Chapter 10 - The Northgate Vote

The board postponed the Northgate vote.
Celeste’s attorney argued her arrest should not automatically invalidate corporate strategy.
Correct.
So the board separated issues.
They hired independent investment bankers.
Revalued Arden Clinical Systems.
Reviewed Northgate.
Northgate increased its offer to $171 million after competition emerged.
Another strategic buyer offered $183 million.
A private-equity consortium offered $190 million but demanded aggressive debt.
The company did not suddenly become priceless.
Celeste’s $142 million deal had been low.
Not absurdly criminal.
Low enough that her conflict mattered.
The board suspended negotiations pending the child’s birth and trust restructuring.
Celeste’s ten-day clock expired.
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Her plan failed.
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