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  "documentTitle": "Box, Inc. (BOX)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2021-08-06 00:00:00",
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  "pageNumber": 77,
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  "notes": "The slide uses a callout box to highlight the KKR deal terms and lists specific financial terms to support the argument of poor capital allocation.",
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      "kind": "callout",
      "text": "Box Announces Strategic Partnership with KKR, including $500 Million KKR-led Investment. Company Intends to Repurchase Up to $500 Million of Common Stock Through Self-Tender Offer. KKR’s Head of Americas Technology Private Equity, John Park, to Join Box Board",
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      "text": "The Preferred Financing was unnecessary and likely without any valid business purpose",
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      "text": "The Company had no need for this capital... stockholders reacted very negatively. In conjunction with the Preferred Financing, Box announced its intention to use the entirety of the gross proceeds... to repurchase common stock. We believe the Preferred Financing and related self-tender were unnecessary, expensive, not in the best interest of common stockholders, and were likely done with ulterior motives to “buy the vote” and dilute common stockholders ahead of a potential election contest.",
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      "text": "Principal Amount: $500 million; Conversion Price: Range of $24.00 – $27.00; Dividend Rate: 3%; Preferred stock can be converted into common stock at any time; Board seat for John Park; Obligation for investors to vote with Board; KKR right to syndicate 70%.",
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      "text": "financing amount: $500 million",
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      "kind": "paragraph",
      "text": "Box issued $500 million of convertible preferred equity.",
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      "text": "Source: Company filings, Company press release.",
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      "text": "Just Three Months After Completing the Convertible Note, Box Chose to Do Yet Another Financing",
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