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