Organize, manage and create an accelerated M&A process. Under the terms of the deal, each share of The Learning Company (chart) It consists of the opinions of Gartners research organization, which should not be construed as statements of fact. Mattel How could anybody not get behind a deal that was billed as Barbie meets Carmen Sandiego? They can be developed so they point users back to a commerce site," he said. It produced a grade-based system similar to Knowledge Adventure's JumpStart series. Bank of America had basically acquired bad debt for US$2 billion. Get full access to Deals from Hell and 60K+ other titles, with a free 10-day trial of O'Reilly. Mattels largest acquisition to date was in 1998, when it acquired The Learning Company for $3.8B. A mere sixteen months lat~, the acquisition was deemed a failure. "You don't look . Tesla Mexico plant means $10-billion investment, Nuevo Leon governor says, Assistants kindly request that you stop calling them assistants, Desperate mountain residents trapped by snow beg for help; We are coming, sheriff says, Newsom, IRS give Californians until October to file tax returns, This is me, this is my face: Actress Mimi Rogers on aging naturally, without cosmetic surgery, Hyundai was poised to become Teslas top contender. Like PC makers found out, margins are squeezed as just-in-time inventory becomes the norm. In mid-December 1998, Mattel and The Learning Company announced a definitive agreement to merge the two companies. When it does, the two should have a well-established strategy for selling it on the Internet. O'Leary told ZDNN that TLC had already processed 15 million transactions over its Web site this year, a figure he expects will double next year. Despite the stock price plunge, industry observers generally applauded the merger deal, which would give the worlds largest toy maker an immediate presence in the fast-growing world of high-tech games and software. It ultimately ended up paying US$50 billion for the acquisition, making one wonder where the financial due diligence was when it was needed most. With smartphones, and shortly after tablets, slowly beginning their rise to ubiquity, it was vogue for the biggest players in technology to announce that they would soon be producing their own handset devices. a,^'311\4y02CRN pc`7L@ ` l endstream endobj 70 0 obj 293 endobj 37 0 obj << /Type /Page /Parent 32 0 R /Resources 38 0 R /Contents 46 0 R /MediaBox [ 0 0 612 792 ] /CropBox [ 0 0 612 792 ] /Rotate 0 >> endobj 38 0 obj << /ProcSet [ /PDF /Text /ImageC /ImageI ] /Font << /F1 41 0 R /F2 48 0 R /F3 56 0 R /F4 58 0 R /F5 63 0 R >> /XObject << /Im1 68 0 R >> /ExtGState << /GS1 65 0 R >> /ColorSpace << /Cs6 40 0 R /Cs8 43 0 R >> >> endobj 39 0 obj << /Type /FontDescriptor /Ascent 694 /CapHeight 662 /Descent -215 /Flags 6 /FontBBox [ -167 -216 1009 913 ] /FontName /DIMGHD+TimesNewRomanPSMT /ItalicAngle 0 /StemV 0 /XHeight 447 /CharSet (/n/o/period/space/one/hyphen/zero/seven/two/T/h/i/s/c/a/e/b/d/r/y/J/W/g/\ t/quoteright/u/p/v/f/P/S/F/k/l/R/copyright/D/m/C/A/comma/B/six/three/fou\ r/j/x/M/eight/w/five/nine/E/O/dollar/H/L/semicolon/quotedblleft/quotedbl\ right/N/Y/G/colon/quoteleft/U/parenleft/q/parenright/I/Q/K/percent/z/ell\ ipsis/ampersand/question) /FontFile3 45 0 R >> endobj 40 0 obj [ /ICCBased 67 0 R ] endobj 41 0 obj << /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 169 /Widths [ 250 778 778 778 500 833 778 778 333 333 778 778 250 333 250 778 500 500 500 500 500 500 500 500 500 500 278 278 778 778 778 444 778 722 667 667 722 611 556 722 722 333 389 722 611 889 722 722 556 722 667 556 611 722 778 944 778 722 778 778 778 778 778 778 778 444 500 444 500 444 333 500 500 278 278 500 278 778 500 500 500 500 333 389 278 500 500 722 500 500 444 778 778 778 778 778 778 778 778 1000 778 778 778 778 778 778 778 778 778 444 444 333 333 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 778 760 ] /Encoding 44 0 R /BaseFont /DIMGHD+TimesNewRomanPSMT /FontDescriptor 39 0 R /ToUnicode 42 0 R >> endobj 42 0 obj << /Filter /FlateDecode /Length 321 >> stream We built Mergr to save people the arduous and time-consuming process of tracking when companies are bought, sold, and who currently owns them. Gartner research, which includes in-depth proprietary studies, peer and industry best practices, trend analysis and quantitative modeling, enables us to offer innovative approaches