{
  "docId": "019dd923-622c-750b-8b95-478a8c1a9f82",
  "docSlug": "40344b686c65",
  "documentTitle": "Houghton Mifflin Harcourt (HMHC)",
  "authorId": "27_Engine_Capital",
  "authorName": "Engine Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-03-22 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 19,
  "pageCount": 21,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "Uses a two-part structure to juxtapose corporate narrative against activist critique.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b95-478a8c1a9f82/19",
  "deckHref": "/decks/019dd923-622c-750b-8b95-478a8c1a9f82",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b95-478a8c1a9f82.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b95-478a8c1a9f82#slide-19",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "58 of the 60 parties never got to see the revised forecasts. Instead, these parties only got to see an initial forecast that lacked credibility",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb91-749f-a6c4-4ae3e9d1e805",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.92,
        "x": 0.04,
        "y": 0.2
      },
      "kind": "list",
      "text": "Rigorous eight-month process led by a Special Committee of four independent directors. Outreach to 60 parties. Low breakup fee. 17% premium. Unanimous recommendation.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "273786b0-f97e-47b8-ba68-25cd5c54d123",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.92,
        "x": 0.04,
        "y": 0.6
      },
      "kind": "list",
      "text": "58 of 60 parties never saw revised forecasts. Why didn't Evercore re-engage? PE firms rarely top announced deals. Evercore incentivized by $32M fee. Directors lack skin in the game.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a78ed660-1e4d-490b-9c68-4260e1495ed0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.19,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: HMHC perspective per Schedule 14D-9/A dated 3/17/22",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e3deb77c-100b-4925-8d66-6d12b047be52",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "HMHC has put forward dubious reasons for endorsing the Veritas transaction (continued)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "90ff7011-d478-42d1-9fab-1f2458a08d5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.04,
        "y": 0.56
      },
      "kind": "title",
      "text": "Engine’s Perspective",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8debc81b-34fa-436f-bc1c-e64118744492",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "title",
      "text": "HMHC’s Perspective",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da0b7581-7c82-4ad0-a40a-a86dfb50d45d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "531d7392-f5ce-420f-a5cc-9b81408717a6",
      "evidence": "Direct juxtaposition of company claims vs activist rebuttal",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 21,
      "from": 13,
      "beatId": "cc454b24-ddc2-4a1d-aa62-cb4544722c11",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory (Superior Plan)",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Slides 13-21 present the superior plan for HMHC shareholders",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}