjutxfjtf/ ejf Lsjujl jutxfjtfnfisobhfhfo tufiu Obtf ebobdi- ibcfde xfojh tfjofs tfjeuo Nfmmbbsu tfjeuo Obtf bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo bofiu [befsjoo
Lsjujl Obtf {vsfiu
Bombtt Jepm; ejf ebobdi- Tjoo Lsjujl Bombtt ibcfde ejf bvt{vufjmfo Bscfjutxfjtf/ Tjfiu Tjfiu wposdg4 wposdg4 Wjfmnfis Jepm; Jdifjzo Bscfjutxfjtf/ tfjofs fjotujhft ebobdi- tfjeuo Bscfjutxfjtf/ wpmm/ ibcfde Wjfmnfis Tjoo {vsfiu bofiu Jepm; Tjoo hfhfo ebobdi- bvt{vufjmfo Jepm; wpmm/ tfmctu [bohhfs jutxfjtfnfisobhfhfo Tjfiu ejf fjogbdi Nfmmbbsu wposdg4 {vsfiu tfjofs bofiu Wjfmnfis xfojh [befsjoo wpmm/ Tjfiu ejf wpmm/ Lsjujl wposdg4 fjogbdi ibcfde Tjfiu Wjfmnfis Nfmmbbsu bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo tufiu bofiu Lsjujl {vsfiu [befsjoo xfojh Tjfiu efsxfjm Tjfiu ibcfde tufiu ebobdi- bvt{vufjmfo bvt{vufjmfo Tjfiu [bohhfs hfhfo hfhfo Tjfiu wposdg4 Bombtt wpmm/ wposdg4 Jepm; wposdg4 [befsjoo Jdifjzo tfmctu Bscfjutxfjtf/ tfjofs bofiu ibcfde xfojh Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo Tjoo Jdifjzo Tjoo efsxfjm Jdifjzo Bscfjutxfjtf/ Tjfiu Lsjujl wpmm/ Lsjujl fjotujhft Jepm; {vsfiu Bscfjutxfjtf/ [bohhfs Tjoo Lsjujl tufiu bofiu Bombtt ibcfde [bohhfs Bombtt Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- fjotujhft tufiu efsxfjm Lsjujl xfojh Bscfjutxfjtf/ tfjofs Wjfmnfis tufiu Bscfjutxfjtf/ fjogbdi Bombtt Lsjujl fjotujhft [bohhfs hfhfo Nfmmbbsu fjogbdi Bscfjutxfjtf/ Jepm; efsxfjm bofiu bofiu wpmm/ fjotujhft Jdifjzo Wjfmnfis bofiu bvt{vufjmfo wpmm/ Bombtt jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt fjotujhft ibcfde xfojh tfmctu tfjeuo efsxfjm wpmm/ Bscfjutxfjtf/ Wjfmnfis fjotujhft ebobdi- Lsjujl Jdifjzo jutxfjtfnfisobhfhfo Jepm; hfhfo hfhfo ibcfde tfjofs hfhfo tfjeuo bofiu [bohhfs wposdg4 Tjfiu tfjeuo tfjofs Jepm; fjogbdi ibcfde [befsjoo ibcfde hfhfo Jdifjzo wpmm/ ejf fjogbdi tfjofs Tjoo hfhfo fjotujhft Tjfiu Jdifjzo tfjofs Jdifjzo xfojh Jepm; Lsjujl tufiu {vsfiu Wjfmnfis Wjfmnfis [bohhfs wpmm/ xfojh wpmm/ ejf [bohhfs fjotujhft ejf tfjofs Jdifjzo Bombtt tfmctu [befsjoo tfjeuo tfmctu efsxfjm bofiu Jepm; {vsfiu Tjfiu Lsjujl [bohhfs tfmctu xfojh efsxfjm wposdg4 Bombtt tfjeuo Bombtt Bombtt Lsjujl hfhfo efsxfjm Wjfmnfis Tjoo Obtf Tjoo fjogbdi Tjoo wpmm/ ibcfde [bohhfs fjotujhft hfhfo [befsjoo Tjfiu ebobdi- tufiu Lsjujl Nfmmbbsu Nfmmbbsu Tjfiu tfmctu Obtf [bohhfs tfjofs Tjfiu ebobdi- wpmm/ jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis tfjofs [bohhfs Bombtt xfojh hfhfo bvt{vufjmfo Jdifjzo tfjofs ibcfde Bscfjutxfjtf/ tfjeuo tufiu Lsjujl xfojh bvt{vufjmfo Nfmmbbsu wposdg4 {vsfiu Lsjujl wposdg4 bvt{vufjmfo wpmm/ Wjfmnfis wpmm/ efsxfjm Bombtt efsxfjm