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  "documentTitle": "Forescout Technologies (FSCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-13 00:00:00",
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  "notes": "Uses a chronological sequence of press releases to demonstrate the shift in terminology.",
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      "kind": "callout",
      "text": "Remarketing or marketing period? Has the financing for the deal originally announced on Feb 6 fallen through or become less certain?",
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      "text": "Does a subtle change (and inconsistency) in the transaction details discussed in Forescout's deal-related press releases suggest that financing for the deal may be at risk? On Feb 6th and March 9th the Company claimed that the deal was expected to close in Q2 FY20 “subject to customary closing conditions, including approval by Forescout shareholders and receipt of regulatory approvals.” On Apr 23rd, the deal was indeed approved by a shareholder vote, with over 99% voting in favor of the transaction. However, the press release now says the completion of the deal is conditional upon “a customary debt marketing period.” whereas the transcript says “remarketing period”. Why did management choose to highlight this condition only now? Does remarketing the financing suggest it is at risk now with the onset of the COVID-19 pandemic?",
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      "kind": "quote",
      "text": "Based on the preliminary report of Inspector of Elections, stockholders voted to adopt the merger agreement... We currently expect the merger to be consummated on or around May 18, 2020, after buyer's remarketing period ends.",
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      "text": "\"Based on the preliminary report of Inspector of Elections, stockholders voted to adopt the merger agreement and voted to approve the compensation that will or may become payable to Forescout -- by Forescout to its named executive officers. The Inspector of Elections will execute a certificate as to the results of the voting, and that certificate will be filed with the minutes of this meeting. As we have sufficient votes to approve the adoption of the merger agreement, the proposal of the proxy to adjourn this meeting to a later date to solicit additional proxies is rendered moot, and will not be presented for a vote. The final tabulation of these votes will appear in the Form 8-K to be filed with the Securities and Exchange Commission. We currently expect the merger to be consummated on or around May 18, 2020, after buyer's remarketing period ends.\" — Darren Milliken, General Counsel – Forescout Technologies",
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      "text": "Change (And Inconsistent) Language Suggests Rising Financing Risk?",
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