“I’m not going to let my company be taken over!“said Adam.
“Be realistic. It is time to cut your losses. They’re offering fifteen million for a company that has not shown a profit for the past two years! You wouldn’t find a better offer anywhere! ”said John.
“The control of the company has stayed within my family for three generations, and I intend to keep up the tradition, ”retorted Adam.
“To hell with that.”
“You’re not a part of the family. You’ll never understand these things,” replied Adam. That was the alcohol talking.
“I’m only offering some friendly advice. Accept the offer, or you’ll be regretting it for the rest of your life.”
“Get the hell out of here. I’m sick of your pestering, you bastard.”The alcohol was in full flow.
John got up, and angrily replied,”Fine! Go bankrupt,for all I care.I’ll see you at Sotheby’s tomorrow. Don’t expect any mercy from me.”
“Ha!You’ll be the one begging for my forgiveness tomorrow!The painting is mine!”,shouted Adam.
John slammed the door behind him.
Established on 11th March 1744 in London, Sotheby’s is the fourth oldest auction house in the world, and is now a multinational corporation.It is the world’s largest art business. As John entered the auction house, his mind went back to the altercation he had had with Adam. Adam had taken control of his company two years ago, after his father had retired. When his father had stepped down,the company’s stocks were soaring high. Twelve months later, the stocks were at an all time low, mainly due to Adam’s inept management.
Adam and John had been on friendly terms since childhood, but as they grew up, so did their rivalry. Their most brutal battles had been fought at art auctions, as both of them were connoisseurs. Their rivalry had never impeded their relationship, until Adam had taken over the company. The frequent losses had turned him into a bitter man, and he had taken to the bottle. He ended up getting divorced and losing custody of his children. John had tried to talk some sense into him, but it fell on deaf ears.
The painting on auction that day was a van Gogh, who coincidentally, was their favourite artist. “I have an opening bid for six million pounds,” announced the auctioneer.
The final price was expected to be much higher. Adam had about fifteen million pounds in his bank account.He signalled to the auctioneer, who said,”I now have a bid for six million, five hundred thousand pounds.”
John accepted the challenge, and pitched a new bid.”I have a bid for seven million, ”said the auctioneer.
Adam wasn’t going to back down.”Seven million,five hundred thousand pounds.”
The bidding continued.A few others placed their bids, but by the time the price reached fifteen million, John and Adam were the only bidders left.
“Time to lay the bait ”,thought John. He made a bid for sixteen million pounds.
“He’s doesn’t know I’m bluffing ,” thought Adam. By the time the bidding had reached twelve million Adam had accepted that he painting was out of reach,if he wanted to stay solvent. His only purpose now was to make sure that John ended up paying much more than expected. He made a bid for sixteen million,five hundred thousand pounds.
“And now we call the bluff,”thought John.
“The bid is at sixteen million,five hundred thousand pounds.Are there any more bidders?”announced the auctioneer.”Then I’m offering the van Gogh at sixteen million,five hundred thousand pounds for the second time.”Adam looked expectantly at John, who didn’t bid further.
”Then it’s sold for sixteen million,five hundred thousand pounds to Mr.Adam Hart.”
A broad smile graced John’s face, as Adam looked on in horror.
The van Gogh adorned his conference room, as Adam signed over the documents that finalised the takeover of Hart Associates by the United Corporation. They had unexpectedly scaled down their offer to five million, but Adam had to accept in order to save face. Had word spread out that he couldn’t pay what he had bid for the van Gogh, his reputation would have take the plunge. However, he was unaware that United Corporation was only a front for a third party takeover, the owner of which was John Hart, his step brother.
The seeds of the hostile takeover had been planted long before Adam had taken over the company. Adam’s father ,Robert Hart, had lost his first wife to a long term illness. He had then married John’s mother, Tracy Stuart.Robert lavished Adam with gifts,while John was always treated as an outsider. Adam was a dunce at school, while John was always top of his class. John believed it would endear him to his step father, but he couldn’t have been more wrong. His mother was blinded by her love for Robert, and turned a deaf ear to his worries. He established a friendship with Adam, but the wall between them was impenetrable.
When Robert decided to hand over his company to Adam, John had decided that the time had come to take the game to the Harts. He was well aware of Adam’s business sense, and knew it was only a matter of time before the company went down. He was also aware of an upcoming auction of a priceless van Gogh. He kept on pestering him, as he liked to call it, to let the company be taken over, and delivered the punch the day before the auction, and the trap was set. He was well aware that Adam would not splurge on the painting if he went into overdraft, and make it his objective to drag John down and burn a hole in his pocket. All that was left was to call the bluff and deliver the knockout blow.