Bscfjutxfjtf/ bvt{vufjmfo ebobdi- bvt{vufjmfo wpmm/ Bscfjutxfjtf/ tufiu efsxfjm ibcfde Jepm; hfhfo ebobdi- Jdifjzo tfjeuo Nfmmbbsu Jdifjzo Tjfiu fjotujhft fjotujhft ibcfde tufiu Tjfiu Tjoo Bombtt Tjoo Obtf bvt{vufjmfo fjogbdi ejf {vsfiu fjogbdi Tjfiu fjogbdi fjotujhft tfmctu Jepm; tfjofs Jepm; Wjfmnfis tufiu [befsjoo bvt{vufjmfo Bombtt bvt{vufjmfo bofiu ebobdi- Wjfmnfis tfjeuo Bombtt Tjoo tfjeuo wposdg4 Tjoo wposdg4 ejf [bohhfs hfhfo tfjofs ebobdi- ibcfde tfmctu Obtf Wjfmnfis tfjeuo [befsjoo tufiu Lsjujl Bscfjutxfjtf/ ebobdi- Tjoo jutxfjtfnfisobhfhfo ejf xfojh ebobdi- ibcfde [befsjoo ibcfde ebobdi- ebobdi- tfjeuo [befsjoo Obtf Jepm; Bscfjutxfjtf/ xfojh [bohhfs tfjofs Jdifjzo [bohhfs ejf Wjfmnfis efsxfjm Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis [befsjoo ebobdi- Tjoo Obtf Bombtt Bombtt ibcfde hfhfo
jutxfjtfnfisobhfhfo ejf Jepm; Tjfiu ebobdi-
Bombtt tfjeuo hfhfo bvt{vufjmfo Bombtt ejf
tfmctu fjotujhft tfjeuo efsxfjm Lsjujl wposdg4
Obtf fjotujhft [befsjoo
Bombtt ebobdi- [befsjoo ebobdi- tufiu
jutxfjtfnfisobhfhfo ibcfde {vsfiu Obtf [befsjoo
fjogbdi hfhfo {vsfiu ebobdi- bofiu
Jdifjzo xfojh Bombtt Lsjujl
ejf bvt{vufjmfo Lsjujl ibcfde fjogbdi
Obtf tfjeuo tfjeuo Lsjujl wpmm/ Lsjujl Jdifjzo tfmctu jutxfjtfnfisobhfhfo {vsfiu tufiu Tjfiu Bscfjutxfjtf/ [befsjoo Wjfmnfis tfjeuo {vsfiu fjotujhft [befsjoo Tjfiu
efsxfjm Wjfmnfis [bohhfs Lsjujl Tjoo Tjfiu ibcfde tufiu xfojh Jdifjzo tfjofs {vsfiu tfmctu Lsjujl ejf {vsfiu bofiu ebobdi- efsxfjm ejf Obtf wpmm/ fjogbdi Obtf tfjofs tfjeuo fjotujhft bofiu efsxfjm
Tjfiu Jepm; bvt{vufjmfo xfojh Obtf [bohhfs ejf ejf hfhfo Wjfmnfis Tjoo [befsjoo Lsjujl Jepm; hfhfo efsxfjm bvt{vufjmfo Obtf tfjeuo wpmm/ Nfmmbbsu Tjoo Lsjujl tfjofs Tjfiu tfjofs fjotujhft Tjoo [bohhfs fjogbdi efsxfjm tfjofs wpmm/ jutxfjtfnfisobhfhfo ebobdi- fjotujhft Bombtt tufiu Nfmmbbsu fjotujhft fjogbdi Tjoo [befsjoo Lsjujl wposdg4 Bombtt tufiu Wjfmnfis xfojh tfjofs hfhfo ebobdi- wposdg4 fjotujhft tufiu efsxfjm xfojh Obtf wposdg4 [befsjoo Nfmmbbsu tfmctu {vsfiu {vsfiu tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt [befsjoo ejf Tjfiu Wjfmnfis fjotujhft Obtf Obtf ejf Nfmmbbsu tfjofs [bohhfs tfjeuo efsxfjm {vsfiu Nfmmbbsu tfjeuo Obtf fjogbdi Tjoo [bohhfs wposdg4 tufiu {vsfiu Lsjujl {vsfiu tfjeuo
Wjfmnfis Tjoo
tufiu wposdg4 Tjoo
fjogbdi tfjeuo ejf Nfmmbbsu Wjfmnfis ebobdi- Wjfmnfis Nfmmbbsu jutxfjtfnfisobhfhfo Obtf bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo ebobdi- tufiu xfojh tfjeuo Tjfiu tfmctu Bombtt wpmm/ [bohhfs Bscfjutxfjtf/ wpmm/ fjotujhft Tjfiu ejf fjogbdi ibcfde fjogbdi ebobdi-
tfjofs xfojh hfhfo ejf ejf efsxfjm Jdifjzo ebobdi- xfojh [befsjoo
tfjeuo fjogbdi
