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Chris Colvin returns to the podcast to discuss why he invested in Houghton Mifflin Harcourt (HMHC) and why he thinks the deal to sell HMHC to Veritas is much too cheap.
Breach Inlet's letter to HMHC: https://www.businesswire.com/news/home/20220223005845/en/Breach-Inlet-Capital-Sends-Public-Letter-to-Board-of-Houghton-Mifflin-Harcourt
My notes on HMHC: https://twitter.com/AndrewRangeley/status/1503704685861273604?s=20&t=BJwJj9NIUfEf4nip2Hlf4w
Chapters
0:00 Intro
1:15 HMHC Overview
6:45 Situation Recap
9:00 Why does Chris believe this deal is too cheap?
13:05 HMHC's strange forecast and massive revision
19:35 HMHC's advisors conflict of interest
22:55 Why did management and the board chose to sell the company now?
28:00 HMHC's roll up potential
31:25 Veritas's other edtech plays
33:35 How does this play out from here?
34:05 What if the tender fails and Veritas walks away?
49:00 Did HMHC's projections undersell the stimulus money impact?
51:00 Closing thoughts |
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