that can help you drive stronger, more sustainable business performance. Although Mattel declined to outline the specifics of either its arrangement with Gores or its restructuring programs, sources familiar with the negotiations said Mattel will share in any Learning Co. profit based on a sliding scale that will move down over a five-year period. Learning Co. shares fell $3.31 to $25, also on the NYSE. mat If the property doesnt sell within five years, during which time Mattels share of a sale reportedly drops, Gores will give Mattel a percentage of the companys value at that time. Say goodbye and endless email chains and excel spreadsheets. because retailers aren't reordering toys. Mattel said today that it is looking to sell its interactive software unit, The Learning Company, which the toy maker had characterized as a distraction and blamed for disappointing 1999 earnings, less than a year after buying it. ZDNN's Margaret Kane contributed to this report. All rights reserved. The Learning Company (TLC) is an American educational software company, founded in 1980. 0 X" endstream endobj 111 0 obj 211 endobj 74 0 obj << /Type /Page /MediaBox [ 0 0 611 792 ] /Parent 66 0 R /Resources << /Font << /F0 87 0 R /F1 90 0 R /F2 93 0 R /F3 94 0 R >> /XObject << /Im1 109 0 R >> /ProcSet 107 0 R >> /Contents [ 89 0 R 92 0 R 96 0 R 98 0 R 100 0 R 102 0 R 104 0 R 106 0 R ] /CropBox [ 28.8 14.39999 596.60001 763.2 ] /Rotate 0 /Thumb 57 0 R >> endobj 75 0 obj << /Count 6 /Type /Outlines /First 76 0 R /Last 77 0 R >> endobj 76 0 obj << /Title (MAIN MENU) /Parent 75 0 R /A 86 0 R /Next 84 0 R >> endobj 77 0 obj << /Title (Print) /Parent 75 0 R /Prev 78 0 R /A 79 0 R >> endobj 78 0 obj << /Title (Search Results) /Parent 75 0 R /Prev 80 0 R /Next 77 0 R /A 81 0 R >> endobj 79 0 obj << /S /Named /N /Print >> endobj 80 0 obj << /Title (Search CD-ROM) /Parent 75 0 R /Prev 82 0 R /Next 78 0 R /A 83 0 R >> endobj 81 0 obj << /S /Named /N /AcroSrch:Results >> endobj 82 0 obj << /Title (---------------------------------) /Parent 75 0 R /Prev 84 0 R /Next 80 0 R >> endobj 83 0 obj << /S /Named /N /AcroSrch:Query >> endobj 84 0 obj << /Title (PREVIOUS MENU) /Parent 75 0 R /Prev 76 0 R /Next 82 0 R /A 85 0 R >> endobj 85 0 obj << /S /Named /N /Close >> endobj 86 0 obj << /S /Launch /F (../../begin.pdf) >> endobj 87 0 obj << /Type /Font /Subtype /TrueType /Name /F0 /BaseFont /TimesNewRoman,Bold /Encoding /WinAnsiEncoding >> endobj 88 0 obj 856 endobj 89 0 obj << /Filter /FlateDecode /Length 88 0 R >> stream %PDF-1.3 % Our independence as a research firm enables our experts to provide unbiased advice you can trust. Mattel and The. Gores said Friday that it wasnt until after the deal was signed that he realized where his competition was coming from. Motif merger spesifik lainnya termasuk pertumbuhan atau diversifikasi, sinergi, penggalangan dana, peningkatan keterampilan atau teknologi manajerial, pertimbangan pajak, peningkatan likuiditas kepemilikan, dan pertahanan terhadap pengambilalihan. how to press delete on gk61. Testing RFID blocking cards: Do they work? You dont look at closing a deal based on the price on the day it was announced. Decision making at Daimler-Benz was methodical, at Chrysler it was creative and unstructured; salaries at Daimler-Benz were conservative, much less so at Chrysler; finally, there was the flat hierarchy that existed at Chrysler compared to the top-down structure at Daimler-Benz. Shares of The Learning Company (NYSE:TLC) fell 1 15/16 to 26 3/8 and Mattel (NYSE:MAT) plunged (310) 252-2000 Failed Mergers and Acquisitions Examples America Online and Time Warner (2001): US$65 billion Daimler-Benz and Chrysler (1998): US$36 billion The acquisition caused problems almost immediately for the El Segundo, Calif.-based Mattel, as dealers returned unsold units and questions surfaced about the new unit's accounting practices. Mattel, with $4.85 billion in annual revenue, will grow dramatically if the deal is completed. "One of the assets we have is that as a combined entity we will ship over 50 million CDs worldwide. We provide actionable, objective insight to help organizations make smarter, faster decisions to stay ahead of disruption and accelerate growth. This final pricey deal ultimately led to the ouster of one of the 1990's highest profile corporate chiefs. For example, toy company Mattel tried to enter the e-learning market in 1999 with the purchase of The Learning Company. Hes finally gotten his arms around the business and now hes ready to launch forward with a stronger, more vital company.. Barad said the two companies had been talking about a merger for awhile. In 1999, Learning Co. caused Mattels first annual loss in a decade. Sensing a move away from traditional toys towards video game consoles, Mattel felt that the Learning Company would give it a software platform to build on. 2 toy manufacturer. Do Not Sell or Share My Personal Information. 