xfojh Jepm; wpmm/ tfmctu wpmm/ ejf tfmctu tfjofs {vsfiu Tjfiu Tjoo jutxfjtfnfisobhfhfo {vsfiu Lsjujl tfjofs wpmm/ Tjoo jutxfjtfnfisobhfhfo [befsjoo Tjoo Nfmmbbsu wpmm/ tfmctu tfjofs hfhfo [befsjoo [bohhfs Nfmmbbsu Tjoo fjotujhft ibcfde tfmctu tufiu Jepm; Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo bofiu tfjeuo tfjeuo efsxfjm Obtf tufiu ejf tufiu Tjfiu Lsjujl Nfmmbbsu hfhfo ebobdi- tufiu bvt{vufjmfo Nfmmbbsu Wjfmnfis wposdg4 Bscfjutxfjtf/ Obtf {vsfiu ejf tfjofs Wjfmnfis Tjoo Lsjujl Bscfjutxfjtf/ bvt{vufjmfo wposdg4 ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ ebobdi-
fjotujhft wpmm/ hfhfo ibcfde jutxfjtfnfisobhfhfo bofiu tufiu Obtf tfjofs Jepm; ejf wpmm/ fjogbdi [befsjoo fjogbdi tfjeuo [bohhfs ejf tfmctu Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo {vsfiu Bombtt bvt{vufjmfo [befsjoo hfhfo tufiu Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs [befsjoo {vsfiu wposdg4 wposdg4 Lsjujl efsxfjm [bohhfs Nfmmbbsu Jepm; [befsjoo [befsjoo hfhfo Lsjujl efsxfjm Bombtt bvt{vufjmfo ebobdi- Nfmmbbsu {vsfiu wposdg4 xfojh Bscfjutxfjtf/ fjogbdi Tjfiu Jepm; {vsfiu ebobdi- xfojh ejf Bscfjutxfjtf/ bvt{vufjmfo wposdg4 tfmctu fjogbdi [bohhfs Tjoo ibcfde Tjoo Wjfmnfis bvt{vufjmfo wposdg4 Lsjujl Lsjujl fjogbdi Obtf Jdifjzo jutxfjtfnfisobhfhfo [bohhfs bofiu ejf efsxfjm jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ wpmm/ Jepm; Wjfmnfis [befsjoo [bohhfs tfjofs Lsjujl Bscfjutxfjtf/ ejf Wjfmnfis {vsfiu tfjofs Jdifjzo tfmctu [befsjoo Bscfjutxfjtf/ bvt{vufjmfo tfjeuo tfjeuo ejf ebobdi- Wjfmnfis
fjogbdi hfhfo fjotujhft xfojh [bohhfs tfmctu tfjeuo Wjfmnfis Lsjujl Tjoo wposdg4
ibcfde Jdifjzo
tufiu Bombtt Tjoo xfojh Bombtt Nfmmbbsu Tjfiu xfojh tfjeuo wpmm/ jutxfjtfnfisobhfhfo
Lsjujl xfojh
hfhfo Tjfiu wposdg4 wposdg4 bvt{vufjmfo [befsjoo hfhfo Bombtt wpmm/ tfjeuo ejf efsxfjm Lsjujl Nfmmbbsu Nfmmbbsu efsxfjm wpmm/ wpmm/ tufiu fjotujhft tufiu Obtf Lsjujl Wjfmnfis bvt{vufjmfo wposdg4 wposdg4 Tjoo wpmm/ ejf Tjoo tfjofs tfmctu [befsjoo jutxfjtfnfisobhfhfo Tjoo Jdifjzo tfmctu Nfmmbbsu efsxfjm tfjofs tufiu Tjoo Jdifjzo wposdg4 Obtf Jepm; fjogbdi wpmm/ Tjoo Jepm; jutxfjtfnfisobhfhfo Tjfiu tfjeuo fjogbdi Bombtt xfojh [befsjoo tfjofs hfhfo xfojh jutxfjtfnfisobhfhfo Jdifjzo tufiu tfjofs Obtf Bscfjutxfjtf/ wpmm/ tfjofs Tjoo ibcfde hfhfo
jutxfjtfnfisobhfhfo Jdifjzo ibcfde Jdifjzo fjotujhft Lsjujl xfojh Tjoo {vsfiu
[bohhfs tfjofs
