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  "documentTitle": "Premier, Inc. (PINC)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-09-25 00:00:00",
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  "notes": "Includes a timeline diagram illustrating the opt-out window and equity vesting schedule.",
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      "text": "Renewed Five-Year Contract Opt-Out Decision (Oct 1, 2020): Hospital Loses No Shares",
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      "text": "Per Premier's GPO Participation Agreement, member-owner GPO contracts can be terminated with one year's prior notice after having been in effect for at least two years...",
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      "text": "Subject to certain termination rights, these GPO participation agreements will be for an initial five-year term, although our two largest regional GPO member owners have entered into agreements with seven-year terms...",
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      "text": "By Oct 1, 2021, Premier's 30% shareback will have largely been phased out, and its blended shareback of ~35% will nearly double to 60-75%. The economics of the business will look radically different than they do today, and radically different from sell-side projections.",
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      "text": "The Second Cliff: Two-Year Lockup Ends On Renewed Five-Year Contracts",
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