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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": "Uses a 'true undisturbed price' argument to challenge the fairness opinion's baseline.",
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      "kind": "callout",
      "text": "Avalara would likely have traded higher in July regardless of the sale rumors; the true “unaffected” price should be higher",
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      "text": "TSR from Undisturbed Date to Day Before Deal Announcement",
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      "text": "Avalara Stock Price",
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      "text": "Goldman’s fairness opinion claims the “undisturbed” price of Avalara’s shares was July 6, the day before rumors of a buyout surfaced. However, while Avalara’s stock undoubted rallied in part because of the deal rumor, comparable public companies also traded up from July 6 to August 5, the day before the deal was announced. We believe it is reasonable to assume that Avalara would have matched this performance even in the absence of a deal rumor. We therefore believe that Avalara’s true “undisturbed” price is approximately $83.15 per share, which assumes that Avalara would have traded in-line with the peer median during this period. Applying the median one-day premium of comparable transactions of 26% to this price yields a price for Avalara of over $103 per share, which we believe is more directionally consistent with fair value",
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      "kind": "source-note",
      "text": "Source: FactSet. Data from July 6, 2022 to August 5, 2022, the last trading day before the transaction was announced. Source: FactSet. Median performance from July 6 to August 5 is calculated based on the public companies used in Goldman’s “Selected Public Company Comparables” analysis. Median one-day premium is calculated based on the companies used in Goldman’s “Selected Transactions” analysis. See pages 56 and 57, respectively, of Avalara’s Proxy Statement for a full list of the companies included in these analyses.",
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      "kind": "title",
      "text": "A Premium to the True Undisturbed Price Is Higher than $93.50/share",
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