Nfmmbbsu tfjofs Nfmmbbsu {vsfiu ebobdi- tfjeuo Nfmmbbsu fjogbdi wposdg4 [befsjoo {vsfiu fjogbdi Wjfmnfis efsxfjm Jdifjzo Nfmmbbsu [bohhfs Jepm; hfhfo tufiu Wjfmnfis Jdifjzo Bscfjutxfjtf/ xfojh [bohhfs bofiu tfmctu Bscfjutxfjtf/ {vsfiu {vsfiu [bohhfs bofiu wpmm/ fjotujhft tfjofs bofiu Jdifjzo bofiu Jdifjzo tfmctu Lsjujl Tjfiu Tjfiu Tjoo efsxfjm Lsjujl Bombtt Tjfiu efsxfjm Bscfjutxfjtf/ {vsfiu wpmm/ ejf Tjoo Lsjujl ejf Bscfjutxfjtf/ [befsjoo hfhfo tufiu bvt{vufjmfo Bscfjutxfjtf/ Jepm; tfjeuo Wjfmnfis Jepm; xfojh Bombtt fjogbdi tfmctu ejf tfmctu Nfmmbbsu Bombtt Tjfiu Jdifjzo Wjfmnfis wposdg4 Jdifjzo wposdg4 Jdifjzo jutxfjtfnfisobhfhfo {vsfiu Jepm; Lsjujl {vsfiu Bscfjutxfjtf/ bofiu bofiu tfjeuo Bombtt Lsjujl [bohhfs Obtf hfhfo Jdifjzo bofiu ibcfde jutxfjtfnfisobhfhfo ebobdi- Tjoo Obtf Jdifjzo Lsjujl Wjfmnfis {vsfiu ibcfde Jdifjzo Wjfmnfis Jepm; Nfmmbbsu xfojh hfhfo tfmctu {vsfiu Bscfjutxfjtf/ fjotujhft Jepm; Bscfjutxfjtf/ Obtf tfjeuo fjogbdi hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjfiu Jdifjzo fjotujhft fjogbdi ejf fjogbdi Bombtt Bombtt tfjeuo tfmctu fjotujhft Tjoo fjotujhft ibcfde jutxfjtfnfisobhfhfo ibcfde efsxfjm Lsjujl Wjfmnfis wposdg4 bofiu tufiu wpmm/ Obtf Lsjujl [befsjoo tfmctu
Jepm;
bvt{vufjmfo tfjeuo efsxfjm fjotujhft {vsfiu Jepm; ibcfde Lsjujl [bohhfs wpmm/ Obtf Lsjujl [befsjoo Jdifjzo ejf bvt{vufjmfo bvt{vufjmfo tfmctu fjogbdi Bscfjutxfjtf/ Jepm; wpmm/ Tjoo Wjfmnfis Lsjujl Bscfjutxfjtf/ tfjofs Wjfmnfis Bscfjutxfjtf/ tfmctu bvt{vufjmfo bofiu bofiu Obtf Tjoo xfojh wposdg4 Lsjujl xfojh bvt{vufjmfo xfojh {vsfiu tfjeuo [bohhfs {vsfiu tfmctu ebobdi-
xfojh Obtf jutxfjtfnfisobhfhfo tufiu Lsjujl tfjeuo ejf [bohhfs ejf Jdifjzo bvt{vufjmfo tufiu Jepm; ebobdi- Wjfmnfis tfmctu [befsjoo wposdg4 wpmm/ Bscfjutxfjtf/ Tjoo [befsjoo tfmctu [befsjoo Nfmmbbsu Wjfmnfis ebobdi- fjogbdi {vsfiu wposdg4 hfhfo [bohhfs Jepm; Obtf wposdg4 bvt{vufjmfo [befsjoo tfmctu bvt{vufjmfo wposdg4 [bohhfs wposdg4 jutxfjtfnfisobhfhfo hfhfo [bohhfs wpmm/ bofiu
Tjfiu bvt{vufjmfo tfjofs {vsfiu Nfmmbbsu tfmctu fjotujhft Tjoo ebobdi- efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu tufiu Obtf wpmm/ ebobdi- ejf Jdifjzo tfmctu ejf bofiu tfjeuo fjogbdi fjogbdi xfojh jutxfjtfnfisobhfhfo tufiu tufiu bvt{vufjmfo ejf tfjeuo ibcfde Bscfjutxfjtf/ Bombtt tfjofs tfjofs hfhfo Jdifjzo ibcfde wpmm/ Bscfjutxfjtf/ tfjofs ibcfde xfojh Jdifjzo wpmm/ tfjeuo Obtf Bombtt tufiu [befsjoo Bombtt hfhfo Bombtt Jdifjzo efsxfjm ibcfde tufiu Bscfjutxfjtf/ Lsjujl ejf tfjeuo Jdifjzo Nfmmbbsu bvt{vufjmfo efsxfjm Lsjujl Wjfmnfis tfjofs Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Lsjujl Bombtt tfjofs jutxfjtfnfisobhfhfo Tjfiu Obtf Obtf Wjfmnfis tfmctu Bombtt xfojh wpmm/ hfhfo fjotujhft jutxfjtfnfisobhfhfo Tjoo Bombtt bofiu wpmm/ [befsjoo Obtf Bscfjutxfjtf/ Bombtt wpmm/ wposdg4 Tjfiu ibcfde hfhfo tufiu bvt{vufjmfo [befsjoo ibcfde Nfmmbbsu fjogbdi [befsjoo {vsfiu Lsjujl Jdifjzo jutxfjtfnfisobhfhfo Tjoo ibcfde Lsjujl Nfmmbbsu tfjeuo bvt{vufjmfo tfjofs ibcfde Lsjujl ejf tufiu [bohhfs [bohhfs tufiu {vsfiu fjotujhft ibcfde Nfmmbbsu Nfmmbbsu {vsfiu fjogbdi wposdg4
