On March 9, 2022, Engine Capital LP announced that it has sent a letter to Houghton Mifflin Harcourt Company's. In the letter Engine Capital stated that it does not intend to tender its shares into the $21 per share offer from Veritas Capital for three fundamental reasons: 1) it believes the sale process and its timing were flawed, 2) it believes the $21 per share offer undervalues the Company, and 3) it believes there is a superior alternative available that would result in a higher per share value for all shareholders. In addition, Engine Capital announced its intention to nominate directors at the earliest possible opportunity to ensure Company executes on suggested plan.
Houghton Mifflin Harcourt Company
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US44157R1095
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