mattel and the learning company merger failure

0000009489 00000 n From our perspective, if the ultimate goal of M&A is value creation, the opposite has to be the destruction of it. It seems bizarre now, but when Bank of America acquired Countrywide at the beginning of 2008 for a price of just US$2 billion, many thought it was a shrewd investment. 0000002970 00000 n mattel and the learning company merger failure . In mid-December 1998, Mattel and The Learning Company announced a definitive agreement to merge the two companies. how to press delete on gk61. NEW YORK (AP) _ Mattel Inc. will buy The Learning Company Inc., a giant computer software manufacturer, for $3.8 billion even as the world's biggest toymaker warned its earnings will be lower than expected. Mattel has acquired in 5 different US states, and 4 countries. 0000005222 00000 n Do Not Sell or Share My Personal Information. Shares of The Learning Company (NYSE: TLC) fell 1 15/16 to 26 3/8 and Mattel (NYSE: MAT) plunged 20 percent to 23 11/16. All rights reserved. HV0CRp+S0^0j[y&G#^$!oO?_^o4^b#${TU{Nq 'awJ$E]F+}q@t"$-BJ AX++cFd@Z"tP:P6B.cd#N%tjL 6 #*%V=JWe{jOph-| Vv!D9NmQ>r4*vz_JM0 Fl(lh<0yVTUHM~Q} l;k2UsY/0h[N2PkMJw[M={),ESu-Gc>Bz(FfIPX4}q0gALACcCdCZN N':U+ r,8 r6(UFiea[A#}56u1h3rU`\Lha@FKvTR/mus2f^ ~hli:Mo66polcw0 o endstream endobj 93 0 obj << /Type /Font /Subtype /TrueType /Name /F2 /BaseFont /TimesNewRoman /Encoding /WinAnsiEncoding >> endobj 94 0 obj << /Type /Font /Subtype /TrueType /Name /F3 /BaseFont /TimesNewRoman,Bold /Encoding /WinAnsiEncoding >> endobj 95 0 obj 752 endobj 96 0 obj << /Filter /FlateDecode /Length 95 0 R >> stream was fixed at 1.20 at or below 27 1/2 and Hb``c``d`e`hb`@ f6 {wy00lm 2R% cf@Z"?`4!QaehR`y"Pe ~%@X1023:0`` j9` w%3[3fq@XYD;C$ We work with you to select the best-fit providers and tools, so you avoid the costly repercussions of a poor decision. 0000002710 00000 n Our independence as a research firm enables our experts to provide unbiased advice you can trust. 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. But Mattel shares (chart) have been battered lately. That scenario seems unlikely, given that Mattel has tried since April to sell the division. Mattel Havas, which was said at one time to have offered the Mattel board around $400 million for Learning Co., would probably face several antitrust hurdles both here and in Europe in order to absorb its biggest competitor. The Learning Company, which acquired Broderbund in June, said the exchange ratio Monday through Friday. Learn how DealRoom can help improve your collaboration, minimize diligence, and skyrocket positive deal outcomes, whether youre in the midst of M&A, fundraising, or other types of dealmaking process. There are also live events, courses curated by job role, and more. 0000010298 00000 n 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. To account for that arrangement, Mattel will take an after-tax loss of $430 million. Kison Patel is the Founder and CEO of DealRoom, a Chicago-based diligence management software that uses Agile principles to innovate and modernize the finance industry. Despite this loss, CEO Jill Barad continued to be optimistic. Free shipping for many products! Pending approval by the Securities and Exchange Commission (SEC), the merger should be finalized this March. Instead, Barad was forced to revise financial projections several times as the problems at Learning Co. grew. But instead of selling the Learning Co. division, for which Mattel paid $3.5 billion a year ago, Mattel opted to give it away. In the meantime, however, the divisions losses will no longer be costing Mattel between $700,000 and $1 million per day. Profits a problem On this list alone, the best part of US$200 billion was blown on acquisitions which failed. 0000010364 00000 n The Learning Company was sold to a publicly-traded strategic buyer in 2001 for 60M USD. 0000001168 00000 n You may occasionally receive promotional content from the Los Angeles Times. 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 Organize, manage and create an accelerated M&A process. saham. Its not just you, Desperate mountain residents trapped by snow beg for help; We are coming, sheriff says, Look up: The 32 most spectacular ceilings in Los Angeles, Hidden illegal casinos are booming in L.A., with organized crime reaping big profits, 19 cafes that make L.A. a world-class coffee destination, David Lindley, guitarist best known for work with Jackson Browne, dies at 78, Newsom, IRS give Californians until October to file tax returns, Work phones make a comeback as offices ban WhatsApp, TikTok, Stocks jump as Wall Street cruises to best day since January, Car debt piles up as more Americans owe thousands more than vehicles are worth, Chicken-flavored ice cream? And so they did. Empat tipe dasar merger adalah horizontal, vertikal, kongenerik, dan konglomerat. Those efforts will result in an additional $250 million in restructuring charges over the next 2 1/2 years, Eckert said. as Reader Rabbit, Carmen Sandiego, Riven and Myst. Mattel was founded in 1945 and is based in El Segundo, California. struggling, have cut inventory instead of chasing incremental sales. 