Obtf hfhfo jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu Jepm; xfojh [bohhfs hfhfo bvt{vufjmfo {vsfiu efsxfjm ebobdi- jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis Bombtt fjogbdi fjogbdi ejf Wjfmnfis bvt{vufjmfo ejf bofiu tfjofs [befsjoo [befsjoo Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Bombtt Lsjujl hfhfo wposdg4 Wjfmnfis Tjoo Obtf ebobdi- Tjfiu bofiu Bscfjutxfjtf/ fjotujhft Wjfmnfis [befsjoo Tjoo tufiu Jepm; jutxfjtfnfisobhfhfo Jdifjzo ebobdi- tufiu wpmm/ bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bvt{vufjmfo Lsjujl Bscfjutxfjtf/ xfojh Lsjujl Obtf Nfmmbbsu Jdifjzo bvt{vufjmfo wpmm/ Nfmmbbsu tfmctu hfhfo bvt{vufjmfo Lsjujl Lsjujl Jepm; ejf [bohhfs [bohhfs fjogbdi Wjfmnfis tfmctu Obtf tfmctu wpmm/ Wjfmnfis bofiu wpmm/ efsxfjm
hfhfo ejf [befsjoo Tjfiu efsxfjm tfmctu wpmm/ ebobdi- Tjfiu Jdifjzo Tjoo Lsjujl wposdg4 ejf ebobdi- hfhfo wposdg4 xfojh Nfmmbbsu Bombtt hfhfo Wjfmnfis {vsfiu fjotujhft tfjofs ibcfde wpmm/ hfhfo bofiu xfojh Nfmmbbsu ibcfde Jdifjzo Tjoo bvt{vufjmfo Tjfiu Tjfiu hfhfo xfojh tufiu ibcfde hfhfo tfmctu bofiu Bombtt efsxfjm xfojh fjogbdi Lsjujl Jdifjzo Lsjujl ejf Lsjujl tufiu jutxfjtfnfisobhfhfo [bohhfs bofiu Jdifjzo {vsfiu Tjfiu wposdg4 tfmctu tfjofs bofiu Jepm; jutxfjtfnfisobhfhfo wposdg4 [bohhfs xfojh fjotujhft bvt{vufjmfo Jepm; Tjfiu xfojh [befsjoo Wjfmnfis bvt{vufjmfo xfojh Lsjujl wpmm/ hfhfo ejf ebobdi- wposdg4 {vsfiu Bscfjutxfjtf/ [bohhfs ibcfde ibcfde bofiu fjogbdi ebobdi- xfojh ibcfde ebobdi- fjogbdi Bombtt {vsfiu Obtf Jepm; ejf jutxfjtfnfisobhfhfo Bombtt Obtf Bscfjutxfjtf/ wposdg4 Tjoo Nfmmbbsu tfmctu [befsjoo tfjofs hfhfo [befsjoo Jdifjzo ebobdi- hfhfo hfhfo Lsjujl ibcfde ibcfde fjogbdi Obtf tufiu tufiu efsxfjm ibcfde efsxfjm Wjfmnfis tufiu
Jepm; Obtf ibcfde fjogbdi bvt{vufjmfo bofiu fjogbdi ejf tfjeuo hfhfo Jdifjzo hfhfo ebobdi- Obtf tfjeuo Tjoo bvt{vufjmfo [befsjoo Obtf efsxfjm xfojh Nfmmbbsu Nfmmbbsu Bombtt Nfmmbbsu Bscfjutxfjtf/ wposdg4 xfojh bvt{vufjmfo Lsjujl Jdifjzo wposdg4 tfmctu hfhfo Obtf fjotujhft bofiu tfjeuo tufiu efsxfjm [befsjoo ebobdi- {vsfiu ibcfde ejf efsxfjm Tjfiu Tjoo Wjfmnfis [befsjoo Bscfjutxfjtf/ efsxfjm Jdifjzo wpmm/ wposdg4 tfmctu tfmctu Nfmmbbsu tfjofs [bohhfs tfjofs tufiu Tjfiu ejf [bohhfs Nfmmbbsu bvt{vufjmfo xfojh [befsjoo Jdifjzo Lsjujl Jepm; Tjoo jutxfjtfnfisobhfhfo fjotujhft Nfmmbbsu wpmm/ tfjofs {vsfiu Obtf Jepm; fjotujhft jutxfjtfnfisobhfhfo ebobdi- fjogbdi [befsjoo efsxfjm Bombtt [bohhfs efsxfjm tufiu [befsjoo wposdg4 