{
  "docId": "019de073-77e4-755e-b63f-52c1c75c68ed",
  "docSlug": "ca5d20405bc44fcbf4929babb29114a4",
  "documentTitle": "Altair US LLC | Activist Presentation Deck | 38 slides",
  "authorId": "altair-us-llc",
  "authorName": "Altair US, LLC",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-09-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 21,
  "pageCount": 38,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "villain_critique",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "The slide uses a numbered list format to detail specific failures in the M&A process, including the 'no-shop' provision and limited outreach by the financial advisor.",
  "elementsJson": null,
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019de073-77e4-755e-b63f-52c1c75c68ed/21",
  "deckHref": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed",
  "deckJsonHref": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed.json",
  "deckAnchorHref": "/decks/019de073-77e4-755e-b63f-52c1c75c68ed#slide-21",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.92,
        "x": 0.04,
        "y": 0.16
      },
      "kind": "callout",
      "text": "We believe the Board’s process was limited, driven by inbound inquiries rather than an effort to create demand and competitive tension",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cdbdcfed-ecfd-4767-bab4-0ff07e988553",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.92,
        "x": 0.04,
        "y": 0.31
      },
      "kind": "list",
      "text": "Avalara’s financial advisor, Goldman Sachs, failed to conduct a robust sale process in our view, initiating contact with just three potential buyers. The few other firms in the process had all been engaging with the Company for several months. The extent of the Board’s 'process' was seemingly to interact with the handful of firms that had previously demonstrated some interest and make outbound phone calls to a few additional firms. When a rumor of the sales process appeared in the media and appeared to generate additional in-bound interest from 'a variety of parties,' Goldman appeared to pay little attention to those other potential buyers and sources of financing. In fact, as far as we can tell, no substantive discussions took place with any of these parties. We believe that this process was woefully inadequate, especially in the face of challenging market conditions that likely constrained both the number of potentially interested parties and the price they were willing to pay. The Board’s decision to accept a 'no-shop' provision, which we believe severely limited the Company’s ability to solicit or encourage other proposals once the deal was announced, was inexplicable given the limited outreach during the sale process.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b92ca8b2-13a5-4feb-9e4f-e10165cafdbe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Source: Avalara Definitive Proxy Statement, filed with the SEC on September 12, 2022 at page 36. Id. at 34. Id. at 36. Id. at page 40.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a300d261-4006-4dca-b0ed-3ea9b9ccd52e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.65,
        "x": 0.08,
        "y": 0.04
      },
      "kind": "title",
      "text": "The Board Did Not Maximize the Universe of Buyers",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd59c865-0f9b-42c7-b3db-0f2168c129aa",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 24,
      "from": 10,
      "beatId": "a6d6f713-20af-4438-94d3-301082b77369",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problem by highlighting the flaws in the sale process and the inadequacy of the price",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}