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  "documentTitle": "Box, Inc. (BOX)",
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  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-08-06 00:00:00",
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  "notes": "The slide uses a bar chart to visualize the discrepancy between the total issuance and KKR's actual retention.",
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      "kind": "callout",
      "text": "Why did the Board issue a $500 million security if KKR only wanted to own $150 million?",
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      "text": "Preferred Equity Investment Comparison",
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      "text": "The Company chose to allow KKR to syndicate up to 70% of the preferred equity to other investors, likely for a fee.\nWhile the fee was not disclosed, it likely amounted to millions of dollars of profit to KKR.\nBox ultimately disclosed that KKR was only going to retain $150 million of the preferred equity, or 30% of the $500 million total issuance.",
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      "text": "preferred equity investment: $500 million",
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      "text": "Allowing KKR to syndicate the vast majority of the preferred equity does not align with Box's stated rationale of creating a partnership with KKR.",
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      "text": "Source: Company filings.",
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      "kind": "title",
      "text": "The Preferred Financing and Related Self-Tender Scheme Was Flawed (Cont'd)",
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