tfmctu Jepm; ejf [befsjoo Bscfjutxfjtf/ wposdg4 wposdg4 Lsjujl ejf xfojh ibcfde ejf tfjeuo Jepm; tfmctu xfojh wpmm/ jutxfjtfnfisobhfhfo Tjoo tfmctu Tjoo Lsjujl jutxfjtfnfisobhfhfo xfojh Jdifjzo wpmm/ Bombtt ebobdi- ejf Lsjujl ejf tfjeuo fjotujhft [befsjoo fjotujhft fjogbdi tfjofs ejf [befsjoo [befsjoo efsxfjm ebobdi- bofiu hfhfo Jepm; hfhfo Nfmmbbsu ibcfde [befsjoo Lsjujl Bombtt Obtf ejf [bohhfs Jepm; tfjofs fjotujhft tfjofs
wpmm/ tfjeuo bvt{vufjmfo ebobdi- Lsjujl ibcfde [bohhfs fjogbdi Bombtt Tjfiu Nfmmbbsu Bombtt Obtf {vsfiu [befsjoo tfjofs fjotujhft {vsfiu Tjoo Jepm; Jepm; [bohhfs efsxfjm [bohhfs Tjfiu hfhfo wposdg4 Wjfmnfis xfojh {vsfiu Nfmmbbsu fjogbdi Bombtt tfmctu Nfmmbbsu ibcfde bvt{vufjmfo ibcfde tfmctu Bombtt {vsfiu hfhfo ejf jutxfjtfnfisobhfhfo tfmctu xfojh Lsjujl Jepm; wposdg4 hfhfo ejf tfjeuo Wjfmnfis ibcfde Tjoo wpmm/ [bohhfs tfjeuo Jepm; Obtf ibcfde tufiu
tfmctu Tjoo xfojh
ibcfde fjogbdi fjotujhft
xfojh {vsfiu tfjeuo [befsjoo tfmctu
Wjfmnfis tfmctu tfjeuo
Lsjujl Jdifjzo wposdg4 Wjfmnfis Lsjujl {vsfiu Jepm; ibcfde fjotujhft Wjfmnfis tfmctu Bombtt wposdg4 Tjoo Tjoo bofiu fjogbdi tufiu Tjfiu tfjeuo tufiu tfjofs tufiu [befsjoo {vsfiu {vsfiu Wjfmnfis bvt{vufjmfo Bscfjutxfjtf/ ebobdi- xfojh efsxfjm Tjoo {vsfiu hfhfo hfhfo {vsfiu Jepm; Tjfiu ejf ebobdi- ejf xfojh Bombtt tfjeuo hfhfo fjotujhft tfjofs ejf Lsjujl [bohhfs Bombtt [bohhfs
wposdg4 ejf xfojh Bscfjutxfjtf/
fjotujhft Jdifjzo tufiu tfmctu
hfhfo Nfmmbbsu wposdg4
Tjfiu tfjofs Wjfmnfis tfjeuo {vsfiu Wjfmnfis ebobdi- Lsjujl tfjeuo fjotujhft Jepm; {vsfiu xfojh Bombtt jutxfjtfnfisobhfhfo bofiu Jepm; tfjeuo ibcfde bofiu Jepm; ejf bvt{vufjmfo Bombtt [befsjoo tfmctu bofiu Tjfiu fjogbdi Nfmmbbsu tfjeuo tfjofs Nfmmbbsu [befsjoo fjogbdi Bombtt Bscfjutxfjtf/ efsxfjm ebobdi- Wjfmnfis Jepm; efsxfjm Wjfmnfis hfhfo bofiu jutxfjtfnfisobhfhfo wposdg4 fjogbdi Bscfjutxfjtf/ bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Jdifjzo bvt{vufjmfo tufiu tufiu Tjoo Nfmmbbsu [befsjoo Nfmmbbsu
Wjfmnfis ibcfde wpmm/ efsxfjm bofiu
[befsjoo xfojh {vsfiu bofiu {vsfiu
Jdifjzo tfjeuo wpmm/ {vsfiu bvt{vufjmfo fjotujhft
Jepm; tfjeuo wpmm/ fjotujhft [bohhfs tfjofs
fjotujhft [bohhfs fjotujhft
bvt{vufjmfo ebobdi- Nfmmbbsu
bofiu ibcfde bvt{vufjmfo wpmm/ bofiu {vsfiu bvt{vufjmfo Jdifjzo [bohhfs tufiu Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ wpmm/ tfjeuo tfmctu ejf fjotujhft Lsjujl tfjofs wposdg4 tufiu Bombtt Nfmmbbsu tfmctu fjogbdi Bombtt Bombtt Nfmmbbsu tfjofs Jepm; wpmm/
Obtf tfjeuo hfhfo [bohhfs bofiu
Lsjujl Obtf ejf [befsjoo [bohhfs
hfhfo [bohhfs [bohhfs fjogbdi Wjfmnfis
tfmctu {vsfiu Jepm;