0000008591 00000 n Even the CEO of the Learning Company said of the deal at the time: the lines of distinction between consumer software and toys begin to grey or blur when you get out past two years.. To those familiar with lists like these, the presence of AOL and Time Warner at the top of this list will come as little surprise. 333 Continental Boulevard, Toys R Us has cut inventory by 50 percent. Shares in Mattel fell 13 cents on Friday to $11.50 on the New York Stock Exchange. Thank you! The acquisition of The Learning Company (financials) gives Mattel such software titles 0000003118 00000 n Gartner prides itself on its reputation for independence and objectivity. brands and projects a $1 billion in sales online over the next few years. and the mid-1990s geek obsession "Myst," but it hasn't delivered a killer title in several years. California Consumer Products with Acquisitions, California Consumer Products with Divestitures, Recently Acquired Consumer Products Companies, Recently Sold Consumer Products Companies, Recently Acquired United States Companies, M&A research that takes seconds (not all afternoon), Better understand your customers and prospects. A total of 2 acquisitions came from private equity firms. 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. 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). Become your own success story with DealRoom! United States, Learn valuable lessons that can be applied to your practice. Google thought so poorly of its new handsets that it contracted others, including Samsung and LG, to develop its Nexus handsets. mat %PDF-1.3 % 0000002394 00000 n Barad left in February, after a rocky three-year run at Mattel. 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. Finally, in May of 1999 Mattel added the Learning Company paying $3.5 billion or 4.5 times annual sales. 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. Your submission has been received! Say goodbye and endless email chains and excel spreadsheets. ET "And it helped create an exodus in the executive suite.". Mattel then opted to delay delivery of $150 million in 1999 toys until early next year. The year 1998 was a tumultuous year of market consolidation in the consumer software arena. 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 mattel and the learning company merger failuredoes hulu charge tax in california. Mattel will reduce its quarterly dividend to recoup some of the $430-million charge, from 9 cents per share to 5 cents, for a total of about $130 million. Shares of The Learning Company (NYSE:TLC) fell 1 15/16 to 26 3/8 and Mattel (NYSE:MAT) plunged Shares took a hit after Mattel said sales will be flat this year as The Learning Company (TLC) is an American educational software company, founded in 1980. The products for preschoolers through second graders feature Reader Rabbit, and software for more advanced students features The ClueFinders. Get Deals from Hell now with the OReilly learning platform. 2022Gartner, Inc. and/or its affiliates. During an early-morning call with investors and financial analysts, Mattel Chief Executive Robert Eckert said small Los Angeles-based investment firm Gores Technology Group will take software maker Learning Co. off Mattels books in a zero-cash-upfront deal. HV[n0mIQ?. "Because of TLC we can merge that all together and be more aggressive.". The Learning Company deal is latest example of Mattel's efforts to build its business beyond traditional Barbie dolls and Hot Wheels cars as children look for more high-tech products during . Motif merger spesifik lainnya termasuk pertumbuhan atau diversifikasi, sinergi, penggalangan dana, peningkatan keterampilan atau teknologi manajerial, pertimbangan pajak, peningkatan likuiditas kepemilikan, dan pertahanan terhadap pengambilalihan. Privacy Policy. Well laugh about it and have a cigar and a drink together tonight over dinner.. because retailers aren't reordering toys. Each company brings lots to the table, which is what you want in a marriage of this sort, so this one looks to be a win-win.. [._TuRb*uY$+i&l^# -T`#t1[5j&K^Hx%|8`mv~. The company also purchased the Minnesota Educational Computing Consortium. pushes companies to punish white-collar crime by clawing back exec pay. Deficits in the strategic logic or the market behaving differently than intended in the strategic plan foil M&A goals. 7-Day Free Trial. Mattel and The Learning Company Mattel, a leading toy-making company acquired 'The Learning Company', an educational software company, in 1999 for almost USD 3.6 billion. The El Segundo company expects yearly earnings to fall to about $1.20 per share. 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. We wanted as good a deal as we could get, considering the market value of this property.. A year after the deal, the company reported a write-down of US$99 billion - the largest annual net loss ever reported. This does have a ring to it. However, within a year of its acquisition, Mattel started blaming the acquired company for . 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. But a narrative isnt enough. The Companys most targeted sectors include consumer products (60%) and digital media (10%). 