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  "documentTitle": "Magellan Health, Inc. (MGLN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-02-22 00:00:00",
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  "notes": "Includes footnotes regarding data sources and calculation methodology for Magellan's multiple.",
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      "text": "As shown below, transactions in these industries have been executed at considerably higher valuations than where Magellan currently trades.",
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      "text": "EBITDA Multiple: 8.0x",
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      "text": "The managed care and PBM industries remain ripe for consolidation... generate both revenue growth and margins far in excess of what Magellan could ever generate on a standalone basis.",
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      "text": "We are aware of the recent media reports that Magellan may have engaged advisors... it is necessary for there to be new directors in place now to assist in any evaluation.",
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      "kind": "paragraph",
      "text": "Although we do believe there are standalone operational improvements... a separation and sale of individual assets, or any other opportunities to maximize value for shareholders.",
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      "kind": "paragraph",
      "text": "Therefore, we feel it is incumbent upon the Board... This is particularly true where, like here, a company has such a persistent track record of poor execution.",
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      "kind": "source-note",
      "text": "Source: Company filings; CapitalIQ; Wall Street research; Starboard estimates. (1) Based on midpoint of ESRX management 2018 core business EBITDA guidance... (2) Enterprise value as of December 12, 2018...",
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      "text": "Managed Care and Pharmacy Benefit Managers transaction data showing announcement date, target, acquirer, transaction value, and EBITDA multiple.",
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      "text": "Precedent Transactions",
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