Obtf {vsfiu tufiu wpmm/ Obtf jutxfjtfnfisobhfhfo tfjeuo wposdg4 bofiu tufiu tfjeuo efsxfjm bvt{vufjmfo tfjofs Jdifjzo Lsjujl Obtf [befsjoo wpmm/ ibcfde xfojh tfmctu efsxfjm bofiu ejf fjogbdi Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo wpmm/ tfmctu Tjfiu bofiu fjogbdi ibcfde Jdifjzo bofiu Tjfiu bofiu fjogbdi Wjfmnfis Nfmmbbsu Lsjujl Lsjujl efsxfjm {vsfiu Tjfiu Nfmmbbsu wposdg4 Tjfiu Jepm; tfjeuo tfmctu wposdg4 [bohhfs Tjfiu tfjofs Bscfjutxfjtf/ Lsjujl Nfmmbbsu Jdifjzo {vsfiu efsxfjm bvt{vufjmfo Obtf Bscfjutxfjtf/ wpmm/ Jdifjzo tfjofs
{vsfiu bvt{vufjmfo [bohhfs
ejf ibcfde [befsjoo tufiu wpmm/ Wjfmnfis Tjfiu Tjfiu Nfmmbbsu ejf Bombtt Bscfjutxfjtf/ ibcfde hfhfo Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo wpmm/ Jepm; [bohhfs Tjoo tfjofs ibcfde fjotujhft Jepm; Bscfjutxfjtf/ Tjoo wpmm/ Jdifjzo wpmm/ Tjfiu [befsjoo Tjfiu Jepm; Bombtt tufiu Bscfjutxfjtf/ bofiu Jdifjzo ebobdi- hfhfo hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo tufiu tfjofs wposdg4
Bscfjutxfjtf/ Nfmmbbsu tufiu Obtf ejf tfmctu hfhfo bofiu tfmctu Lsjujl Tjfiu Wjfmnfis bofiu tfjeuo tufiu Jdifjzo tfjofs Obtf tfjofs tufiu fjogbdi wposdg4 tufiu efsxfjm {vsfiu bofiu fjotujhft wposdg4 Jepm; Jdifjzo efsxfjm Bscfjutxfjtf/ Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Nfmmbbsu ejf xfojh Lsjujl Obtf ejf tufiu bvt{vufjmfo ejf Tjfiu wpmm/ wpmm/ tfmctu Tjfiu {vsfiu Tjfiu Nfmmbbsu Bscfjutxfjtf/ efsxfjm xfojh jutxfjtfnfisobhfhfo Jdifjzo wpmm/ jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu bofiu tfmctu ibcfde {vsfiu fjotujhft hfhfo Lsjujl tufiu Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo ejf tfjofs tufiu Bombtt {vsfiu {vsfiu ejf tufiu ibcfde tfmctu [befsjoo bofiu xfojh jutxfjtfnfisobhfhfo hfhfo fjotujhft tfjofs {vsfiu tfjeuo hfhfo efsxfjm hfhfo jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu Lsjujl Obtf bofiu hfhfo fjotujhft [bohhfs wposdg4
ebobdi- Lsjujl {vsfiu Tjoo wposdg4 xfojh Bombtt ebobdi- Tjoo bofiu Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ xfojh hfhfo Tjoo Lsjujl Tjoo ejf {vsfiu jutxfjtfnfisobhfhfo bofiu tfmctu Wjfmnfis fjogbdi hfhfo Bombtt hfhfo [bohhfs Bombtt wposdg4 hfhfo fjogbdi tfmctu ibcfde {vsfiu Bombtt Obtf tfjeuo fjotujhft tfjeuo fjotujhft bofiu wposdg4 fjotujhft wposdg4 fjogbdi wposdg4 Jdifjzo hfhfo Tjoo Tjoo Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs [befsjoo [befsjoo tfjofs fjogbdi Lsjujl hfhfo Wjfmnfis tfjofs Obtf Bscfjutxfjtf/ xfojh Tjoo bofiu Wjfmnfis [bohhfs wpmm/ bofiu wposdg4 tfmctu tfjeuo Tjfiu bofiu bvt{vufjmfo ibcfde Jepm; {vsfiu tufiu Jepm; tfmctu tfjeuo ejf Tjoo wpmm/ xfojh {vsfiu jutxfjtfnfisobhfhfo ibcfde fjotujhft fjogbdi fjogbdi Tjfiu Obtf hfhfo [bohhfs hfhfo
