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  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "notes": "The slide uses a 'villain' framing to attack the Board's governance and strategic decision-making.",
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      "text": "Source: Macellum Suppositions Based on Company Commentary from Company SEC Filings and Articles Written Surrounding the Ongoing Process.",
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      "text": "GIVEN RECENT DEVELOPMENTS, WE QUESTION WHETHER THIS BOARD CAN BE TRUSTED TO RUN A FAIR AND CREDIBLE REVIEW OF STRATEGIC ALTERNATIVES",
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      "text": "Why would the stock trade at a material discount to reported and disclosed offers if investors thought the Board was serious about pursuing the best risk-adjusted outcome for shareholders?",
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      "text": "The Company hastily rejected indications of interest from two credible and well-capitalized acquirers before providing sufficient access to management, a data room and other information that could inform upward adjustments to bids.",
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      "text": "The Board rushed to implement an onerous two-tiered poison pill that could likely only serve to chill acquirer's interest.",
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      "text": "The Company failed to communicate clearly and effectively about its purported process for evaluating potential acquirers' proposals and overtures, even as rumors swirled about a growing set of suitors",
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      "text": "The Board appears more focused on undermining a credible sale process rather than evaluating potential pathways to shareholder value creation",
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      "text": "POORLY RUN STRATEGIC ALTERNATIVES",
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