Empire Builders · EB-040
HE DECLINED THE OFFER AT NINE HUNDRED MILLION. THE BOARD NEVER SAW THE REVISED BID. HE WAS NEGOTIATING COMPENSATION.
In July 2002, the board of Horizon Portal voted eight to two to reject the acquisition of Gordian Search, valuing it below the asking price. What they didn’t know was that a revised bid of $900 million had already been made, and the executive responsible never updated the board on this critical change.
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