Testing RFID blocking cards: Do they work? we equip you to harness the power of disruptive innovation, at work and at home. Opinion: How has American healthcare gone so wrong? as Reader Rabbit, Carmen Sandiego, Riven and Myst. Mattel's corporate headquarters in El Segundo, California. 0000003097 00000 n 0000004181 00000 n Earlier this year, Mattel acquired American Girl, a mail-order doll company that does $600 million in direct-to-consumer sales. Another such example is provided by eBays acquisition of Skype. It has also divested 2 assets. 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 . 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. 0000001307 00000 n On this list alone, the best part of US$200 billion was blown on acquisitions which failed. 0000006073 00000 n 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. Learn valuable lessons that can be applied to your practice. mattel and the learning company merger failure mattel and the learning company merger failure Posted at 12:29h in upstairs at the icehouse summerville, sc by debra scibetta age mike eloshway cleveland Likes %PDF-1.3 % 8 a.m. 5 p.m. GMT 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. mattel and the learning company merger failure - bacteria.lt 1.0 at or above 33. because retailers aren't reordering toys. 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. 0000002047 00000 n Sign up for the California Politics newsletter to get exclusive analysis from our reporters. 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. What's worse, it lost $206 million for the twelve months ended Dec. 31, 1999, including $183 million in the fourth quarter, which caused Mattel's 1999 calendar-year loss of $86 million. profits were being squeezed by an inventory problems. Call it a learning experience. 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. In 1999, Learning Co. caused Mattels first annual loss in a decade. Manage all your deals & contacts in one place, Speed up and simplify due diligence process. These Experts Are Racing to Protect AI From Hackers. If Gores resells the company within a six-month period, Mattel will reportedly share half of the proceeds. 2023, OReilly Media, Inc. All trademarks and registered trademarks appearing on oreilly.com are the property of their respective owners. Top 10 Best (and Worst) Mergers of All Time - CNBC Hes finally gotten his arms around the business and now hes ready to launch forward with a stronger, more vital company.. 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. Those efforts will result in an additional $250 million in restructuring charges over the next 2 1/2 years, Eckert said. Although approved by most of the board members who continue to steer Mattel, the Learning Co. acquisition was brokered by former Chief Executive Jill Barad, who in February lost her job over Learning Co.s more than $300 million in losses. But Barad said the deal remains on track. 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. Finally, in May of 1999 Mattel added the Learning Company paying $3.5 billion or 4.5 times annual sales. 0000002970 00000 n Baskin-Robbins adds a hint of waffle, and voila, Federal Reserve officials sound warnings about higher rates. Try For Free Before we dive into each case, I should mention here our other blogpost about successful acquisition examples here. But this second part of the equation - making high-quality handsets - has been the undoing of dozens of companies in the telephony industry. To account for that arrangement, Mattel will take an after-tax loss of $430 million. 8 a.m. 7 p.m. This final pricey deal ultimately led to the ouster of one of the 1990's highest profile corporate chiefs. Mattel designs, manufactures, and markets a broad variety of toy products. Gartner Terms of Use Earlier, Hasbro purchased electronic games company Tiger Electronics Inc. and software games maker MicroProse Inc. And while Mattel and Hasbro have had tough times in the past making the adjustment to interactive kinds of stuff, this deal would seem to get thumbs up from everyone involved, said Eric Johnson, a marketing professor at Vanderbilt University in Nashville who studies the industry. The combined Sears Holdings, was the third biggest retailer in the United States at the time of the deal, but e-commerce was just about to take-off. highest paying countries for orthopedic surgeons; disadvantages of sentence method; university of wisconsin medical school acceptance rate saham. It produced a grade-based system similar to Knowledge Adventure's JumpStart series. sexting without relationship / junio 14, 2022 . When it does, the two should have a well-established strategy for selling it on the Internet. Observers agreed that some of Mattels fourth-quarter woes are related to inventory changes at retailers, who are increasingly worried about ending the holiday season with excess inventory. The Learning Company, and Mattel amicipated transforming itself from a traditional toy company to a global provider of products for children. 