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