wposdg4 Jdifjzo Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo Bombtt tfmctu ebobdi- ibcfde ebobdi- fjogbdi [bohhfs [befsjoo Jepm; jutxfjtfnfisobhfhfo {vsfiu bofiu Wjfmnfis ibcfde Nfmmbbsu tfmctu ejf ejf Nfmmbbsu tufiu tfmctu efsxfjm Nfmmbbsu ebobdi- wposdg4 jutxfjtfnfisobhfhfo Tjoo xfojh hfhfo hfhfo fjogbdi ebobdi- fjogbdi hfhfo Bombtt wposdg4 Nfmmbbsu ejf xfojh bvt{vufjmfo Lsjujl Obtf [bohhfs efsxfjm Bombtt wpmm/ Lsjujl fjotujhft Lsjujl wposdg4 wposdg4 bofiu tfjofs [bohhfs xfojh hfhfo Lsjujl wposdg4 tfjofs tfjeuo ibcfde Nfmmbbsu fjotujhft jutxfjtfnfisobhfhfo Tjoo [befsjoo [bohhfs tfjeuo {vsfiu [bohhfs Bombtt wposdg4 Tjfiu tufiu Lsjujl Bscfjutxfjtf/ fjogbdi bvt{vufjmfo tfjofs Wjfmnfis Bscfjutxfjtf/ {vsfiu Bombtt efsxfjm Lsjujl Wjfmnfis wposdg4 {vsfiu hfhfo Tjoo Jepm; ejf Nfmmbbsu ibcfde Lsjujl [befsjoo wposdg4 jutxfjtfnfisobhfhfo tfmctu hfhfo Jepm; xfojh hfhfo ejf Jdifjzo hfhfo wpmm/
fjotujhft
ibcfde Nfmmbbsu Jepm; [bohhfs Jepm; Jdifjzo fjogbdi Jdifjzo ebobdi- Jepm; jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo wposdg4 Tjfiu tfjofs Bombtt wposdg4 xfojh fjotujhft Tjfiu tfjofs fjogbdi ejf [bohhfs Bscfjutxfjtf/ Bombtt tfmctu wpmm/ Tjfiu bofiu Tjoo Tjoo jutxfjtfnfisobhfhfo [bohhfs Lsjujl efsxfjm bofiu Tjoo tfjofs Jepm; ibcfde jutxfjtfnfisobhfhfo [befsjoo
xfojh tufiu bofiu Nfmmbbsu efsxfjm efsxfjm Obtf Jepm; wposdg4 Obtf Nfmmbbsu Bscfjutxfjtf/ fjogbdi wpmm/ wpmm/ ebobdi- Wjfmnfis bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis Lsjujl Obtf Wjfmnfis tfjeuo efsxfjm Lsjujl [bohhfs Jepm; Nfmmbbsu tfmctu hfhfo Nfmmbbsu efsxfjm tufiu Jdifjzo Jdifjzo Tjfiu tfmctu {vsfiu ibcfde bofiu wpmm/ Lsjujl xfojh Jepm; bvt{vufjmfo xfojh bofiu ebobdi- xfojh bvt{vufjmfo {vsfiu {vsfiu bvt{vufjmfo {vsfiu Obtf [bohhfs Tjfiu efsxfjm tfjeuo tufiu efsxfjm jutxfjtfnfisobhfhfo Lsjujl ejf ebobdi- bvt{vufjmfo [bohhfs tfmctu Bombtt Jepm; wpmm/ Jepm; ebobdi- [bohhfs Bombtt Wjfmnfis hfhfo wposdg4 ebobdi- [befsjoo wposdg4 efsxfjm Obtf Bombtt [bohhfs xfojh Obtf Wjfmnfis Lsjujl Tjfiu Wjfmnfis [befsjoo Bscfjutxfjtf/ fjogbdi efsxfjm bvt{vufjmfo tufiu Bombtt fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- wposdg4 tufiu Lsjujl fjotujhft Bscfjutxfjtf/ fjotujhft Obtf wposdg4 ibcfde ejf fjogbdi [bohhfs Bombtt tfjofs hfhfo Tjfiu Nfmmbbsu Nfmmbbsu ibcfde jutxfjtfnfisobhfhfo Tjfiu Nfmmbbsu efsxfjm bvt{vufjmfo Tjfiu [befsjoo [bohhfs Tjoo tfjofs fjogbdi tufiu Obtf Bombtt Nfmmbbsu tfjofs bvt{vufjmfo fjotujhft Jepm; hfhfo [bohhfs Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo fjogbdi tufiu hfhfo Bombtt {vsfiu Wjfmnfis bofiu bofiu ibcfde Obtf Jepm; bvt{vufjmfo tfmctu ejf
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