{
  "docId": "019f6b8f-155a-7627-ae9c-99e7272d705f",
  "docSlug": "jarvis-engine-capital-houghton-mifflin-harcourt-presentation-march-2022",
  "documentTitle": "Engine Capital Houghton Mifflin Harcourt Presentation March 2022",
  "authorId": "engine-capital-houghton-mifflin-harcourt-presentation-march-2022",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-03-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 19,
  "pageCount": 21,
  "prevPage": 18,
  "nextPage": 20,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "Uses a contrast-pairs framework to dismantle the board's narrative.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-155a-7627-ae9c-99e7272d705f/19",
  "deckHref": "/decks/019f6b8f-155a-7627-ae9c-99e7272d705f",
  "deckJsonHref": "/decks/019f6b8f-155a-7627-ae9c-99e7272d705f.json",
  "deckAnchorHref": "/decks/019f6b8f-155a-7627-ae9c-99e7272d705f#slide-19",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.35
      },
      "kind": "list",
      "text": "Company hosted 11 first round management meetings. Process demonstrated willingness to engage with any parties that expressed interest. Low breakup fee. Ultimate price represents a ~17% premium. Extensive review. Unanimous recommendation.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8cce635f-58ad-4e83-b4ce-23aae8676cbe",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.92,
        "x": 0.04,
        "y": 0.6
      },
      "kind": "list",
      "text": "58 of 60 parties never saw revised forecasts. Why didn't Evercore go back to those 11 parties? Few examples of PE firms topping announced deals. Evercore incentivized by $32 million fee. Board lacks valuation handle (no insider buying).",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d838fe56-0114-4ef9-93fc-6697897b1ddb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.04,
        "y": 0.2
      },
      "kind": "list",
      "text": "Rigorous eight-month process led by a Special Committee of four independent directors. Outreach to 60 parties. Sales process included outreach to strategic and financial sponsors, large family offices, pension funds, sovereign wealth funds, and social impact funds.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1e64b8a-be3e-4c9a-b1b2-2b4d8b9eebba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.28,
        "x": 0.19,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: HMHC perspective per Schedule 14D-9/A dated 3/17/22",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "daa1115a-68dc-4e8b-9ee3-d15030bc4628",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "HMHC has put forward dubious reasons for endorsing the Veritas transaction (continued)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30333862-1de7-48f6-898d-920641c475cb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.19,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "title",
      "text": "HMHC's Perspective",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6cd968f2-56c3-414f-96d1-98100760c92b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.19,
        "x": 0.04,
        "y": 0.56
      },
      "kind": "title",
      "text": "Engine's Perspective",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab431b28-a9fd-4732-a755-16e12e26b3c2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "contrast-pairs",
      "slug": null,
      "matchId": "ed61975a-d42d-49f5-9a90-69f43488f6d4",
      "evidence": "Direct comparison of HMHC's claims vs Engine's rebuttal",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 21,
      "from": 18,
      "beatId": "eb677ea7-65d3-4a8c-8f2c-ea7eb116b2b0",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Action",
      "beatSlug": "aida-action",
      "evidence": "The document concludes with a call to action for shareholders",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}