Point man.
That was precisely the lead role I was aiming for.
And the ones deciding the casting were the eight board mbers sitting before .
To secure that position, I needed their support—this was essentially my final audition.
However.
"The point man must take the lead in negotiations."
One of the board mbers frowned as he spoke.
A clear sign that he ant, "You're not suited for this role."
I smiled and calmly countered.
"Negotiation skills aren’t necessarily proportional to age or experience. It may sound like boasting, but I have quite a talent for negotiations compared to my career length. The fact that I’ve made it to this position is proof of that."
At the age of 29, I had founded a hedge fund, attracted multiple institutional investors, and recently convinced Icahn to establish a joint fund, securing a seat on this board.
That should be enough to prove my negotiation skills.
A brief silence followed my words before the board mber responded with discomfort.
"I'm not questioning your abilities. However, in negotiations, it's crucial to represent Allergan’s interests properly, and Sean, you just joined the board today, so you don’t fully understand our concerns, do you?"
His logic was simple.
To lead negotiations, one needed to be well-versed in the discussions that had taken place so far.
And since this was my first board eting, I appeared to be at a disadvantage.
As soon as he finished speaking, the other board mbers nodded in agreent.
"I believe we need soone who understands Allergan’s position from the beginning and is well-versed in the situation. With that in mind, I recomnd CEO Beckett."
"I agree."
"I support that as well."
Watching this unfold, I smirked inwardly.
‘As expected, they're playing it this way.'
In truth, there was another reason the board was hesitant about .
‘People beco more conservative with age.'
I was too young, an Asian no less, and not soone they knew personally.
To them, entrusting with full negotiation authority was a risk.
Allergan's board preferred a safer, more familiar choice.
But.
If things continued like this, Beckett would take the lead role.
I couldn’t just sit back and let that happen.
"It seems like everyone is forgetting that our opponent is Ackman. If we reject this offer, don’t you already know what strategy he’ll employ?"
Even though they knew, I deliberately pointed it out.
"He’ll launch a dia offensive imdiately."
Ackman had always leveraged flashy dia campaigns to capture public attention and achieve his goals.
There was no doubt he would use the sa strategy this ti.
I t each board mber’s gaze and continued firmly.
"Do you really believe the CEO alone can handle a dia battle against Ackman?"
To play the lead role in this stage, one needed influence, charisma, and most importantly, enough recognition to stand against the villain, Ackman.
Despite Beckett's frequent dia appearances during this crisis, the public response had been indifferent—"Who is Beckett, again?"
But ?
"If nothing else, I am far more experienced in dia battles than Beckett. Epicura and Theranos were both intense battlegrounds of public opinion. Moreover…"
I looked at them directly and continued.
"The dia already perceives this as Icahn-Ha Si-heon vs. Ackman-Valeant. If neither Icahn nor I step forward and only Beckett does, won’t that backfire?"
It would be like going to a theater, excited for the lead actor, only to find an unfamiliar face in the starring role.
The audience’s reaction would be predictable.
‘So, there’s only one choice.'
From the mont I allied with Icahn, my casting was practically guaranteed.
And yet…
Despite the selection of the point man being nearly a formality, the board was still hesitant.
"……"
If they were going to be this indecisive, I had no choice but to play another card.
"Icahn shares my perspective. If I don’t take the lead, he will be very disappointed."
……
As soon as I finished speaking, a heavy silence fell over the eting room.
Icahn was once the corporate world’s most feared predator and raider.
The re ntion of his na heightened the tension in the room.
"Of course, I’m not saying I’ll handle it alone. There’s also the option of having Beckett and jointly serve as the main representatives."
This was my way of addressing their main concern—‘understanding the situation.’
Yet, despite all this…
"……"
The board still hesitated.
Ti constraints didn’t allow for such delays.
"If you need more ti, may I suggest a short recess? I’d like to make a phone call."
"A phone call?"
"I need so ‘advice'."
At the ntion of ‘advice,' the atmosphere in the room grew even heavier.
They all knew exactly whom I was referring to.
This was my "If you keep hesitating, I’ll tell Grandpa Icahn" tactic.
Of course, I had no actual intention of calling Icahn.
Complaining to him that the board wasn’t listening to would only expose my incompetence.
Icahn had partnered with purely because our interests aligned.
If I failed to et his expectations, he had no reason to keep around—our relationship was strictly business.
‘But only I know that.'
To outsiders, I was the sole person who had ford an alliance with the great Icahn.
Or at least, a promising protégé favored by him.
"So, shall we continue after a break?"
I asked again, gripping my iPhone as if I were about to make the call.
Then, the lead board mber finally spoke up.
"……Taking a break would only delay the eting. It’s better to handle the matter quickly. I propose that Beckett and Sean jointly take on the point man role."
"I agree."
"I second that."
As soon as the proposal was made, approvals followed swiftly.
The decision was finalized through a quick vote.
"Then, Sean and Beckett will negotiate with Ackman’s side from now on. The rejection notice is scheduled to be delivered next Thursday."
Next Thursday—an entire week away.
There was plenty of ti.
But instead, I suggested moving it up.
"How about scheduling it sooner?"
"A week is already a short preparation period, and you want to move it up?"
I looked at the lead board mber and replied.
"It would be best to arrange it within two to three days. The reason is…"
"……!"
"…!"
"…!"
I proceeded to explain, and finally, realization dawned on their faces.
Soon, everyone in the eting room nodded.
“Yes, the sooner, the better. We'll reach out right away."
***
Two days later, Ackman headed to Allergan's headquarters.
He was there to hear the response to the acquisition proposal from Maverick Investnt and Valeant.
