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  "documentTitle": "Stroer SE & Co. KGaA (SAX)",
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  "authorName": "Carson C. Block",
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  "presentationDate": "2016-04-21 00:00:00",
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  "notes": "The slide uses a series of rhetorical questions to challenge the company's stated rationale for complex M&A transactions.",
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      "text": "Why did Ströer sell back such a large stake of ECE flatmedia back to the original seller so soon after acquiring them?",
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      "text": "Why did Ströer dilute its stake in Ströer Digital Group and why did it dilute shareholder value with a capital increase to do so?",
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      "text": "Why was Ströer's stake in Pacemaker diluted? Why was a minority stake provided to MBR Targeting minority shareholders? Why did Ströer buy back much of the stake it had sold two years prior?",
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      "text": "Why did Ströer sell back such a large stake of ECE flatmedia back to the original seller so soon after acquiring them? Bear in mind that Ströer called this acquisition \"a strategic step to further capitalize on the digitalization of out-of-home advertising and significantly expand its reach.\" What were the company and shareholder interests that prompted these transactions?",
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      "kind": "paragraph",
      "text": "Ströer's 2015 Digital results were greatly boosted by its reclassification of public video to Digital. Infoscreen's profitability and growth in profitability are outliers versus the comparables we can find. Ströer's primary public video operating entity is Infoscreen GmbH.",
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      "text": "The only explanation that Ströer provided for these transactions was that they “more closely align company and shareholder interests.” — Ströer Annual Reports",
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      "text": "150-159 Footnotes detailing sources for the claims made in the text.",
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      "text": "XV. Infoscreen Profitability Seems to be an Extreme Outlier",
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