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