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  "documentTitle": "Eminence Pluralsight Presentation February 2021",
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  "notes": "The slide uses a narrative approach to valuation, contrasting the current offer with peer-based and transaction-based benchmarks.",
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      "text": "If the acquisition valuation was in line with recent relevant M&A transactions in the software space, the implied stock price would be $29, approximately 43% above the Vista offer.",
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      "text": "If the acquisition valuation was in line with publicly traded peer SaaS subscription businesses with similar revenue growth rates, the implied stock price would be $53 before a takeout premium, 160% above the original offer.",
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      "text": "The valuation implied by Vista's $20.26 offer price is materially below publicly traded comps and comparable transactions. We believe Pluralsight is selling the company valued on depressed metrics due to COVID and a depressed multiple, largely due to a combination of timing and a manipulated sales process.",
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