Business Ownership: Ceo Signed a Merger Without Receiving the Final Approval from the Co-Owners

My question involves business law in the state of: TN. We (four co-owners) own an organization, each one owns 25%. To be more specific it's a semi-pro football club (LLC). We have been approached by another organization to merge with them after our CEO (whose also a co-owner) had several meetings with them and he was convinced that the merger is the right thing to do. We had a meeting and he diagrammed / presented it very well, which initially made us feel good about such a step. We were asked to submit our votes (co-owners) via email, all based on what the CEO has communicated verbally (and some via email). We all voted YES, along with communicating our concerns and things that must be adjusted, in our opinion. Without presenting any merger documents, nor what the merger entails, the CEO signed the merger document (s) (as per his statement). We (co-owners) didn't have a chance to see any sort of merger document (s). We believe that what was diagrammed to us isn't what happened and we feel confident that we still hold power. The CEO is saying that the merger is 100% legal. Please note that he did send us a consent to sign and we refused because what we saw happening isn't what he had presented. We believe the CEO overstepped his boundaries. Thoughts?



Thanks,

Business Ownership: Ceo Signed a Merger Without Receiving the Final Approval from the Co-Owners