As previously announced, beginning in January, the board engaged in a process to evaluate strategic alternatives, focused on a potential sale of the company. As part of the review, the board authorized its financial advisors, Citi and Goldman Sachs & Co. LLC, to contact and hold discussions with more than 40 potential bidders, including a wide range of strategic parties and financial sponsors. The board executed confidentiality agreements with 20 parties. The proposals ultimately received did not yield options for a sale that would reflect the intrinsic value of the company. Accordingly, the independent members of the Board unanimously determined to conclude the sale process and instead focus on all potential opportunities to create value, including through the execution of the company’s strategic plan under refreshed leadership.
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