Page 52 of Tender Offer (Chance at Love #3)
Preston
“ W ill someone explain why my time is being wasted on a Saturday?” My father looks between me and William. The lines on his forehead deepen with a scowl. “The next board meeting isn’t for another week.”
A haze of curious glances and confused stares hangs over the conference room. In front of every seat is a ring binder of documents. William and I spent two days pulling them with our legal team in anticipation of today’s meeting.
“Let’s get straight to it,” I say from the window, thumbing the smooth edges of the padlock and key charm in my pocket.
The afternoon sun streaks the pavement that will be empty of foot traffic until Monday.
Shops are closed, with only a breeze tickling ball-shaped flowers in full bloom on the tree line below.
There are no tumbleweeds blowing through the street to commemorate this noontime showdown, but both of my barrels are locked and loaded.
“The Donnelley Brand is heading in a new direction,” I say with smug delight. “Effective immediately, I resign from my position as CEO.” A hush muffles the air I inhale with a deep breath.
“What is the meaning behind this, son?” Crawford is a man of few words, but he’s always kind to me. As the eldest board member, he was present when my grandfather led, as he was with my father.
I meet the concern settling in his gray eyes with a smile.
“I want more for the Donnelley Brand,” I explain.
“We have a social responsibility we haven’t taken seriously, but that will change very soon.
” I walk to the conference table but don’t sit down.
My father smirks from the head at the other end, his steadfast arrogance stitched into his three-piece suit.
“I was prepared to draw up a tender offer in order to acquire the company, but I think I’ll take it instead. ”
My father’s chuckle is a cynical rumble. “And how do you expect to do that?” he asks with deceptive calm. “What few victories you’ve gained, I let you have. Need I remind you who the largest shareholder at this table is?”
Clouds bend to cast a darkness over his fair skin and salt-and-pepper hair. It settles into the sharp edges of his jaw, betraying his frustration. Victor Donnelley would disown me before ever handing over the keys to the kingdom.
Too bad he has no choice.
“If you open your binders to section 1-A, a copy of the company’s trust instrument is available to view,” I say about the guiding document that defines the terms and conditions of our company trust. “I’ve asked Mr. Wilson, our lead solicitor who verified these documents, to be present.
Mr. Wilson, would you mind summarizing the highlighted clause? ”
Henry secures his glasses and narrows his bushy brows. They’re the same khaki color as his unkempt hair. Add a lab coat, and you’d think he went back to the future.
He clears his throat. “The trust the Donnelley Brand currently resides in names the first grandson of Alexander Donnelley to become its protector. The title is not applicable if he serves as an employee of the company.”
“And what are the vested powers of a protector should he no longer work for the Donnelley Brand?” I bite my lip to stifle a grin at my father, whose mouth chews around a frown.
“The trust instrument affords the protector the right to appoint and remove trustees, change beneficiary interests, and amend the trust,” Henry explains to the blank faces in the room—all except my predecessor, who barely contains his glower.
My brother, on the other hand, is the poster child of peace.
William brought a snack tray of fruits and cheeses for today’s showdown.
“Thank you, Mr. Wilson.” I nod to Henry and cut my eyes at the room.
“As I said, the company is heading in a new direction. A trust resettlement will occur, transferring all Donnelley Brand and related assets from the Anguilla trust into a new one here in London. The days of not paying our share in taxes are over.” I look to my father. “So is your rule as trustee.”
My grandfather was a vindictive bastard.
But he never intended for his own son to operate with full control of the company, which is why he instilled a protector clause.
He assumed my relationship with my father would be contentious like theirs was.
My father knew about the clause, and he encouraged me to be acting CEO so he could keep his hold over the company as the sole trustee with controlling interest.
“In your binders is an outline for the future of the Donnelley Brand,” I continue.
“We will become a benefit corporation, transferring our company’s ownership into a purpose trust to guarantee our profits fight environmental racism and climate change.
The new trust will retain one hundred percent of the company’s voting stock and the right to determine the new board composition and charter changes to reflect our new mission.
I will help guide the new trust, and William will take over as interim CEO until there’s an official vote.
