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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2020-04-30 00:00:00",
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  "notes": "Uses a visual mapping of corporate relationships and board composition to highlight the conflict.",
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      "kind": "callout",
      "text": "Mr. McPherson serves as Vice Chairman of a Board that is majority composed of Lone Star-affiliated employees",
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      "text": "Relationship map between Lone Star, Forterra, and BASF acquisition",
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      "text": "Lone Star Funds is acquiring BASF’s Construction Chemicals business – a key GCP competitor – and is also a 69% owner of Forterra, where John McPherson is Vice Chairman.",
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      "text": "Our major global competitors are BASF and Sika. – GCP 2019 10-K Filing",
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      "text": "“Our major global competitors are BASF and Sika.” — GCP 2019 10-K Filing",
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      "text": "Source: FRTA’s public filings, Bloomberg, Wall Street Journal. (1) While BASF’s Construction Chemicals business... we exclude BASF from our list of Direct Peers...",
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      "text": "John McPherson Has Direct Ties to the Private Equity Owner of a Key GCP Competitor",
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