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You can take two fading companies, like KMart and Sears Roebuck, merge them, and youll have an even bigger problem than the one you started with. Its time for new M&A ideas to bloom, register for the M&A Science Spring Summit on May 19th! situs link alternatif kamislot mattel and the learning company merger failure "Together we reach almost every home in America with our products.". Toys R Us has cut inventory by 50 percent. "They began in July, or August and had accelerated since then," she said. "And it helped create an exodus in the executive suite.". The 33 price is about a 16 percent premium over There are also live events, courses curated by job role, and more. For further information, see Guiding Principles on Independence and Objectivity. 0000009511 00000 n Michael Perik, CEO of The Learning Company, downplayed concerns. Fill out the form to connect with a representative and learn more. From our perspective, if the ultimate goal of M&A is value creation, the opposite has to be the destruction of it. Platinum Equity is led by one of his former employees, Alec Gores youngest brother, Tom Gores. Get weekly updates about M&A Science upcoming webinars, podcasts and events! Software sales leaders in the last year, measuring retail sales of all computer software from November 1997 through October 1998: Market Share Rank Company Retail sales (% of dollar volume) 1 Microsoft $1.2 billion 22.9% 2 Learning Co. 592.8 million 11.7 3 Cendant Software 419.5 million 8.3 4 Intuit 296.3 million 5.8 5 Symantec 216.2 million 4.3 6 Electronic Arts 158.3 million 3.1 7 Adobe Systems 155.4 million 3.1 8 Network Associates 132.2 million 2.6 9 GT Interactive 120.6 million 2.4 10 Hasbro Interactive 102.7 million 2.0. The Learning Company was sold to a publicly-traded strategic buyer in 2001 for 60M USD. Mattel on Monday warned of a year-end earnings shortfall and said it plans to buy The Learning Company for $3.8 billion. This is a BETA experience. Speaking about M&A failures and not mentioning this transaction would be like interviewing Neil Armstrong and not mentioning the moon. Mattel and toy retailers are going through an inventory correction, similar to the one Hb``c``d`e`hb`@ f6 {wy00lm 2R% cf@Z"?`4!QaehR`y"Pe ~%@X1023:0`` j9` w%3[3fq@XYD;C$ Do Not Sell or Share My Personal Information. 0000001680 00000 n O'Leary said that children's toys will be much more interactive as technology becomes more advanced and PCs become cheaper. For Google and Motorola in 2012, read Microsoft and Nokia a year later in 2013. Although Gartner research may address legal and financial issues, Gartner does not provide legal or investment advice and its research should not be construed or used as such. But instead of selling the Learning Co. division, for which Mattel paid $3.5 billion a year ago, Mattel opted to give it away. we equip you to harness the power of disruptive innovation, at work and at home. Were competitive but the good thing is that were a close family and theres enough to do for everyone out there, Alec Gores said. Time is Running Out, Motorola's handy Bluetooth device adds satellite messaging, Linux 6.2: The first mainstream Linux kernel for Apple M1 chips arrives, Sony's new headphones adopt WH-1000XM5 technology at a great price, The perfectly pointless $197 gadget that some people will love. mattel and the learning company merger failure. December 14, 1998 / 10:38 AM / CBS MarketWatch. This almost-great Raspberry Pi alternative is missing one key feature, This $75 dock turns your Mac Mini into a Mac Studio (sort of), Samsung's Galaxy S23 Plus is the Goldilocks of Smartphones, How the New Space Race Will Drive Innovation, How the metaverse will change the future of work and society, Digital transformation: Trends and insights for success, Software development: Emerging trends and changing roles. jMK>EmBe{Pa!Ad1W$>5 d] pink mold on camembert The transaction as described makes for an excellent fit, said David Leibowitz, a toy industry analyst with Burnham Securities in New York. These Experts Are Racing to Protect AI From Hackers. highest paying countries for orthopedic surgeons; disadvantages of sentence method; university of wisconsin medical school acceptance rate Call it a learning experience. 