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  "documentTitle": "Box, Inc. (BOX)",
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  "authorName": "Starboard Value",
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  "notes": "Uses a narrative timeline to expose the board's alleged bad faith actions.",
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      "text": "We believe it is clear that Box was not focused on the best interests of common stockholders",
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      "text": "The primary motivations of the Preferred Financing appear to have been: Buy 11%+ of the vote by initially including an obligation for the preferred equity investors to vote in accordance with the Board’s recommendations; Place a “friendly” director on the Board; Use a tender offer to buyout \"non-believers\" who were likely to support change.",
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      "text": "The Board then took unilateral action to delay the nomination deadline and extend Starboard’s standstill.",
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      "text": "Pursuant to the 2020 settlement agreement, Starboard was bound by standstill provisions and unable to publicly voice its dissatisfaction with the Company’s performance and recent actions.",
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      "text": "At this time, there were media reports regarding Box potentially exploring a sale of the Company, and during conversations with members of the Board, the Company asked us to be patient and give them time.",
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      "text": "Almost immediately after the expiration of the delayed standstill period, Box announced the Preferred Financing.",
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      "text": "It seems clear that Box was looking to disenfranchise common stockholders and preserve the status quo by executing the Preferred Financing and related self-tender.",
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      "text": "Source: Company filings.",
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      "text": "The Motive Behind the Preferred Financing and Self-Tender Scheme Seems Clear",
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