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  "documentTitle": "Pzena Investment Management | Mergers and Acquisitions Presentation Deck | 23 slides",
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      "text": "Familiarity with of the Company’s business and prospects and the overall industry, economic and market conditions and trends, which were (and remain) adverse",
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      "text": "The per share premium of approximately (1) 49% above the closing price of the Class A common stock on July 26, 2022, the last trading day prior to announcement of the transaction and (2) 46% above the 90-calendar day volume weighted average price of the shares of PZN Class A common stock as of July 26, 2022.",
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      "text": "The lack of benefits of being a public company, including the lack of trading liquidity, especially when viewed against the risks and uncertainties inherent in the Company’s business",
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      "text": "Its view that the transaction offered the best alternative for maximizing value to Class A holders, including in light of:",
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      "text": "prior unsuccessful potential sale transactions and lack of other overtures regarding a potential transaction; the competing offer being meaningfully below the consideration offered by PIM LLC after significant negotiation; the lack of any expressions of interest in a transaction for the Class A shares or otherwise following announcement of the transaction, despite the absence of any termination fee; the fact that the Company is controlled and, therefore, no change of control transaction could be undertaken absent a sale by management, and the management stockholders had indicated that they do not intend to sell their controlling shares of Company common stock",
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      "text": "The Special Committee considered a number of factors in determining to approve and recommend the merger as detailed in the merger proxy, including the following:",
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