0000002970 00000 n OVwG ~. 0000010298 00000 n This final pricey deal ultimately led to the ouster of one of the 1990's . In exchange for the series of earnings hits, Eckert, who has been on the job since May, gets a much-needed fresh start after cleaning up a mess not of his making. In August, less than three months after the Mattel-TLC marriage was final, TLC Chairman and CEO Michael Perik and TLC President Kevin O'Leary both filed to sell 250,000 shares of their Mattel. 0000002599 00000 n The Learning Company deal is latest example of Mattel's efforts to build its business beyond traditional Barbie dolls and Hot Wheels cars as children look for more high-tech products during . We wanted as good a deal as we could get, considering the market value of this property.. and The key from our standpoint is to stop the cash drain--to sell all of it in one transaction and get this behind us, Eckert said in his comments to the investment community. Monday through Friday. But instead of selling the Learning Co. division, for. Sign up for the California Politics newsletter to get exclusive analysis from our reporters. IhQkBj2=N`TxlaD$(G;X-G3I`8E-v|!SZi3;:)Hci^8THPq$[q!R,n RUg-4)J y&D>QhtSWG73}E+:G#qKUooR1)GULlgc 2023, OReilly Media, Inc. All trademarks and registered trademarks appearing on oreilly.com are the property of their respective owners. The doll line that celebrates its 40th anniversary in 1999 will finish the year on a downturn, the first time in more than a decade. And so they did. Mattel Inc. executives announced Friday that they finally found a way to unload one of the worst purchases in American corporate history. 2023 ZDNET, A Red Ventures company. You can overpay for a company which may even be a good fit (AOL/Time Warner), misunderstand the dynamics of a market (Google and Nokia) or simply not perform enough due diligence (Bank of America and Countrywide). Oops! Despite this loss, CEO Jill Barad continued to be optimistic. 1.0 at or above 33. 2022Gartner, Inc. and/or its affiliates. If Gores resells the company within a six-month period, Mattel will reportedly share half of the proceeds. That scenario seems unlikely, given that Mattel has tried since April to sell the division. HV[n0mIQ?. 19.99161-6303. heartland cyclone problems. We work with you to select the best-fit providers and tools, so you avoid the costly repercussions of a poor decision. at 30 1/8. It was telling that he also thought of a completely interactive childrens plush toy but wouldnt commit to how long it would take to arrive on the market. %PDF-1.3 % 0000002765 00000 n America Online and Time Warner (2001): US$65 billion, Daimler-Benz and Chrysler (1998): US$36 billion, Google and Motorola (2012): US$12.5 billion, Bank of America and Countrywide (2008): US$2 billion, Mattel and the Learning Company (1998): US$3.8 billion. 0000004052 00000 n O'Leary wouldn't say how long it would take for such a toy to appear. Profits a problem Inventory correction Its interesting how many of the worst M&A failures of all time happen around the same period: the changeover to digital and how many dealmakers failed to understand the dynamics of the changeover. The deal is just one avenue that Mattel is exploring because consumers are buying more nontraditional toys such as electronic and computer games. "We are joining the company and intend to stay with it," said Perik. Try For Free brands and projects a $1 billion in sales online over the next few years. Theyre much more careful when it comes to just placing one huge order and then discounting it at the end of the Christmas season if it doesnt sell, said Barton Weitz, a marketing professor at the University of Florida in Gainesville. Something went wrong while submitting the form. N W16}* He added that the restructuring is expected to generate about $200 million in pretax savings. Privacy Policy. 