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  "documentTitle": "Houghton Mifflin Harcourt (HMHC)",
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  "authorName": "Engine Capital",
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  "presentationDate": "2022-03-22 00:00:00",
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  "notes": "Uses a direct comparison format to dismantle the target's narrative.",
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      "text": "The Board wants to highlight the general uncertainty or the risks around the funding environment to scare shareholders. But if that's the case, why is Veritas comfortable levering the business to around 7x EBITDA?",
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      "text": "Process launched too early; Management's revised forecast shows momentum; Board highlights uncertainty but Veritas is comfortable with 7x EBITDA leverage; Management is staying to run the business.",
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      "text": "Locking in share price gains at an appropriate time: Positive results from HMH's strategic initiatives; Share price up more than 300% since March 2021. An attractive offer in the face of uncertain market conditions: Uncertain funding; Competition.",
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      "text": "Source: HMHC perspective per Schedule 14D-9/A dated 3/17/22",
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      "text": "HMHC has put forward dubious reasons for endorsing the Veritas transaction (continued)",
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