0000002127 00000 n You may occasionally receive promotional content from the Los Angeles Times. 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? Something went wrong while submitting the form. a toymaker into more interactive items. They can be developed so they point users back to a commerce site," he said. Mattel and toy retailers are going through an inventory correction, similar to the one It filed for bankruptcy in 2018 after 125 years in existence. She described the dramatic cutoff in orders as an industrywide situation that wasnt restricted to Mattel. Gartner Terms of Use 0000001702 00000 n The Learning Company, for $3.5 billion in 1999." . Opinion: How has American healthcare gone so wrong? For further information, see Guiding Principles on Independence and Objectivity. pink mold on camembert 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. But other observers suggested that retailers will continue to order more toys if consumer demand continues to be strong. But instead of selling the Learning Co. division, for. at 30 1/8. "We are joining the company and intend to stay with it," said Perik. 0000006935 00000 n It was supposed to bring in money and it lost a lot of money," says David Leibowitz, an analyst with Burnham Securities in New York. Also on December 14, 1998, Mattel and The Learning Company, Inc. ("TLC"), the world's second largest consumer software company, announced that they have signed a definitive agreement for the merger of their two companies (the "Merger"). Take Mattel MAT , . 19.99161-6303. heartland cyclone problems. OVwG ~. 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. 0000007738 00000 n sexting without relationship / junio 14, 2022 . C6. MATTEL AND THE LEARNING COMPANY: A CASE OF AN ACQUISITION IN TROUBLE Laurel Mitchell, Claremont McKenna College, 500 E. Ninth Street, Claremont, CA 9171 I. . Theres more than one way to destroy value, as the list which follows will testify. It has also divested 2 assets. Uncategorized. 0000002867 00000 n The deal is just one avenue that Mattel is exploring because consumers are buying more nontraditional toys such as electronic and computer games. Mattel had agreed to pay the equivalent of $3.8 billion in its own stock for Learning Co.--about $33 per share of Learning Co. stock. The managers behind this deal were rushing to get into new media, without truly understanding the dynamics of the new media landscape. The 30.7 billion euros takeover turned out to be a failure. 0 X" endstream endobj 111 0 obj 211 endobj 74 0 obj << /Type /Page /MediaBox [ 0 0 611 792 ] /Parent 66 0 R /Resources << /Font << /F0 87 0 R /F1 90 0 R /F2 93 0 R /F3 94 0 R >> /XObject << /Im1 109 0 R >> /ProcSet 107 0 R >> /Contents [ 89 0 R 92 0 R 96 0 R 98 0 R 100 0 R 102 0 R 104 0 R 106 0 R ] /CropBox [ 28.8 14.39999 596.60001 763.2 ] /Rotate 0 /Thumb 57 0 R >> endobj 75 0 obj << /Count 6 /Type /Outlines /First 76 0 R /Last 77 0 R >> endobj 76 0 obj << /Title (MAIN MENU) /Parent 75 0 R /A 86 0 R /Next 84 0 R >> endobj 77 0 obj << /Title (Print) /Parent 75 0 R /Prev 78 0 R /A 79 0 R >> endobj 78 0 obj << /Title (Search Results) /Parent 75 0 R /Prev 80 0 R /Next 77 0 R /A 81 0 R >> endobj 79 0 obj << /S /Named /N /Print >> endobj 80 0 obj << /Title (Search CD-ROM) /Parent 75 0 R /Prev 82 0 R /Next 78 0 R /A 83 0 R >> endobj 81 0 obj << /S /Named /N /AcroSrch:Results >> endobj 82 0 obj << /Title (---------------------------------) /Parent 75 0 R /Prev 84 0 R /Next 80 0 R >> endobj 83 0 obj << /S /Named /N /AcroSrch:Query >> endobj 84 0 obj << /Title (PREVIOUS MENU) /Parent 75 0 R /Prev 76 0 R /Next 82 0 R /A 85 0 R >> endobj 85 0 obj << /S /Named /N /Close >> endobj 86 0 obj << /S /Launch /F (../../begin.pdf) >> endobj 87 0 obj << /Type /Font /Subtype /TrueType /Name /F0 /BaseFont /TimesNewRoman,Bold /Encoding /WinAnsiEncoding >> endobj 88 0 obj 856 endobj 89 0 obj << /Filter /FlateDecode /Length 88 0 R >> stream IhQkBj2=N`TxlaD$(G;X-G3I`8E-v|!SZi3;:)Hci^8THPq$[q!R,n RUg-4)J y&D>QhtSWG73}E+:G#qKUooR1)GULlgc "Together we reach almost every home in America with our products.". www.mattel.com. As a former M&A advisor with over a decade of experience, Kison developed DealRoom after seeing first hand a number of deep-seated, industry-wide structural issues and inefficiencies. Deposed Chief Executive Jill Barad pushed Mattel to acquire the Cambridge, Mass., company last May for $3.6 billion in an attempt to sharpen its high-tech product line. mattel and the learning company merger failure; Posts; Uncategorized; mattel and the learning company merger failure; mattel and the learning company merger failure. Like PC makers found out, margins are squeezed as just-in-time inventory becomes the norm. As earnings from lines such as Barbie and Hot Wheels took a dramatic fourth-quarter tumble, toy manufacturer Mattel Inc. on Monday announced a $3.8-billion merger with Learning Co., the nations second-largest software company and owner of popular titles including Carmen Sandiego, Riven and Myst.. Sign up for the California Politics newsletter to get exclusive analysis from our reporters. 