Kendall strides into the Waystar offices, greeted by Hugo's warm smile and welcoming handshake. Additional staff buzz around, but he dismisses them with a curt wave. His mind is on checking in and boarding the plane. Hugo, however, insists on a photo opportunity, capturing the moment as Kendall and Roman step aboard.
Ascending the stairs, Kendall pauses, gazing at his father's vacant office, receiving a round of applause. Roman awaits him, surrounded by unfamiliar faces. Shiv is summoned, and Kendall's barrage of emails, culminating in one that simply said "ignore the rest," leaves Roman with a sarcastic thank you.
Gerri and Karl's unexpected arrival is met with a lukewarm reception. The conversation is interrupted when Matsson calls for a meeting, emphasizing cultural compatibility. Shiv feels marginalized, excluded from even the group text.
Greg and Tom's eccentric chatter fills the plane as they board. Tom's concern about the eccentric cast of Bugsy Malone is overshadowed by the grotesque sight of Frank and Karl playing footsie. Ignoring the environmental impact, the group indulges in taking two jets instead of one.
Shiv voices her concern about the mounting issues surrounding Logan, but Roman cuts her off, emphasizing the need to focus on preparing and tracking progress across five divisions. Kendall offers to slit Tom's throat if it would appease Shiv, but she brushes it off, pausing momentarily as she passes him.
Karolina describes the Swede's business as ruthless, boasting a young and ambitious team. When they acquired a video game developer, less than 10% of the original staff remained. Shiv watches her brothers teetering on the brink of an emotional explosion with a detached interest. Kendall confesses his worries, but Shiv reminds him that every dollar squeezed strengthens their position for the Pierce/ATN deal.
They disembark from their SUVs, boarding golf carts instead. The scenery is breathtaking, raindrops dancing in the air as they make their way to luxurious cabins overlooking a babbling stream. Kendall jokes about his cabin's size, and Roman quips that when a bear shits in the woods, it uses one of those cabins.
A ski lift carries them to the pinnacle of the mountain, where Roman assures everyone they're on track. Shiv, however, warns that plans are only as good as their resilience when faced with adversity. Karl reminds them of Logan's strategy, starting with a joke to ease the tension.
Kendall and Roman engage in a numbers game when the phone rings with Marcia's intention to dress dad in a kilt. He's adamant about not being blamed for how dad appears, demanding complete autonomy and no repercussions afterwards.
At the summit, the lavish buffet spreads await, and when Mattson's team enters, Tom boasts that they've taken the bait, ripe for the taking. Hugo piles his plate high, mockery dripping from his words as he taunts a rival who narrowly missed a bronze at Sochi.
Mattson greets the group, jesting about the potential lawsuit if he hugs Shiv. He pretends to be alone while they brought the entire entourage. They stumble through a conversation about figures and valuations, for only Mattson to propose buying the entire operation for a single dollar — with a catch. He wants ATN back, despite the carve-out. Roman ponders the motive, but Mattson refuses to elaborate. He offers 187 per share, a 50/50 cash deal. Roman hedges, noting the significant changes. Matsson teases if they're even remotely interested, but Roman insists they need time to consider.Gerri, Frank, and Karl are elated with how smoothly the meeting progressed.
Kendall and Roman strategize. Roman wants to stick to the original deal with the ATN carve-out, aiming for the Pierce ATN maneuver. But Shiv drops a bombshell, revealing that Gerald Mankin tuned into the morning ATN conference. If it leaks, it'll be a credibility disaster. Roman blames Cyd, but Shiv urges them to cut ties with ATN. Roman argues it was dad's pride and joy, but Shiv insists on moving forward.
Tom and Greg converse in their own coded language until Tom's interest is piqued by a kill list with eight or nine names. Greg approaches the siblings, proposing a numbers game. The quad squad, the family, all united.
