Pete Campbell and Bertram Cooper are in the room discussing taking the company public with a big time underwriter, though Draper and Sterling aren't in on the meeting. If it goes through, it's going to give the agency way more money to work with.
Pete is now back in Trudy's house and is staying in bed with her and it seems as things are getting ironed out.
Two girls ask Megan for an autograph in an elevator, obviously she's getting more successful by the day. Megan's French-speaking mother is staying with the Drapers, and it's here that Megan discusses the problems in her marriage.
After initially talking about selling the company out at nine dollars per share, Cooper walks in very excited to Pete's office and says all the diligence is done and they're gonna offer the company at eleven dollars per share. Don still seems to be in the dark about this.
Don goes to a dinner meeting with Herb, the guy from Jaguar that was making all the outlandish creative requests in the second episode. Don's clearly holding some sour grapes from the past meeting. Things seem to blow up, and Don quietly tells him off and exits the dinner. It looks like the partnership with Jaguar is over.
Pete was at a brothel in town and he catches his father-in-law there. For those not familiar with the past episodes-- He is also a client of SCDP.
All episode long Sterling was hustling one of the guys from Chevy by using his mistress from an airline in chasing down a big lead from the company.
Pete is discussing his brothel problem at the office with Ken Cosgrove when he gets word about the Jaguar thing blowing up. He runs out of the office and stumbles halfway down the stairs before confronting Don and yelling at him about it.
It's here Don finally finds out about the prospective public offering, and he's pretty upset about being kept in the dark.
Pete and the company's problems start to mount when Trudy's dad pulls out of the account after spotting Pete at the brothel. He calls Pete a scumbag before the two split. Pete calls him a hypocrite.
Ted Chaough is working on getting Chevy also, so he ventures out to Detroit for a pitch. Before heading out, he finally gives in and kisses Peggy. In the scenes following this you can see she really goes for Ted, and imagines him in her company instead of her long-haired boyfriend.
Pete is still really upset, and he goes to Trudy and tells her he saw her father at the whorehouse. This upsets her and the two leave on bad terms.
In the strangest turn of events, Ted runs into Don in an empty bar in Detroit before making their presentations to GM. As the two bitter rivals sit there drinking, they share each other's copy. Don offers to team up with Cutler Gleason Chaough on the pitch, and Ted says no, but the next morning the two meet in the GM lobby and are ready to do work together.
After they get back, Peggy is surprised as she walks into the office and finds Don hanging out in Chaough's office. The two reveal that Sterling Draper Cooper Price and Cutler Gleason Chaogh are merging. Don instructs Peggy to draft up a press release, "for immediate release", hence the episode's name.
It's still unclear if anyone else except Roger at SCDP knows about the merger between rival firms, and this is sure to be a source of drama going forward.
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