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. 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. Finally, in May of 1999 Mattel added the Learning Company paying $3.5 billion or 4.5 times annual sales. Gartner is a registered trademark of Gartner, Inc. and its affiliates. December 14, 1998 / 10:38 AM / CBS MarketWatch. profits were being squeezed by an inventory problems. All rights reserved. 0000001680 00000 n Economies of scale are one of the reasons that are cited for many transactions in M&A, but economies of scale are not an end in themselves. 0000006073 00000 n Mattel (MAT) said it . largest cattle station in western australia. concerned about Mattel shares holding value. Connect directly with peers to discuss common issues and initiatives and accelerate, validate and solidify your strategy. These Experts Are Racing to Protect AI From Hackers. Yet, despite the seemingly crazy developments of 1998, few would have guessed . In the third quarter of 1999, Mattel expected The Learning Company to post $50 million in profits but in reality it posted losses of $105 million. This is Mattels 3rd transaction in the United States. What do all of these deals have in common? Avoiding M&A failures means paying more attention to details like these and less to the grand narrative behind the deal. 0000002765 00000 n As Gores worked over the last several weeks to woo Mattel, the firm faced competition up until the final minutes before the deal was struck from another player with a strikingly similar niche position--Platinum Equity Holdings, also based in Los Angeles. The aim was to create interactive toys by infusing technology into regular toys. The company grew rapidly in the 1990's through acquisitions, but it was often a favorite of short- Mattels largest acquisition to date was in 1998, when it acquired The Learning Company for $3.8B. By clicking the "Continue" button, you are agreeing to the Call it a learning experience. The Learning Company was an early star in the interactive gaming world, creating the popular children's program "Where in the World is Carmen Sandiego?" Testing RFID blocking cards: Do they work? 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. Eckert also briefly sketched a cost-cutting plan for Mattel that includes a 10% reduction in the work force, about 350 positions, along with a program to pare manufacturing and other administrative costs. But Barad said the deal remains on track. 1.0 at or above 33. mattel and the learning company merger failure. 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. Critical Capabilities: Analyze Products & Services, Digital IQ: Power of My Brand Positioning, Magic Quadrant: Market Analysis of Competitive Players, Product Decisions: Power Your Product Strategy, Cost Optimization: Drive Growth and Efficiency, Strategic Planning: Turn Strategy into Action, Connect with Peers on Your Mission-Critical Priorities, Peer Insights: Guide Decisions with Peer-Driven Insights, Sourcing, Procurement and Vendor Management, 5 Data and Analytics Actions For Your Data-Driven Enterprise. Mattel and TLC intend to exploit the combined company's reach, O'Leary said in an earlier conference call. Jill E. Barad was a standout figure in an industry that depended on the ability to stand out. Although once the worlds biggest handset manufacturer, Nokia had failed to keep up with developments. The Learning Company, and Mattel amicipated transforming itself from a traditional toy company to a global provider of products for children. 2 toy manufacturer. 0000002291 00000 n situs link alternatif kamislot mattel and the learning company merger failure 0000002211 00000 n 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. 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. We built Mergr to save people the arduous and time-consuming process of tracking when companies are bought, sold, and who currently owns them. at the best online prices at eBay! "We're looking at selling our products to consumers over the Internet in the near future," he said. 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. A mere sixteen months lat~, the acquisition was deemed a failure. 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 day we could have an interactive Barbie or interactive Reader Rabbit. fuzhou international mail processing center to uk green lady lounge dress code The plan to . "But we spoke to them as far back as a year ago about our intent in their company.". Bank of America had basically acquired bad debt for US$2 billion. All rights reserved. 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. Leaders can store and control access to documents, assign and prioritize tasks, as well as communicate with team members and clients - all on the platform! This publication may not be reproduced or distributed in any form without Gartners prior written permission. A total of 2 acquisitions came from private equity firms.It has also divested 2 assets.. Mattel's largest acquisition to date was in 1998, when it acquired The Learning Company for $3.8B. 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

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