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  "docSlug": "jarvis-macellum-kohls-presentation-april-2022",
  "documentTitle": "Macellum Kohls Presentation April 2022",
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  "presentationDate": "2022-04-01 00:00:00",
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  "pageNumber": 71,
  "pageCount": 168,
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  "notes": "The slide uses strong, accusatory language ('patently anti-shareholder', 'add insult to injury') to frame the Board as acting against shareholder interests.",
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      "text": "IN OUR VIEW, ANY DIRECTORS THAT SUPPORT SUCH A PATENTLY ANTI-SHAREHOLDER MANEUVER CANNOT BE TRUSTED TO CREDIBLY EVALUATE POTENTIALLY VALUE-MAXIMIZING ALTERNATIVES VERSUS MANAGEMENT’S PERPETUALLY INEFFECTIVE PLANS",
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      "text": "Following reported expressions of interest in acquiring the Company, the Board adopted what appears to be an onerous, two-tiered poison pill - indicating to us it is also no longer prioritizing maximizing shareholder value and leading us to question the robustness of its strategic review process. The pill prevents a potential acquirer from bringing an offer directly to shareholders without risking substantial dilution - in fact, simply announcing an intent to commence a tender offer (as opposed to consummating one) triggers the pill. While the Board may claim it has built in a “qualified offer” exception, the numerous requirements to be deemed a “qualified offer” all but ensure that no unsolicited offer will ever be made. The requirements include that an offer must be fully-financed with committed capital, not subject to any due diligence and not arbitrarily deemed “inadequate” by the Company’s retained investment bank. To add insult to injury, the Board also did not commit to submitting the pill for shareholder approval, despite having an opportunity to do so at the upcoming Annual Meeting.",
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      "kind": "source-note",
      "text": "Source: Company SEC Filings; KSS Proxy Statements, Bloomberg LP.",
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      "kind": "title",
      "text": "Shareholders will never know what might have occurred in the absence of this pill",
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      "kind": "title",
      "text": "THE BOARD APPROVED AN ONEROUS POISON PILL THAT SEEMS LIKELY TO CHILL A PROCESS",
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