The day after Valentine's Day, Kobayashi Tetsu had a fleeting moment where he really didn't want to go to work.
This is too hard!!
As he trudged into the office, Kobayashi Tetsu saw Takamine Aika again. She looked completely normal, as if nothing had happened the day before. She even walked into the office holding a neatly organized folder, closed the door behind her, and began reporting on her work and today's schedule.
Kobayashi Tetsu suddenly looked up.
Wait.
She closed the door!
By the time Kobayashi Tetsu snapped back to his senses, she was already sitting on his desk.
By the time he snapped back again, she was already by his side.
By the time he snapped back a third time, Aika was already rinsing her mouth.
Am I the better one, or is Nene-senpai the better one?
She didn't use a question like that to provoke Kobayashi Tetsu. Instead, after crushing the paper cup and throwing it into the trash can, she bowed slightly to Kobayashi Tetsu, turned around, and left.
But Kobayashi Tetsu was already starting to miss the feeling from just a moment ago.
"If this keeps up, won't I be unable to make a choice? Although I never intended to choose in the first place."
Kobayashi Tetsu sighed inwardly and shook his head, shaking off the brief moment of romance and returning to his work state.
There was only one item on today's agenda: hold an internal meeting to pre-allocate shares. Of course, a portion would need to be set aside as incentive stock. Kobayashi Tetsu wasn't particularly well-versed in this area, so he would need to seek professional advice before proceeding.
But no matter how the shares were divided, middle and senior management who had been with Atlas since its inception—such as Naka Yuji, Iwata Satoru, and Kitagawa Tsuyoshi—would certainly hold a special status.
Moreover, Kobayashi Tetsu was still pondering another matter.
Capcom!
Capcom's situation was different from Koei's. Kobayashi Tetsu only held shares in Koei without controlling interest, making him one of its investors.
But in Capcom's case, Kobayashi Tetsu held a direct controlling interest.
If Capcom suddenly changed its mind before Atlas went public—announcing a share buyback to break away from Atlas, or stabbing him in the back—Kobayashi Tetsu absolutely would not be able to stomach it.
"So, I really do need to go to Osaka and meet with Tsujimoto Kenzo! Better safe than sorry. I'd rather not get stabbed in the back later!"
As March approached, Kobayashi Tetsu paid a visit to Capcom.
The nickname "Capcom" (a play on "backstabber") wasn't for nothing. Kobayashi Tetsu was very worried that Capcom would stab him in the back at a critical moment.
Upon meeting, Kobayashi Tetsu sounded out Tsujimoto Kenzo's thoughts. The result was not unexpected.
Tsujimoto Kenzo had no intention of offending Atlas, but he did prefer to seek Capcom's independence and was planning to buy back the shares.
Moreover, this plan was naturally intended to be executed before the IPO.
Buying back shares before going public would cost much less. Once Atlas went public, Capcom's value as its absolute majority-owned subsidiary would soar, and the cost of buying back shares then would be astronomical.
Kobayashi Tetsu had arrived at the perfect time, for Tsujimoto Kenzo had already raised a pool of funds in preparation for the buyback.
The two men sat facing each other, Tsujimoto's face filled with apology. He was well aware of the consequences of his actions, but a businessman must always prioritize his own interests.
Kobayashi Tetsu fell silent for a moment before finally speaking.
"How about we try a different approach?" he proposed. "While Capcom buys back a portion of the shares, Atlas and Capcom will exchange a portion of their shares, creating a cross-shareholding arrangement. Atlas will reduce its stake in Capcom until it no longer holds an absolute majority, but it will still maintain a holding of over 34%."
Tsujimoto Kenzo's eyes widened in astonishment. This was an outcome he had never anticipated.
"Cross-shareholding... No, it's not that I'm refusing. It's just—isn't that too good a deal?" Tsujimoto managed a strained smile. "I can't even believe it. Even if we traded four Capcom shares for one Atlas share, it would still be a bargain."
Comparing the current earnings of the two companies, Tsujimoto Kenzo found it hard to believe.
But Kobayashi Tetsu had already confirmed his statement.
