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  "notes": "Details the governance process for a special committee, including advisor selection and negotiation outcomes.",
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      "text": "The Special Committee was assisted by the following advisors: Legal – Wachtell, Lipton, Rosen & Katz; Financial – Ardea Partners LP and CastleOak Securities, L.P.",
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      "text": "The Transaction was conditioned on the approval by the Special Committee and a majority of the unaffiliated stockholders",
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      "text": "Over a two month period, the Special Committee held numerous meetings and conducted extensive negotiations with PIM LLC and an alternative competing bidder. Led to increase in the offer price from $8.50 per share to $9.60 per share in merger consideration and a $0.03 dividend despite deteriorating market and industry conditions over that period",
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      "text": "Factors considered by the Special Committee in reviewing alternatives for maximizing stockholder value included: Prior unsuccessful potential sale transactions; A competing offer that, following negotiations, remained meaningfully lower than the merger consideration offered by PIM LLC",
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      "text": "The Board of Directors of PZN formed a committee (the “Special Committee”) consisting solely of independent, non-management members of the Board, who are not affiliated with PIM LLC.",
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