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  "documentTitle": "Micro Focus | Mergers and Acquisitions Presentation Deck | 29 slides",
  "authorId": "micro-focus",
  "authorName": "Micro Focus",
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  "presentationDate": "2016-09-01 00:00:00",
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  "notes": "The slide uses a three-part framework to justify the merger, citing historical performance and future targets.",
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      "kind": "list",
      "text": "Strategy to buy companies or assets that fit Micro Focus' business profile: Infrastructure software; and \"Sticky\" assets. Intention is to apply Micro Focus' “best in class” operating methodologies. Target total shareholder returns of 15% to 20%.",
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      "text": "Significant potential for operational efficiency. Historical margin growth from 32.7% to 46%. Goal to improve HPE Software assets margin to Micro Focus' level within 3 years.",
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      "text": "Rare opportunity to increase scale and breadth in adjacent product areas. Breadth in ITOM and SIEM (Top 5 market positions). Scale position in Test to complement ADM.",
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      "text": "Source; Annual report, company filings; Note: HPE Software financials prepared under US GAAP, Micro Focus financials prepared under IFRS; 1 SIEM means Security Information & Event Management; 2 Gartner Group 1Q16; 3 Attachmate company Prospectus filing; 4 This is not a profit forecast...",
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      "kind": "title",
      "text": "Merger Rationale",
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