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