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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": "Includes a deal-break cost/benefit analysis table and a callout box summarizing the strategic recommendation.",
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      "kind": "callout",
      "text": "As it is conceivably in Advent's best interest to walk from the deal, we believe that Advent should use this as leverage renegotiate the price.",
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      "text": "Enterprise Value: $286.2M",
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      "text": "The preceding analysis leads us to a startling conclusion: even taking the deal-break fee of $111.7M into account, it could make sense for Advent to break off the deal rather than follow through under the agreed-upon terms.",
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      "text": "1. Based on share count, RSU and PSU count, option count, and weighted-average option strike price as of 10-K (Feb 14), the latest date for which all necessary information is available 2. Options based on treasury stock method 3. We assume no tax impact since FSCT has $379m existing NOLs",
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      "text": "FSCT Valuation With Forecast Adjustments",
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      "text": "Advent: Deal Break Cost / Benefit Analysis",
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      "text": "FSCT Valuation Per Existing Agreement",
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      "text": "It Makes Sense For Advent To Walk From The Deal",
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