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  "documentTitle": "Forescout Technologies (FSCT)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-05-13 00:00:00",
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  "notes": "The slide uses a timeline structure to link the release of negative financial forecasts to the subsequent reduction in acquisition price offers.",
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      "kind": "list",
      "text": "Jan 27: Mgmt. prepares (3) Alternative Plan and (4) Illustrative Guidance. (3) Alternative Plan is provided to prospective buyers.",
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      "text": "Feb 3: Remaining financial acquirers reduce offer prices in response to lower (3) Alternative Plan.",
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      "text": "Jan 31: Prospective buyers notify management that they must review offers and deal structure in light of lower forecast.",
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      "text": "Perhaps putting the deal at even greater risk is the fact that it is being supported by $400M of debt financing from Owl Rock Capital. A significant change in Company forecasts – whether due to the evolving economic environment or otherwise – could strongly deter Advent from participating in a heavily-levered deal for a business under such pressure. Indeed, the acquisition timeline appears to indicate that learning of the more pessimistic (3) Alternative Plan was alone sufficient to force prospective buyers to review their offers and financing sources.",
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      "kind": "table",
      "text": "Excerpts from FSCT: Definitive Proxy Statement (Mar 23, 2020) detailing the impact of the Alternative Plan on buyer negotiations.",
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      "kind": "title",
      "text": "Deal Financing Could Encourage Renegotiation Of Terms",
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