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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 dismantle management's claims.",
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      "text": "Process launched too early; Momentum left in business; Board uses uncertainty to scare shareholders but Veritas is comfortable with 7x EBITDA; Management staying to run business contradicts high risk claims.",
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      "text": "WELL-TIMED PROCESS LAUNCH: Locking in share price gains; Positive results; Share price up 300% since March 2021; Resurgent interest. An attractive offer: Uncertain funding; Industry consolidation; General uncertainty.",
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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 (continued)",
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