All nonvoting stock will go to a community-based collective with the necessary (c)(4) designation to take political action. ”
Take yourself out of the equation.
Jewel’s ability to reimagine the world challenged me to think outside the box I restricted myself in.
It was inevitable that I’d break my family’s trust and relinquish power.
With William’s support, we’ll ensure a lifetime of sustainable efforts while shifting our profits to support the greater good. Harboring wealth ends with us.
Hugh Kidwell jumps up from his seat and slams a meaty fist on the table. “This is bullshit! We all hold voting stock. You can’t strong-arm us into becoming fucking tree huggers! I vote no.”
“Your vote no longer matters,” I snap. “Mr. Wilson?”
“Section 2-c in your binders is a copy of the articles of association,” Henry says, pushing his thick glasses up the bridge of his wide nose.
“There is a provision to force a sale of shares from minority shareholders. Section 3-d outlines the shareholder agreement, including a clause for the company to buy back minority shareholders’ shares.
Mr. Donnelley legally operates within his right, as he now oversees the trust and fifty-eight percent of its voting stock. ”
The articles of association and shareholders’ agreement were a bonus. Alexander Donnelley refused to relinquish power to outsiders without safeguards I’ll use to my benefit.
“It’s about time this company headed in a new direction,” Crawford counters.
“James, Thomas, and I accept the buyback terms listed in the shareholder agreement. With our total eighteen percent of voting shares returning to the company, I believe you exceed the seventy-five percent threshold for a voluntary liquidation.” He winks. “Good luck, son.”
The three men gather their binders. They shake my hand and William’s before leaving the conference room.
With access to their shares, I can transfer the company’s assets into our new venture without any remaining minority shareholders receiving shares in the new company.
Hugh can kick and scream all he wants, but his days of influencing the Donnelley Brand from under my father’s shadow are over.
“Elliot, why are you still here? Kissing Victor’s ass no longer secures you a seat at this table.
” William picks up his empty tray and scoffs at the sweat accumulating on Elliot’s balding, mole-covered head.
He goes pale and doesn’t blink until William returns to his seat and snaps his fingers inches from his face.
It’s enough for him and his murky brown suit to jolt out the door.
Hugh motions to my father. “What can we do, Victor? This won’t hold in court.”
“I assure you, Alexander Donnelley outlined his wishes to the letter in the trust instrument,” our solicitor says from the other end of the table while gathering his papers.
“I assisted in the trust’s creation, and I can guarantee that the guiding document is ironclad.
A written notice of Victor’s termination as trustee has already been filed, as have the legal documents for the trust resettlement.
I scheduled a call with Preston and William to review the details on Monday.
Gentlemen, it’s always a pleasure. Enjoy the rest of your afternoon. ”
Hugh’s rambling is the soundtrack to the war of remaining glares. He’s pacing back and forth like he had a claim to my family’s empire.
Michael assesses me from under an inquisitive brow, curious how I snatched control from my father’s fingers—something he’s yet to do with Hugh.
William is on the phone behind my former desk, his Italian slip-on shoes propped up on the polished surface.
He’s an annoying shit at times, but he is the only person I trust not to lead this company with greed.
William always supported my sustainability efforts, and he believes in centering local economies.
That’s why he developed the relationships to do so while reducing our carbon footprint.
This new vision will require him to travel more as CEO, but he’ll tackle it happily.
William always loved being on the go, while I prefer to stay in one place.
There’s only one place I’d rather be, and I’m on the first flight out after Monday’s meeting.
Every day without Puff feels like eternal damnation. Everything is falling into place, but it means nothing if I can’t have her.
“How did you do it? The trust instrument isn’t public knowledge.” My father buttons his gray suit coat on his way over to me. “I made sure of it once you assumed CEO.”
“He had a damn good CFO,” KD says from the door. “It took some work, but I pulled everything we needed.”
“Bellamy Evangeline, are you—”
“Pregnant,” she supplies to her wide-eyed father, running a hand over the bump that’s protruding from her wrap dress. He stumbles to his chair for support. “Over five months now.”