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  "documentTitle": "Engine Capital Houghton Mifflin Harcourt Presentation March 2022",
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  "notes": "Uses a side-by-side comparison structure to debunk specific claims made by the target company.",
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      "text": "36% Premium: the offer price represents a premium of approximately 36% to the unaffected closing price on January 13, 2022. Well above the mean premium paid for comparable businesses. Overall market decline. 17% premium to 52-week high.",
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      "text": "HMHC's stock traded as high as $17.93. Media report was well-timed. Implied premium is 7.7% not 36%. McGraw Hill transaction points to $25/share. Evercore is conflicted.",
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      "text": "Source: HMHC perspective per Schedule 14D-9/A dated 3/17/22",
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      "text": "HMHC has put forward dubious reasons for endorsing the Veritas transaction",
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