"You heard me correctly. Atlas can give up its absolute controlling stake in Capcom and restore Capcom's status as an independent company. However, this will not be done through a share buyback. Instead, we will adopt a cross-shareholding arrangement. You can also buy back a portion of the shares into Capcom's headquarters before the IPO, but this amount must be kept above 51%. Furthermore, this news must not be disclosed before the IPO."
"I understand, I understand."
Tsujimoto Kenzo took a deep breath.
This was a win-win solution! He even felt like he was coming out ahead.
After a few more exchanges, the two parties finalized the deal: four Capcom shares for one Atlas share to redeem a portion of Capcom's equity. Before the IPO, Tsujimoto Kenzo would also buy back a small portion of Capcom's shares, ultimately reducing Atlas's stake to around 34%.
Once the arrangements were settled, Tsujimoto Kenzo was absolutely ecstatic.
Not only did he avoid offending Atlas, but he also made a profit and redeemed shares to ensure Capcom's independence. Moreover, he would become a shareholder in Atlas after its IPO. Although Kobayashi Tetsu would also be a major shareholder in Capcom, he wasn't losing out at all!
Kobayashi Tetsu smiled as he shook hands with Tsujimoto Kenzo.
Capcom was bound to profit, but Kobayashi Tetsu wouldn't be losing out either.
After all, Capcom would eventually become a successful listed company, and Japanese stocks were on a steady rise!
Tsujimoto Kenzo might be winning now, but once Capcom went public, he would pay it all back!
Even if Capcom never listed, Kobayashi Tetsu was guaranteed to profit given Capcom's future revenue from its deep dive into the arcade market.
In short, it was a win-win for both sides.
After settling matters with Capcom, Kobayashi Tetsu finally announced the stock subscription plan within Atlas.
This was a major event. Everyone except Kobayashi Tetsu was beaming with joy, unable to contain their excitement.
Guys, you don't understand! Atlas is finally going public!
With the Japanese stock market booming like crazy, who wouldn't want to seize this chance to make some serious money?
Of course, the six-million-yen limit was an exaggeration. New employees couldn't possibly afford that much.
But borrowing a little money to subscribe to some shares? That was no problem at all!
Many were already calculating how to quickly convince their families to let them use some money to subscribe to Atlas shares.
Naka Yuji looked sharp in his suit, his expression grave.
Atlas was finally going public! He felt like a father who had raised his child with blood, sweat, and tears, now witnessing the moment his child finally bore fruit.
Naka Yuji had been allocated a portion of the company's equity and had also invested his own money to buy more shares.
"I've already figured it all out," he said casually to Kobayashi Tetsu during their lunch break, sharing his life plan. "Atlas is doing so well. Once it goes public, I'll just sell my shares and become a hundred-millionaire! Then I can live whatever life I want!"
Kobayashi Tetsu was stunned. "Naka-kun, you can't do that!"
He pressed his hand down on Naka Yuji's palm and explained, "As a senior executive and a veteran employee who has worked hard for the company, it's only right that you hold equity. It's a given that your net worth will skyrocket after the IPO. But you can't sell! If you sell your shares now, it'll send a negative signal and cause the stock price to plummet. If you're sixty or seventy one day and want to retire, selling your shares or letting the company buy them back would be understandable. But cashing out immediately after the IPO? The fallout would be immeasurable!"
Naka Yuji was startled. He had never even considered such a possibility.
"Then what's the point of going public? Doesn't that mean I've wasted my money buying shares?"
"How could it be a waste? The benefits of being part of a public company are completely different from a private one. Don't you want to be a manager with an annual salary of tens of millions, or even hundreds of millions of yen?"
Kobayashi Tetsu explained patiently for a few moments before simply standing up.
"It looks like we need to hold an internal meeting to briefly discuss this issue."
As a game company, a significant portion of Atlas's employees possessed great technical skill but were completely clueless about other matters. If he didn't specifically explain this issue, Kobayashi Tetsu feared that as soon as the company went public, all the employees would immediately cash out!
That definitely couldn't happen!
It wasn't that everyone was plotting something; most were likely just like Naka Yuji, completely unaware of the concept.
This was the perfect opportunity to get everyone on the same page!
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