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  "documentTitle": "Houghton Mifflin Harcourt (HMHC)",
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  "notes": "The slide establishes the context for an activist campaign against a specific M&A transaction.",
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      "text": "On March 9, 2022, Engine publicly disclosed its intention to not tender its shares for three fundamental reasons, detailed in our public letter to the Board:",
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      "text": "On March 9, 2022, Engine publicly disclosed its intention to not tender its shares for three fundamental reasons, detailed in our public letter to the Board: 1) The sale process and its timing were flawed 2) The $21 per share offer significantly undervalues the company 3) There is a superior alternative to selling the company for $21 per share",
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      "text": "On February 22, 2022, Houghton Mifflin announced the sale of the company to Veritas for $21 per share. Veritas is a large private equity firm that invests in companies that provide critical products and services, primarily technology or technology-enabled solutions, to government and commercial customers",
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      "text": "Veritas owns an asset that is complementary to HMHC – Cambium Learning Group (“Cambium”). Cambium serves more than 20 million students and 30% of U.S. teachers across 94% of U.S. districts. It has close to $1 billion in bookings. Like HMHC, it views itself as a leader in the EdTech space. Officially, we are being told the current plan is for both companies to remain independent",
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