{
  "docId": "019dd923-622c-750b-8b98-f1acfdee233e",
  "docSlug": "a458f84d7f69",
  "documentTitle": "Forescout Technologies (FSCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-13 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 37,
  "pageCount": 55,
  "prevPage": 36,
  "nextPage": 38,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses a timeline-based argument to expose potential management malfeasance regarding deal timing and disclosure.",
  "elementsJson": [
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    "timeline_visual",
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  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-f1acfdee233e/37",
  "deckHref": "/decks/019dd923-622c-750b-8b98-f1acfdee233e",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-f1acfdee233e.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-f1acfdee233e#slide-37",
  "components": [
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      "kind": "callout",
      "text": "If management is in fact desperate to secure a deal, it is perhaps even more likely that the Company would entertain a demand by Advent to renegotiate the terms, lest it be forced to find a new acquirer amidst unprecedented economic uncertainty as a recently-failed take-out target",
      "attrs": null,
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        "h": 0.55,
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      "kind": "framework",
      "text": "Timeline of events from Dec 18, 2019 to Feb 3, 2020",
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      "kind": "paragraph",
      "text": "The acquisition timeline provided in the deal proxy highlights that management was focused on completing the deal prior to its Q4 earnings call, going so far as to prioritize financial acquirers over strategic acquirers who were not prepared to announce a deal prior to the earnings release. With Company growth quickly decelerating at the time, with management still on the heels of a disappointing Q3 preannouncement, and with prospective buyers actively cutting their offers in response to lower Company forecasts, Spruce Point wonders whether management was looking to secure a deal before any further disappointing announcements could depress the stock – particularly given its poor FY20 guidance, which, again, appears not to have been disclosed to potential acquirers.",
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      "kind": "title",
      "text": "Was Management In A Rush To Complete The Deal Before Announcing Q4 Results?",
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      "matchId": "1e1411ca-7c36-4c1c-9a31-d186e7f7c62f",
      "evidence": "Chronological presentation of events used to build a causal argument.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
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      "to": 55,
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      "beatId": "5586a53a-4b3e-41e9-8cf0-76a89517f36e",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Spruce Point concludes that Advent should renegotiate or walk away from the deal.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
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  ],
  "loops": [
    {
      "to": 40,
      "from": 34,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "e531321d-3f70-421e-9615-2e89f4391164",
      "evidence": "Spruce Point emphasizes the potential consequences of not taking action.",
      "position": 1,
      "objective": "Highlight the risks of not renegotiating the deal",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.7,
      "description": "Quantify what happens if the audience does nothing"
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