S3E9 · All the Bells Say

Kendall is recovering after nearly drowning in the pool. Gerri reports that, due to heavy fines from the DOJ and Lukas Matsson's manipulation of the market, GoJo's market capitalization has exceeded Waystar's. Logan and Roman travel to Matsson's villa to meet with him in person; Matsson proposes that they reverse the deal, with GoJo buying out Waystar and Matsson as CEO – while Logan exits with a settlement along with continued control of key assets. Logan declines, but he stays to negotiate further while Roman goes back to the wedding.

In Tuscany, Roman, Shiv and Connor sit down for an intervention with Kendall, believing that his near-drowning was a suicide attempt, but Kendall dismisses their concerns, insisting that it was an accident. Upon learning of Logan's plans for a merger with GoJo – which could jeopardize his presidential campaign – and hearing Kendall refer to himself as Logan's "eldest son," Connor lashes out at his siblings for constantly snubbing him. Upon hearing of Connor's woes, Willa accepts his marriage proposal. Karl and Frank arrive in Italy to help Logan with the GoJo deal. Greg and Roman compete to pursue an Italian contessa, who is a friend of the bride's extended family.

During the wedding reception, Roman – noticing odd behavior from Gerri, Kerry and others amid apparent concerns over the GoJo deal – tells an angry Shiv about Matsson's proposal to buy Waystar. Suspecting that Logan may sell the company after all, the two inform Kendall, realizing that giving Matsson control of the company's board severely endangers their prospects of ever taking over as CEO. Kendall, overwhelmed, breaks down in tears over his failure as both a father to his children and as a whistleblower against the company, and finally admits his involvement in the waiter's death at Shiv's wedding. Shiv and Roman comfort him, and Roman suggests that Kendall does not deserve to be fully blamed for the accident.

The three siblings recall a clause in Logan and Caroline's divorce agreement granting the children a vote over any change in company control. They decide to band together, forming a majority voting bloc against Logan. On the road, Shiv relays their plans to Tom, who realizes that Shiv has not considered where he will fall under this alliance. Tom vaguely hints to Greg about major changes happening at Waystar and offers him a "deal with the devil". Greg, though reluctant at first, accepts.

The children arrive at Logan's villa to confront their father. Logan refuses to halt the sale, insisting that the time is right to sell Waystar to a "serious tech operation" like GoJo. The three hold firm against Logan's attempts to divide them; Logan argues that the siblings losing company control will be a teachable moment for them, and erupts in anger when Shiv mentions the supermajority clause. He puts Caroline on the phone, revealing the two renegotiated their divorce agreement to deprive the children of their voting power, effectively leaving them powerless to stop the sale.

Roman begs his father to reconsider, but Logan declares that the deal is settled because it ultimately works in his own favor. Roman then pleads with Gerri to oppose Logan and help the siblings remove him but she declines, declaring the buyout to be in her best interest financially. Tom arrives at the villa shortly after and attempts to comfort Shiv, who silently realizes that Tom sabotaged the siblings by informing Logan of their plan.