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  "documentTitle": "Altair US LLC | Activist Presentation Deck | 38 slides",
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  "presentationDate": "2022-09-01 00:00:00",
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  "notes": "The slide uses two bar charts to illustrate the widening of high-yield spreads and the decline in transaction volume as evidence of a difficult financing environment.",
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      "kind": "callout",
      "text": "Capital markets volatility has created a challenging fund-raising environment, likely limiting the universe of private equity buyers and the amount they were willing and able to pay for Avalara",
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      "text": "Bloomberg U.S. Corporate High Yield Index Average Spread in 2022 (bps)",
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      "text": "Volatile capital markets have made financing of large buyout transactions more difficult; By July 2022, high-yield corporate bond spreads widened >200 bps; Financing costs significantly higher; Larger transactions vulnerable; Interested parties withdrew.",
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      "text": "Source: Bloomberg.",
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      "kind": "title",
      "text": "It Is a Difficult Financing Environment for Acquirers",
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      "evidence": "The document agitates the problem by highlighting the flaws in the sale process and the inadequacy of the price",
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