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  "notes": "Includes specific assumptions regarding synergy realization and restructuring costs.",
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      "text": "Based on this analysis, Veritas could pay north of $30 per share for HMHC and still earn a 5-year IRR north of 17.5%",
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      "text": "Assumptions: (1) run-rate synergies of $105 million are achieved by 2025 with 25% realized each year until 2025 (2) Restructuring costs equal to $105 million incurred 25% each year until 2025",
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      "text": "Given the magnitude of the synergies, we believe HMHC and Cambium will eventually combine, leading to a windfall for Veritas. In this LBO analysis, we have conservatively estimated that Veritas realizes 75% of the $140 million synergies or around $105 million by 2025",
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