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  "documentTitle": "Eminence Pluralsight Presentation February 2021",
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  "notes": "The slide uses a series of rhetorical questions to challenge the integrity of the company's M&A process.",
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      "text": "Wouldn't a management team focused on maximizing shareholder value want to ensure all potential bidders had more than 24 hours to digest such critical new information?",
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      "text": "Between Sept. 28 and Sept. 30, Pluralsight and its financial advisor (Qatalyst) reached out to 11 potential counterparties – 5 potential financial sponsors and 6 potential strategic acquirors.",
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      "text": "This was hardly the \"robust market-check process\" involving a \"broad and deep review\" asserted by the Company in its February 1st letter to shareholders.",
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      "text": "On Oct. 18, Pluralsight set a completely arbitrary deadline for bids of Oct. 26... Yet for inexplicable reasons, that deadline did not apply to Vista.",
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      "text": "On Oct. 25, the day before bids were due... Pluralsight placed new projections in the data room. Those projections showed a dramatic improvement over previously-provided projections in two important ways: (1) they showed that the Company expected its revenue to increase by 20.7% in 2021 and 22.5% in 2022 (vs. the 16.1% in 2021 and 19.2% in 2022 previously provided to bidders) and (2) the later projections forecasted strong revenue growth out to 2025.",
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      "text": "Not a single potential strategic acquiror even entered the data room – why?",
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      "text": "Why did Pluralsight allow Vista to dictate its own timing? Why give interested parties such a limited time for due diligence and bid submission? Why did Vista (and none of the other bidders) feel the need to wait until Pluralsight's Q3 earnings results were reported?",
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