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  "documentTitle": "Altair US LLC | Activist Presentation Deck | 38 slides",
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  "authorName": "Altair US, LLC",
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  "presentationDate": "2022-09-01 00:00:00",
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  "notes": "Uses a stock price chart to anchor the argument that the company was trading at a level where a standard premium would have exceeded $100/share.",
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      "kind": "callout",
      "text": "Private equity firms reached out to Avalara likely expecting that they would have to pay $100 or more to acquire the Company",
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      "text": "Avalara Stock Price from March to April 2022",
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      "text": "We believe private equity firms were prepared to pay this type of premium, understanding it to be typical for a high-growth software company with compelling prospects, otherwise they would not have reached out. In our view, Avalara was unable to capitalize on this seeming willingness to pay more than $100 per share because the financing market weakened, not because Avalara's prospects diminished",
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      "text": "Members of Avalara's senior management team began receiving inbound interest from private equity firms in March and April 2022. During that time, Avalara was generally trading at or above $90 per share. Even a modest premium – i.e., the 26% median one-day premium of comparable transactions – would put a transaction price for Avalara well above $110 per share.",
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      "text": "Source: FactSet. Data from March 1, 2022 to April 30, 2022. Source: FactSet. Comparable transactions refer to those in the “Selected Transactions Analysis” of the Company’s financial advisor...",
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      "text": "Private Equity Firms Were Likely Prepared to Pay More",
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