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  "documentTitle": "Houghton Mifflin Harcourt (HMHC)",
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  "presentationDate": "2022-03-22 00:00:00",
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      "text": "Outlines a Superior Plan for Shareholders that Could Result in $42 Per Share Within Three Years",
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      "text": "Veritas’ offer values the Company at 7.6x 2024 unlevered free cash flow (“UFCF”) and 6.2x 2024 UFCF if the cumulative cash flow is included. This offer is a result of a flawed process conducted by Evercore. Recent comparable transactions point to a $25 per share transaction value for HMHC. Under most circumstances assessed by Engine, Veritas will earn outsized returns from this transaction. Veritas can pay a significantly higher price and still generate a 5-year IRR above 17.5%. A superior plan exists for shareholders.",
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      "text": "share price: $42",
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      "text": "NEW YORK--(BUSINESS WIRE) — Engine Capital LP (together with its affiliates, “Engine” or “we”), a long-term shareholder of Houghton Mifflin Harcourt Company (NASDAQ: HMHC) (“HMHC,” “Houghton Mifflin” or the “Company”) with ownership of approximately 2.7% of the Company’s outstanding shares, today issued a presentation detailing its strong opposition to the $21 per share tender offer made by Veritas Capital (“Veritas”). In particular, the presentation highlights the following facts:",
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      "text": "Believes Veritas Offer Undervalues HMHC at 7.6x 2024 Unlevered Free Cash Flow and Is the Result of a Flawed Process. Calculates that Veritas May Earn Outsized 5-Year IRR Between 31% to 37%, Underscoring the Inappropriateness of its $21 Tender Offer. Outlines a Superior Plan for Shareholders that Could Result in $42 Per Share Within Three Years. Launches www.DontStealMyHMHC.com to Share Views on the Transaction and Communicate with Shareholders",
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      "text": "Engine Capital Releases Presentation Detailing its Strong Opposition to Veritas’ Insufficient Tender Offer at Houghton Mifflin Harcourt",
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