As he walked, he was deep in thought.
‘Why did they move the eting up…?’
Typically, requesting an earlier eting was seen as a positive sign.
It was a common move when both parties wanted to finalize a deal quickly.
However, Allergan had consistently maintained a strong opposition to the M&A.
Expecting a positive response seed unrealistic.
So how was he supposed to interpret this unusual schedule change?
But the mont he stepped into the eting room, Ackman's face hardened.
“You again.”
The person greeting him in the eting room was none other than Allergan's CEO, Beckett.
Ackman took his seat and spoke.
“As I’ve ntioned before, this is a matter that must be discussed with the board."
There was firmness in his voice.
In their previous eting, he had made it clear that he wanted to hear from the board, not the executives.
Yet once again, the CEO had shown up alone, which he found irritating.
However, Beckett remained unfazed as he responded.
“I am also a mber of the board.”
“What I ant was that I need to et with a director who is free from conflicts of interest.”
Ackman continued in a cold tone.
“I’ve already pointed this out, but your involvent is a conflict of interest. You don’t want this M&A to happen, do you?"
If the acquisition went through, the CEO position at Allergan would naturally disappear.
Beckett had every reason to try to protect his own position, making him unfit to evaluate the proposal objectively.
“Yes, I understand your concern. That’s why I’ve brought another director today.”
Surprisingly, Beckett accepted the argunt without resistance.
‘What is this?’
Ackman's eyebrows twitched slightly.
He had tried to contact other board mbers individually, but they had all refused to engage, simply telling him to “consult with Beckett.”
And now, suddenly, Beckett was bringing in another director?
“He’s on his way, but he’s running a little late due to traffic. Ah, he’s here now."
As Beckett spoke, Ackman turned his head—then imdiately froze.
Beyond the transparent glass of the eting room, a familiar figure was striding toward them.
It was soone Ackman already knew well.
A tall young man with jet-black hair—Ha Si-heon.
Entering the room, Ha Si-heon greeted him with a light smile.
“We et again.”
“Why are you here…?”
This ti, even Ackman couldn’t hide his surprise.
He had never expected Ha Si-heon to appear in this setting.
Ha Si-heon simply shrugged.
“I was recently appointed as a director at Allergan. And I’ve also been jointly designated as the point man for this matter."
“When a new director is elected, it must be publicly disclosed imdiately. Yet, as a shareholder with a 10% stake, I was not inford.”
“It was decided just two days ago. The 8-K filing is being prepared and will be submitted by tomorrow.”
“So that’s why you moved the eting up?”
Ackman let out a dry chuckle.
New director appointnts typically had to be disclosed within four days.
Had the eting proceeded as originally scheduled, Ackman would have already known about Ha Si-heon’s appointnt before arriving.
But by moving the eting up, they had been able to ambush him with this unexpected reveal.
Ackman shot a cold smile.
“You sure like playing gas.”
“I do enjoy a bit of fun.”
With that tense exchange, everyone took their seats.
Ackman adjusted his posture and raised a question.
“So, you’re the one evaluating our proposal? That, too, sounds like a conflict of interest.”
“A conflict of interest, huh…”
“You explicitly stated in your 13D filing that you intended to push for an M&A. That ans you could reject our offer simply to favor your own candidate.”
“Icahn and I haven’t designated a specific candidate yet. We’re working with Allergan’s existing board to find the best deal for the company. I assure you, we will act in good faith.”
Ackman initially planned to challenge Ha Si-heon’s qualifications as a director, but Ha Si-heon calmly deflected the argunt.
Then, shifting his gaze to Beckett, he asked,
“May I deliver the board’s decision?”
Normally, Beckett would have been the one to speak in such a setting, since he had been leading the negotiations.
But sensing the subtle tension between Ha Si-heon and Ackman, Beckett simply nodded.
“Go ahead.”
At Beckett’s approval, Ha Si-heon turned directly to Ackman and declared,
“We have decided to reject Valeant’s acquisition proposal.”
Ackman showed no reaction. He had anticipated this outco .
“May I hear the reason for the rejection?”
“Of course. We oppose the structure of the deal, which includes a mix of cash and stock paynts. This ans the valuation depends on Valeant’s stock price remaining stable…”
Ha Si-heon paused, then smirked provocatively.
“But I’m quite certain that Valeant’s stock will soon be worthless scraps.”
At that bold statent, Ackman’s eyebrows twitched slightly.
Noticing the reaction, Ha Si-heon continued with amusent.
“If that happens, we’ll be left holding $21.3 billion and a pile of garbage. That doesn’t benefit our shareholders.”
First “worthless scraps,” now “garbage.”
The harsh language made a flicker of irritation cross Ackman’s face, but he quickly regained his composure.
“So you think Valeant is worthless? Do you have any concrete evidence to support that claim?”
“We’re gathering the evidence as we speak.”
“So, as of now, you don’t have solid proof. Rejecting this deal based on personal bias isn’t the best choice for shareholders.”
Ackman reminded them of the board’s duty.
The directors were obligated to make decisions in the best interest of the shareholders.
Dismissing a deal based on re speculation would be a breach of fiduciary duty.
“Yes, you’re absolutely right.”
But instead of arguing, Ha Si-heon nodded with an exaggeratedly agreeable smile.
“That’s why we’ve considered what would be the best option for shareholders… and there’s only one answer.”
With that, he locked eyes with Ackman and made his proposal.
“How about paying the full amount in cash?”
“…Cash?”
Caught off guard, Ackman hesitated.
Ha Si-heon, unfazed, continued confidently.
“Yes, pay the entire acquisition amount in cash. If you do that, our board will consider your offer more favorably.”
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