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  "documentTitle": "Prestige Consumer Healthcare Inc. (PBH)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2020-06-30 00:00:00",
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      "kind": "callout",
      "text": "Why was management further compensated for carrying out its job and PBH's strategy of rolling-up additional brands?",
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      "kind": "callout",
      "text": "Prestige took one out of Boulder's playbook by offering a special transaction bonus",
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      "text": "PBH's management received an \"integration bonus\" for its acquisition of Fleet, despite evidence that the acquired business underperformed. Spruce Point believes paying management a special bonus when its job, and Company strategy, is to roll-up and acquire companies is not in shareholders' best interests. We recall that Boulder Brands paid a \"special transaction bonus\" in 2011. While we believe there are circumstances when a transaction related bonus could be beneficial, for a Company's with the ongoing strategy of acquiring and integrating businesses and brands, a transaction bonus further pays management for doing its job and incentivizes potentially poor acquisitions.",
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      "text": "Source: Company proxy statements",
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      "text": "Smart Balance (Boulder Brands) 2012 Proxy Statement: Special Transaction Bonus details for Glutino acquisition.",
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      "text": "2017 Proxy Statement: Fleet Integration Bonus details and specific executive bonus amounts.",
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      "text": "Transaction Bonus For Troubled Deals",
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