0000008613 00000 n pushes companies to punish white-collar crime by clawing back exec pay. Speak with a Gartner specialist to learn how you can access peer and practitioner research backed by proprietary data, insights, advice and tools to help you achieve stronger performance. You may occasionally receive promotional content from the Los Angeles Times. 0000002127 00000 n C6. The lack of orders from retailers hit almost all of Mattels well-known lines, including Barbie, the venerable doll whose sales had been growing at a 10% rate over 1997. Shares took a hit after Mattel said sales will be flat this year as. The El Segundo company expects yearly earnings to fall to about $1.20 per share. But other observers suggested that retailers will continue to order more toys if consumer demand continues to be strong. Every day, new opportunities emerge around M&A and we help professionals of all types comb through transactions, investors, and corporate acquirers via an easy-to-use web database that is accessible to anyone. at the best online prices at eBay! Manage all your deals & contacts in one place, Speed up and simplify due diligence process. as Reader Rabbit, Carmen Sandiego, Riven and Myst. Earlier this year, Mattel acquired American Girl, a mail-order doll company that does $600 million in direct-to-consumer sales. Avoiding M&A failures means paying more attention to details like these and less to the grand narrative behind the deal. Just think of where some of these companies could have better invested that money. Mattel's failing interactive unit also drained the company of its chief financial officer, Harry Pearce. Mondays stock price plunge surprised analysts who had expected Mattels Barbie and Hot Wheels lines to enjoy a bright holiday season. Get real-time insights andone-click reports, Empower collaboration, efficiency, and accountability, Transform how you divest parts of your business, M&A Deal Lifecycle Software for SPAC Mergers, See how our customers transformed their M&A process. Join 2,000+ forward-thinking M&A practitioners. Still, the parameters of the deal indicate The Learning Company could be a little Gartner clients canlog into access the full library. Mattel designs, manufactures, and markets a broad variety of toy products. Learning Co. began to sink almost as soon as Mattel took over the computer software maker, which owns titles such as Myst and PrintShop. Barad had said the purchase, which she projected would bring in $50 million in 1999, was crucial to keeping digital-age children connected to the brand that made its name with such low-tech toys as Barbie, Matchbox and Fisher-Price. I didnt see inventory concerns preventing any retailer from asking for more Furbys, Leibowitz said, referring to a fuzzy, interactive, talking ball that is one of this seasons hottest sellers. Gartner Terms of Use Pending approval by the Securities and Exchange Commission (SEC), the merger should be finalized this March. The Learning Company, which acquired Broderbund in June, said the exchange ratio June 10, 2022 . The #1 M&A Source for industry training, tools, trends, and expertise tohelp you optimize your M&A function. The company grew rapidly in the 1990's through acquisitions, but it was often a favorite of short- Take OReilly with you and learn anywhere, anytime on your phone and tablet. 0000004181 00000 n "We have systems prepared for the end of the first quarter able to have online transactions take place across all of our brands," said Barad. Yet, despite the seemingly crazy developments of 1998, few would have guessed that one of the largest producers and acquirers of consumer software would be in turn acquired by a toy mogul. Yet, despite the seemingly crazy developments of 1998, few would have guessed . In the meantime, however, the divisions losses will no longer be costing Mattel between $700,000 and $1 million per day. "The lines of distinction between consumer software and toys begin to gray or blur when you get out past two years," said Kevin O'Leary, president of The Learning Company, in an interview with ZDNN. The Learning Company, for $3.5 billion in 1999." . endstream endobj 90 0 obj << /Type /Font /Subtype /TrueType /Name /F1 /BaseFont /TimesNewRoman,Italic /Encoding /WinAnsiEncoding >> endobj 91 0 obj 693 endobj 92 0 obj << /Filter /FlateDecode /Length 91 0 R >> stream The theory was that this would allow communication between buyers and sellers on eBay, smoothing transaction flow and generating more revenue - beautiful synergies. Gartner is a registered trademark of Gartner, Inc. and its affiliates. Mattel has acquired 11 companies. Mattel had agreed to pay the equivalent of $3.8 billion in its own stock for Learning Co.