Pierre nodded.
‘I tabled a friendly bid, yes.’
‘Five billion euros,’ said Cassandra flatly.
‘You’ve done your homework.’
‘Five billion is a lot of money, but then it’s a glittering prize. With the exception of Condé Nast there isn’t a publisher who has a more prestigious portfolio of up-market magazines. You want Alliance Corporation. Most publishing companies do.’
Pierre paused.
‘But everyone knows the money is in the mass-market sector. What makes you think I would prioritize the high end of the market?’
‘One word: advertising. Access the top end of the advertising – fashion, autos, beauty – and your profits will skyrocket. Oh, and there’s this …’
Cassandra produced a clipping from the Wall Street Journal which she put on the desk in front of him.
‘Your most recent interview, dated March this year, in which you say you’d love a slice of Alliance if it ever became available.’
Pierre did not smile.
‘What is it you want, Miss Grand? I am the CEO of a publishing company, not a detective agency. If it was the latter I would certainl
y give you the job of my right hand man. As it is …’
‘Isaac knows he must sell,’ interrupted Cassandra, ‘but his heart rules his head. That’s why he won’t let go until he has to.’
‘Carry on,’ said Pierre.
‘Isaac owns 70 per cent of the company. The rest is floated. But if a single shareholder acquired 25 per cent of the company they could make life so difficult that he’d be given no choice but to let it go.’
‘What you are essentially suggesting is a hostile takeover,’ said Pierre, rubbing his chin. ‘Without the cooperation of the Alliance board, due diligence would be impossible. Much as I admire the company as a CEO, I would not be prepared to take the risk of buying into the company blind. Yes, the portfolio is prestigious, but Alliance titles are also plagued with rumours of poor advertising yields, bulk sales propping up various titles, astronomical expenses, and a troubled online division. Without knowing if that’s true, well…’ he shrugged his shoulders. ‘The odds are too high.’
Cassandra nodded. She had anticipated his reaction. Now she had to take the biggest gamble of her career.
‘But if you had somebody on the inside of Alliance, someone senior, they could do much of the due diligence for you. They could certainly provide enough information for you to take a considered view about whether you’d want to buy such a large volume of shares.’
Their eyes met and she felt a surge of electricity run through her; it was the thrill of dealing with an industry giant on equal terms, but also the adrenaline rush of betting every penny you owned on one spin of the wheel.
‘You’re taking a big risk, Miss Grand,’ said Pierre, his face impassive. ‘I could put a phone call in to Isaac Grey as soon as you leave this room.’
‘Do you think I got where I am today without taking any risks?’
He smiled. He had bright white teeth and a lip that curled slightly upwards. ‘You and me both, Miss Grand. So seeing as we have such a great deal in common, why don’t you level with me? What do you want? An editorship of a flagship title?’
She shook her head slowly.
‘It’s hardly worth taking such big risks for little more than you already have. No. I was thinking the currency of my information would be worth a great deal more than that.’
‘How much more?’
Cassandra’s heart was pounding, but her face remained calm, composed.
‘I want my own magazine.’
Pierre frowned.
‘But you’re already an editor.’