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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 a narrative structure to expose a contradiction between the Board's fiduciary duty and their actual negotiation behavior.",
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      "kind": "callout",
      "text": "After terminating the sale process, the Board seemingly welcomed Vista when it reemerged with a substantially lower offer",
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      "text": "It is perplexing that Avalara, sitting on $1.5 billion in cash and with self-proclaimed excellent prospects, would re-engage when there was no compelling need to do so",
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      "text": "After the deadline for final proposals passed without the Company receiving any bids, the Board – quite rightly, in our view – determined to terminate the sale process",
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      "text": "However, Vista re-emerged just days later with a revised price that was almost 10% below its initial indication of interest despite the fact that Avalara’s stock price had increased by approximately 16% during the period between these indications of interest",
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      "text": "The Board, noting that Vista’s revised indication of interest of $91 per share was substantially below the range of $97 to $101 per share that it had indicated previously, directed Goldman and the management team to seek a proposal of at least $95 per share",
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      "text": "Perhaps sensing a Board keen on selling and a lack of competitive tension, Vista refused to meet the Board's demands and submitted a “best and final” bid of $93.50 per share, which the Board accepted",
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      "text": "We believe the Board's decision to re-engage with Vista despite its inferior revised proposal signaled to Vista that the Board was highly motivated to complete a deal quickly and at almost any price",
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      "text": "From then on, Vista – the only remaining bidder – had the upper hand and was able to leverage its position to negotiate a deal in its favor",
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      "text": "Source: Avalara Definitive Proxy Statement, filed with the SEC on September 12, 2022, at page 41. Id. at page 44 (\"[T]he Board instructed Goldman Sachs and Avalara's senior management to seek a further improved proposal from Vista of $95.00 per share or greater...\").",
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      "text": "The Board Re-Engaged with Vista from a Position of Weakness",
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