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Authors: Michael Crichton
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because they need to acquire a high-tech capacity going into the next century.
But they can't get used to the idea of a very young company, where the employees work in T-shirts and jeans, and everybody goes by first names.
They're in shock. Besides,” Kaplan added, lowering her voice again, “there are internal divisions within Conley-White. Garvin has to deal with that, too.”
“What internal divisions?”
She nodded toward the head of the table. “You may have noticed that their CEO
isn't here. The big man hasn't honored us with his presence. He won't show up until the end of the week. For now, he's only sent his minions. Their highest-ranking officer is Ed Nichols, the CFO.”
Sanders glanced over at the suspicious, sharp-faced man he had met earlier.
Kaplan said, “Nichols doesn't want to buy this company. He thinks we're overpriced and underpowered. Last year, he tried to form a strategic al iance with Microsoft, but Gates blew him off. Then Nichols tried to buy InterDisk, but that fel through: too many problems, and InterDisk had that bad publicity about the fired employee. So they ended up with us. But Ed isn't happy about where he landed.”
“He certainly doesn't look happy,” Sanders said.
“The main reason is he hates the Conley kid.”
Seated beside Nichols was John Conley, the bespectacled young lawyer in his twenties. Distinctly younger than anyone around him, Conley was speaking energetical y, jabbing his fork in the air as he made a point to Nichols.
“Ed Nichols thinks Conley's an asshole.”
“But Conley's only a vice president,” Sanders said. “He can't have that much power.”
Kaplan shook her head. “He's the heir, remember?”
“So? What does that mean? His grandfather's picture is on some boardroom wal ?”
“Conley owns four percent of C-W stock, and controls another twenty-six percent stil held by the family or vested in trusts control ed by the family. John Conley has the largest voting block of Conley-White stock.”
“And John Conley wants the deal?”
“Yes.” Kaplan nodded. “Conley handpicked our company to acquire. And he's going forward fast, with the help of his friends like Jim Daly at Goldman, Sachs.
Daly's very smart, but investment bankers always have big fees riding on a merger. They'l do their due diligence, I'm not saying they won't. But it'd take a lot to get them to back out of the deal now.”
“Uh-huh.”
“So Nichols feels he's lost control of the acquisition, and he's being rushed into a deal that's a lot richer than it should be. Nichols doesn't see why C-W should make us al wealthy. He'd pul out of this deal if he could-if only to screw Conley.”
“But Conley's driving this deal.”
“Yes. And Conley's abrasive. Ile likes to make little speeches about youth versus age, the coming digital era, a young vision for the future. It enrages Nichols. Ed Nichols feels he's doubled the net worth of the company in a decade, and now this little twerp is giving him lectures.”
“And how does Meredith fit in?”
Kaplan hesitated. “Meredith is suitable.”
“Meaning what?”
“She's Eastern. She grew up in Connecticut and went to Vassar. The Conley people like that. They're comfortable with that.”
“That's al ? She has the right accent?”
“You didn't hear it from me,” Kaplan said. “But I think they also see her as weak.
They think they can control her once the merger is completed.”
“And Garvin's going along with that?”
Kaplan shrugged. “Bob's a realist,” she said. “He needs capitalization. He's built his company skil ful y, but we're going to require massive infusions of cash for the next phase, when we go head-to-head with Sony and Philips in product development. Conley-White's textbook operation is a cash cow. Bob looks at them and sees green-and he's inclined to do what they want, to get their money.”
“And of course, Bob likes Meredith.”
“Yes. That's true. Bob likes her.”
Sanders waited while
But they can't get used to the idea of a very young company, where the employees work in T-shirts and jeans, and everybody goes by first names.
They're in shock. Besides,” Kaplan added, lowering her voice again, “there are internal divisions within Conley-White. Garvin has to deal with that, too.”
“What internal divisions?”
She nodded toward the head of the table. “You may have noticed that their CEO
isn't here. The big man hasn't honored us with his presence. He won't show up until the end of the week. For now, he's only sent his minions. Their highest-ranking officer is Ed Nichols, the CFO.”
Sanders glanced over at the suspicious, sharp-faced man he had met earlier.
Kaplan said, “Nichols doesn't want to buy this company. He thinks we're overpriced and underpowered. Last year, he tried to form a strategic al iance with Microsoft, but Gates blew him off. Then Nichols tried to buy InterDisk, but that fel through: too many problems, and InterDisk had that bad publicity about the fired employee. So they ended up with us. But Ed isn't happy about where he landed.”
“He certainly doesn't look happy,” Sanders said.
“The main reason is he hates the Conley kid.”
Seated beside Nichols was John Conley, the bespectacled young lawyer in his twenties. Distinctly younger than anyone around him, Conley was speaking energetical y, jabbing his fork in the air as he made a point to Nichols.
“Ed Nichols thinks Conley's an asshole.”
“But Conley's only a vice president,” Sanders said. “He can't have that much power.”
Kaplan shook her head. “He's the heir, remember?”
“So? What does that mean? His grandfather's picture is on some boardroom wal ?”
“Conley owns four percent of C-W stock, and controls another twenty-six percent stil held by the family or vested in trusts control ed by the family. John Conley has the largest voting block of Conley-White stock.”
“And John Conley wants the deal?”
“Yes.” Kaplan nodded. “Conley handpicked our company to acquire. And he's going forward fast, with the help of his friends like Jim Daly at Goldman, Sachs.
Daly's very smart, but investment bankers always have big fees riding on a merger. They'l do their due diligence, I'm not saying they won't. But it'd take a lot to get them to back out of the deal now.”
“Uh-huh.”
“So Nichols feels he's lost control of the acquisition, and he's being rushed into a deal that's a lot richer than it should be. Nichols doesn't see why C-W should make us al wealthy. He'd pul out of this deal if he could-if only to screw Conley.”
“But Conley's driving this deal.”
“Yes. And Conley's abrasive. Ile likes to make little speeches about youth versus age, the coming digital era, a young vision for the future. It enrages Nichols. Ed Nichols feels he's doubled the net worth of the company in a decade, and now this little twerp is giving him lectures.”
“And how does Meredith fit in?”
Kaplan hesitated. “Meredith is suitable.”
“Meaning what?”
“She's Eastern. She grew up in Connecticut and went to Vassar. The Conley people like that. They're comfortable with that.”
“That's al ? She has the right accent?”
“You didn't hear it from me,” Kaplan said. “But I think they also see her as weak.
They think they can control her once the merger is completed.”
“And Garvin's going along with that?”
Kaplan shrugged. “Bob's a realist,” she said. “He needs capitalization. He's built his company skil ful y, but we're going to require massive infusions of cash for the next phase, when we go head-to-head with Sony and Philips in product development. Conley-White's textbook operation is a cash cow. Bob looks at them and sees green-and he's inclined to do what they want, to get their money.”
“And of course, Bob likes Meredith.”
“Yes. That's true. Bob likes her.”
Sanders waited while
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