Last week's episode set Kendall and Roman Roy firmly as co-CEOs in the aftermath of Logan's sudden demise while Shiv is left hanging in limbo. But as the brothers set to continue their father's work, Kendall goes under the table to secure his position by secretly going after his father's legacy. We take a look at how his plans play out and more in this Succession season 4 episode 5 ending explained.

Succession season 4 episode 5 ending explained

Succession, HBO, EntertainmentIn this Succession season 4 episode 5 recap, we see Kendall on his way to Waystar Royco's main office with Hugo meeting him as he enters the building. Kendall informs him that he'll meet with Lukas Matsson shortly after his quick visit there.

Upon arrival at the top floor, Kendall quickly looks at his father's old desk as the employees welcome him with applause. Roman and his team brief him about what's on the priority list for the day with Karl and Gerri coming in once the short meeting ends. The brothers refute their effort to re-integrate themselves into the GoJo deal as Shiv arrives to see what's happening. Frank quickly enters the room and informs everyone that Matsson is requesting for everyone in the meeting, including the Roy siblings and all the company's senior officials, for a cultural compatibility check.

The following day, every Waystar Royco official, led by the Roy siblings, takes a plane to meet Matsson in Sweden. While on it, Shiv stumbles upon Tom as Kendall and Roman discuss their strategy for Matsson while Gerri, Karl, Frank, and Karolina speak about the upcoming meeting. Upon landing, they are all taken to Matsson's camp as the top officials meet with the Swede's negotiating team. While they're on their way there, Roman takes a call from Connor and learns that Marcia has been meddling with their father's funeral plans. The siblings give him permission to throw his weight around to prevent Marcia from having her way, just as long as he won't send them photos of their late father. Meanwhile, in another part of the camp, GoJo's senior officials arrive to meet with their counterparts from Waystar Royco.

Shortly after, Waystar Royco's negotiating team meets with Matsson, who surprises them by coming alone for the meeting. He takes Kendall and Roman to another room, leaving Shiv and the rest to wait. Matsson then informs the brothers that he wants ATN for a higher price than their previous agreement. Both Roman and Kendall leave the meeting and inform Shiv of this new development. But before they do, their sister tells them that Jeryd  Mencken's team is having a conference meeting with ATN's editorial team. They then argue whether to accept Matsson's new offer or keep ATN to honor Logan's wishes to continue operating the asset.

While Matsson speaks to his people, Greg informs Tom that a kill list is circulating around regarding who'll get the axe once Waystar Royco has been bought. Just as Tom joins Matsson's table and almost embarrasses himself, Greg arrives and speaks to the group. After learning that he is Logan's nephew, Matsson's group laugh amongst themselves and discusses this new discovery in their native language. Visibly irritated, Kendall admonishes the Swedes and signals his siblings to join him and Matsson to discuss the counteroffer.

Now on their own, the three tell Matsson that they intend to keep ATN, much to his disapproval. The discussion turns ugly as the Swede continues to mock the company Logan built while taking a swing at Kendall's decision to buy Vaulter. Before things could get worse, they all take five and go their separate ways.

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A few minutes later, as everyone is seen having refreshments, Matsson approaches Shiv and talks about what recently happened. Meanwhile, Kendall tells Roman that he wants to tank the entire deal by saying Matsson is a lousy fit Waystar Royco and ATN. For his part, Roman agrees with his brother's pitch.

Over in Matsson's private quarters, Shiv tells the GoJo owner that he should offer more to secure the deal. Matsson then asks her what she thinks of Ebba, his publicist, and what Karolina is like for her. They continue talking about Shiv's marriage and Matsson's former relationship, which happens to be with Ebba. After giving sound advice on the matter, he tells Shiv that she's cool.

Back outside, Kendall speaks to Greg and tells him that a journalist will call him. He instructs his cousin to say that nobody is getting along and the deal is looking bad, all in an effort to strengthen their position in the negotiations. He then orders Jess to set up a screening of one of Waystar Studio's movies for tomorrow morning. The following day, Matsson's team is visibly bored by the said film as Shiv informs Kendall about a negative article about their meeting with GoJo. After admitting that he spent the night talking to Matsson, Shiv lies about not learning anything about him.

After agreeing that they'll keep ATN or they'll ask for more money, Shiv and Tom are left alone. They start to get on each other's nerves and their conversation ends with a lot of insults thrown. Meanwhile, Roman and Kendall meet with Matsson as he admonishes the brothers about the negative article that just went out. He then asks them if they're tanking the deal, with Roman and Kendall denying any involvement. Visibly agitated after mentioning and insulting Logan, Roman goes off on Matsson and tells him they won't sell the company anymore.

During the trip back, Frank relays a message from Matsoson that he's offering $192 per share, a significant bump in price from his original offer. As this is happening, Shiv tells Tom that Cyd needs to be fired from ATN and proceeds to invite him to dinner once they get back. She then takes a call from Matsson, who asks for photos of her brothers' faces after learning of the new offer. Shiv sends one, which shows Roman and Kendall miserable. As this is happening, the senior management team gets hold of a kill list, which details the potential officials of Waystar Royco that will be let go. Tom, Karolina, and Gerri aren't on it, as everybody else gets upset that they're included.

What just happened? A Succession season 4 episode 5 recap

In this Succession season 4 episode 5 recap, we see Waystar Royco's senior management team travel to Sweden to negotiate Matsson's offer to buy the company. After a series of tense confrontations between the two groups, Roman and Kendall tell the GoJo owner that they won't be selling the company anymore after continuing to insult Logan and their family. Before this happened, though, Shiv manages to get into the good graces of Matsson the night before after she gave him sound advice on his ex-girlfriend and GoJo's publicist, Ebba.

During the trip back, Matsson bumps up his offer, much to the delight of everyone. Along the way, a kill list gets leaked out about who will be cut from the company, with Tom, Karolina, and Gerri being excluded. The episode ends with Roman and Kendall seemingly miserable after Matsson went around their plan to keep the company while Shiv is starting to play both sides. Stay tuned next week to see what happens in Succession and how the new offer will play out in season 4.