Chapter 17 - The Offer That Came With A Price
By eight the next morning, every senior executive at Whitmore Global was inside the boardroom.
The Northstar proposal sat in front of each director.
Twenty-two billion dollars.
A number large enough to make even experienced executives stop pretending money didn't matter.
Our current valuation was substantially lower.
If Claire Whitmore sold.
If I sold.
I could walk away with more money than I could spend in several lifetimes.
One director leaned forward.
"Claire, this is an extraordinary offer."
"I can read."
He swallowed.
"I'm saying the shareholders may expect us to consider it."
"I am considering it."
Arthur looked at me.
"Northstar wants controlling interest."
"How much?"
"Sixty percent."
Silence.
I looked around the table.
"They don't want an investment."
"No," Julian said quietly.
"They want the company."
Another director spoke.
"And they're offering a premium."
I nodded.
"Which means they believe we're worth more than the current market recognizes."
"Exactly."
I closed the folder.
"Then why sell?"
The room went quiet.
The director answered carefully.
"Because shareholders aren't sentimental."
"I agree."
I looked toward the giant windows overlooking Manhattan.
"My father built this company to survive beyond one person. Grant nearly destroyed it because he treated it as his personal kingdom."
I turned back.
"I won't repeat his mistake by pretending it belongs to me either."
That sentence changed the room.
Julian watched me carefully.
I continued.
"We need an independent valuation."
Arthur nodded.
"And an independent review of Northstar's intentions."
"Agreed."
The meeting ended without a decision.
But as I stepped into my office, Julian followed me.
"You were right."
"About what?"
"You didn't say no."
I looked at him.
"That's important."
"Why?"
"Because you're not trying to protect Whitmore Global from change."
He paused.
"You're trying to make sure the change is honest."
I smiled.
"That's the idea."
Then Arthur entered.
He was holding another folder.
"This came from Northstar's legal team."
I opened it.
There was one page I didn't recognize.
A list of Whitmore Global's voting shareholders.
My name was highlighted.
So was Julian's.
But beside Julian's name was a notation.
Potential conflict of interest.
I looked at him.
"What is this?"
Julian's face tightened.
"I don't know."
Arthur slowly closed the door.
May you like
"That's the problem."
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