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  "notes": "Uses numbered footnotes to substantiate claims of financial incentives and revenue declines.",
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      "text": "In our view, the material conflicts led to a flawed and biased sale process, and a poor outcome for shareholders",
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      "text": "Avalara's financial advisor, Goldman Sachs, was highly incentivized to facilitate a transaction. Goldman stands to receive $70 million contingent upon closing... Goldman also had a strong working relationship with Vista... The Board received its financial advice and its fairness opinion from Goldman... Avalara management and the non-employee directors also collectively stand to receive more than $65 million as a result of the deal",
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      "text": "Source: Avalara Definitive Proxy Statement... Goldman Sachs Q2 2022 Earnings Release...",
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      "text": "The Process Was Rife with Material Conflicts",
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