Tom joins Lukas and his crew at another table. They recall a past mockery of someone's board shorts, while Lukas pontificates about France's prospects. Tom dismisses their concerns, focusing on US news. Greg interrupts, reminding Tom of his Economist article on France. Lukas doesn't recall him from the list. Soon, the entire gathering revolves around Mattson's team, speaking in their own dialect, leaving Kendall to quip about needing subtitles. Matsson taunts them, claiming they're just killing time until they counter. Kendall dismisses their approach as unconvincing, demanding specifics on keeping ATN.
Kendall warns of potential losses with a 50/50 split. Mattson scoffs at the "trusted brand" narrative, reducing ATN to a mere parts shop. He calls them a tribute band, igniting tensions.
Matsson insists he's trying to make them richer, but Kendall counters that they're already wealthy. It's sauna time, a seemingly torturous ordeal.
Matsson apologizes to Shiv for the weather and introduces her to Eva. He inquiries about the event, and Shiv describes the awkward spectacle of the "magestic stags" with their artificial antlers. Matsson presses, "Is it there?" Shiv replies with a cryptic "potentially."
Roman begins to harbor doubts about selling, while Kendall desires to sabotage the entire deal. Roman refrains from spitting on the proposal, but Kendall confesses his love for running the joint and believes they're doing it well. Both fear Matsson will dismantle what the family has built. Roman ponders what dad would do, but Kendall says dad would do whatever he damn well pleased. Roman warns that if the old guard learns of their plans, they'll run to the board.
As they ponder strategies to derail the deal, Shiv informs Matsson that a significant boost in the offer would be the deciding factor. So, it's clear that a larger sum of money is the key to sealing the deal. Shiv's thoughts wander to Eva, pondering why she refuses to let him in. Karolina, on the other hand, is a different story, Shiv muses.
Matsson laments the judgments he's facing and wonders about Eva's husband's recent behavior. He recounts a story of how he and a woman had a tumultuous breakup, and as a jest, he sent her half a liter of his blood. The prank escalated to the point where it lost its humor, only to regain it later. This woman, he explains, is Ebba.
Shiv warns that if Matsson is indeed the creepy stalker harassing his direct reports with a dangling IV bag, it will not reflect well on him or the stock. However, he admits that he likes Ebba. She's cool, he says, and doesn't judge him like her father.
Kendall asks Greg to take a reporter's call and convey that the deal is faltering due to cultural incompatibilities. He further instructs Jess to arrange a projection screen for the next morning.
Upon hearing the news, Shiv rushes to inform Kendall. Greg suggests that they're likely trying to pressure them into a decision. Shiv dismisses Tom's influence, jesting that no one takes him seriously because of his white shoes. She compares Matsson's broad, conventional good looks to Tom's wiry, almost unassuming appearance.
Connor sends a picture of their father, eliciting disgust from Roman. As they reach the top of the building, the height and perilousness are daunting. They discuss a movie they're making, and Matsson wonders if they're playing some kind of prank on him. Are they really trying to sabotage the deal? They assure him they're not, but merely want to slow it down.
Matsson scoffs at Logan, calling him a prick. Roman retorts, reminding Matsson that he couldn't even wait two days after Logan's passing to meet with them. Roman loses his temper, calling Matsson names and threatening to grind him down in negotiations. If Matsson threatens to go to the board, Roman insists it's merely a negotiating tactic. Matsson realizes he's made a blunder, and turns to Kendall for confirmation.
Kendall assures Roman that it wasn't the deal itself that mattered but how it might be perceived. Back on the plane, Frank receives a call from Matsson with a revised offer of 192. The excitement is palpable. Could Kendall and Roman be equally thrilled? Shiv informs Tom that the deal includes ATN, and then suggests he fire Cyd. She wonders if they could have dinner once they return. Matsson calls Shiv, requesting a photo of Kendall and Roman's faces.
Gerri receives a list of severance payments, including Ray, Mark, Hugo, Frank, and Karl. Notably absent from the list are Karolina, Gerri, and Tom.
