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  "documentTitle": "Houghton Mifflin Harcourt (HMHC)",
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  "presentationDate": "2022-03-22 00:00:00",
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  "notes": "Uses a contrast-pairs framework to dismantle the company's premium argument.",
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      "text": "As discussed on slide 9, we believe HMHC's stock would have been higher after the announcement of strong Q4 results leading to a share price at or above $19.50 per share, implying an insufficient premium of 7.7% instead of the 36% advertised by the Company",
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      "text": "HMHC's stock traded as high as $17.93 per share... As discussed on slide 9, we believe HMHC's stock would have been higher... See slide 10 for relevant discussion regarding the McGraw Hill transaction... Evercore is conflicted and its fairness opinion contains numerous mistakes",
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      "text": "36% Premium: the offer price represents a premium of approximately 36% to the unaffected closing price on January 13, 2022... Well above the mean premium paid for comparable businesses... 17% premium to the 52-week high... 471% premium to the 52-week low...",
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      "text": "premium: 36%",
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      "text": "Source: HMHC perspective per Schedule 14D-9/A dated 3/17/22",
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      "kind": "title",
      "text": "HMHC has put forward dubious reasons for endorsing the Veritas transaction",
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