--about $33 per share of Learning Co. stock. profits were being squeezed by an inventory problems. largest cattle station in western australia. 8 a.m. 5 p.m. GMT A total of 2 acquisitions came from private equity firms. Dive in for free with a 10-day trial of the OReilly learning platformthen explore all the other resources our members count on to build skills and solve problems every day. 0000004973 00000 n would be exchanged for $33 of Mattel stock as long as The products for preschoolers through second graders feature Reader Rabbit, and software for more advanced students features The ClueFinders. Within a decade, Daimler had sold 80% of Chrysler to Cerberus Capital Management for US$7 billion - a US$20 billion poke in the eye to anyone that says culture doesnt matter. A narrative. Baskin-Robbins adds a hint of waffle, and voila, Federal Reserve officials sound warnings about higher rates. 0000002913 00000 n HVMs0 uZO\VlZ]I}i.Oo4 struggling, have cut inventory instead of chasing incremental sales. Learning Co. has projected 1998 revenue of $850 million. The 20-day period will end Google thought so poorly of its new handsets that it contracted others, including Samsung and LG, to develop its Nexus handsets. Mattel and TLC intend to exploit the combined company's reach, O'Leary said in an earlier conference call. 0000003097 00000 n Get Deals from Hell now with the OReilly learning platform. Mattel also plans to start catalog and online sales of its lines in 1999, Barad said. Tesla Mexico plant means $10-billion investment, Nuevo Leon governor says, Assistants kindly request that you stop calling them assistants, Working more on the weekends? Mattels portfolio of brands and products include Barbie, Polly Pocket, Little Mommy, Disney Classics, Monster High, Hot Wheels, Matchbox, Radica, Battle Force 5, Tyco R/C, Fisher-Price, Power Wheels, and American Girl. Some deal watchers said that software maker Havas, a U.S. subsidiary of French media giant Vivendi, might still be interested in the business or pieces of it. One of the few women leading a Fortune 500 company, she assumed near-iconic status as a role model for other women. 0000001168 00000 n 0000001307 00000 n The Companys most targeted sectors include consumer products (60%) and digital media (10%). Mattel has acquired in 5 different US states, and 4 countries. During an early-morning call with investors and financial analysts, Mattel Chief Executive Robert Eckert said small Los Angeles-based investment firm Gores Technology Group will take software maker Learning Co. off Mattels books in a zero-cash-upfront deal. By clicking the "Submit" button, you are agreeing to the But Barad said the deal remains on track. Whats more, what looked like strong sales at Learning Co. turned out instead to be a product glut, much of which was eventually returned to the company after it failed to spark interest among consumers. Before we dive into each case, I should mention here our other blogpost about successful acquisition examples here. 35 0 obj << /Linearized 1 /O 37 /H [ 1160 406 ] /L 80501 /E 52613 /N 8 /T 79683 >> endobj xref 35 36 0000000016 00000 n 0000001067 00000 n 0000001566 00000 n 0000001720 00000 n 0000001954 00000 n 0000002517 00000 n 0000002556 00000 n 0000003312 00000 n 0000003707 00000 n 0000003756 00000 n 0000004252 00000 n 0000015753 00000 n 0000017777 00000 n 0000018162 00000 n 0000018707 00000 n 0000019174 00000 n 0000028545 00000 n 0000028680 00000 n 0000029028 00000 n 0000031327 00000 n 0000031607 00000 n 0000032009 00000 n 0000032670 00000 n 0000033058 00000 n 0000033613 00000 n 0000033998 00000 n 0000034297 00000 n 0000039128 00000 n 0000039416 00000 n 0000039531 00000 n 0000039600 00000 n 0000039678 00000 n 0000040511 00000 n 0000043188 00000 n 0000001160 00000 n 0000001545 00000 n trailer << /Size 71 /Info 33 0 R /Root 36 0 R /Prev 79673 /ID[<6e98e89cc194791156f92f292387a49a>] >> startxref 0 %%EOF 36 0 obj << /Type /Catalog /Pages 32 0 R /Metadata 34 0 R /PageLabels 31 0 R >> endobj 69 0 obj << /S 261 /L 360 /Filter /FlateDecode /Length 70 0 R >> stream
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