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Campaigns / Engine Capital → Houghton Mifflin Harcourt
Engine Capital vs. Houghton Mifflin Harcourt

Houghton Mifflin Harcourt · HMHC

2 decks published between 2022-03-22 and 2022-03-22 — 23 pages, 23 analysed slides total.

initial thesis proxy fight

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2022-03-22 proxy fight

    2022 03 2022.03.22_Engine Capital Releases Presentation Detailing its Strong Opposition to Veritas Insufficient Tender Offer at Houghton Mifflin Har

    2pp · press_release

    Veritas' $21 tender for Houghton Mifflin Harcourt steals value at 7.6x UFCF; a self-funded Dutch tender and standalone plan could deliver roughly $42 per share by 2024.

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  2. 2022-03-22 initial thesis

    2022 03 HMHC Veritas presentation March 22 2022 1

    21pp · full_deck

    Veritas's $21/share buyout of Houghton Mifflin steals the company for 7.6x 2024 UFCF; reject it and execute a standalone Dutch tender recap to reach ~$42 by 2024.