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  "docSlug": "fe2831a5a971",
  "documentTitle": "TPC Group Inc. (TPCG)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "The slide uses a table to demonstrate that most bidders were unsolicited, contradicting the narrative that the process was well-managed.",
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  "components": [
    {
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      "kind": "callout",
      "text": "This reflects, we believe, management putting its self-interest ahead of the best interests of all shareholders.",
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      "kind": "list",
      "text": "The significant number of unsolicited, incoming calls suggest an uncontrolled, shadow auction... Strategic bidders were not clearly encouraged... The Special Committee (SC) only discussed potential strategic bidders a full 2 months after first contact... Lastly, despite Perella's indication that the 'universe of potential strategic bidders was small', the subsequent avalanche of strategic interest... reflects the willful favoritism of the SC and the management",
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      "kind": "table",
      "text": "Bidder, Type, Solicited?, Initial Mention, NDA Signed. FR/SK, Financial, No, 05-Dec-11, 04-Jan-12... G, Strategic, Yes, 03-May-12, n/a",
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      "kind": "title",
      "text": "Process Was Flawed And Tainted By Self-Dealing; SC Failed to Negotiate a Go-Shop",
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      "kind": "title",
      "text": "SAMC Analysis of TPC Group Inc.",
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