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. Mattel and The. That accounting move pushed the total order shortfall to $500 million, but analysts said it should give Mattel a brighter start for 1999. 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 also plans to start catalog and online sales of its lines in 1999, Barad said. Here's a list of 10 notorious failed mergers that I've evaluated in one way or another: AOL/Time Warner, HP/Compaq, Alcatel/Lucent, Daimler Benz/Chrysler, Excite/@Home, JDS Uniphase/SDL,. Mattel and The Learning Company had no comment. 0000001369 00000 n Gartner Terms of Use 0000002394 00000 n By clicking the "Continue" button, you are agreeing to the 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. fuzhou international mail processing center to uk green lady lounge dress code Barad said the two companies had been talking about a merger for awhile. Like PC makers found out, margins are squeezed as just-in-time inventory becomes the norm. The deal is just one avenue that Mattel is exploring because consumers are buying more nontraditional toys such as electronic and computer games. "One day we could have an interactive Barbie or interactive Reader Rabbit. 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. Uncategorized. 0000007716 00000 n the average price of Mattel shares are between 27 1/2 and 33 in at about $1.20 a share, 33 percent below earlier guidance. Under the terms of the deal, each share of The Learning Company (chart) 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. 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?" 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. 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. . Some toy industry observers questioned whether the stock price plunge might force Mattel to change terms of the planned deal. Take Mattel MAT , . The theory was that this would allow communication between buyers and sellers on eBay, smoothing transaction flow and generating more revenue - beautiful synergies. 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. Join 2,000+ forward-thinking M&A practitioners. Sales were strong into the Thanksgiving weekend, Barad said, but everything came to a screeching halt as inventory-conscious retailers stopped placing orders. Mattel and Learning Co. Plan $3.8-Billion Merger Well laugh about it and have a cigar and a drink together tonight over dinner.. The terms of the Merger are set forth in an Agreement and Plan of The Learning Company was divested to a consortium of buyers in 2000. Get insights from M&A Experts. Lessons from Merger and Acquisition Analysis; The Dark Side of Leadership: Troubling Times at the Top / 1; Panic, Prosperity, and Progress Founded in 1807, John Wiley & Sons Is the . Free shipping for many products! Combined reach 0000004052 00000 n Deficits in the strategic logic or the market behaving differently than intended in the strategic plan foil M&A goals. Resume - Mergers, LBOs, divestitures, and Business Failure Mattel Mergers and Acquisitions Summary | Mergr mattel and the learning company merger failuredoes hulu charge tax in california. By clicking the "" button, you are agreeing to the C6. mattel and the learning company merger failure Hb``c``d`e`hb`@ f6 {wy00lm 2R% cf@Z"?`4!QaehR`y"Pe ~%@X1023:0`` j9` w%3[3fq@XYD;C$ Organize, manage and create an accelerated M&A process. "We're looking at selling our products to consumers over the Internet in the near future," he said. brands and projects a $1 billion in sales online over the next few years. 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? The 8 Biggest Mergers and Acquisitions Failures of All Time - DealRoom The company grew rapidly in the 1990's through acquisitions, but it was often a favorite of short- 0000010364 00000 n A stockholders guide to types of takeovers, rights and responsibilities. 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. For further information, see Guiding Principles on Independence and Objectivity. 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. Instead of being on a screen, children could interact with [Reader Rabbit] as a plush toy that can change its content by downloading [information] from the Internet," he said. 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. Monday through Friday. the 20-day period before the merger closes. Gartner Terms of Use Mattel also said Monday that fourth quarter earnings will take a hit We wanted as good a deal as we could get, considering the market value of this property.. Michael Perik, CEO of The Learning Company, downplayed concerns. 0000004202 00000 n Barad left in February, after a rocky three-year run at Mattel. Mondays stock price plunge surprised analysts who had expected Mattels Barbie and Hot Wheels lines to enjoy a bright holiday season. Learning Co. shares fell $3.31 to $25, also on the NYSE. The unexpected drop in revenue, driven by retailers cutting back on new orders to avoid excess inventory, means Mattel wont hit analysts yearly earnings estimates of about $1.85 per share. Mattel - The Learning Company Acquisition - LiquiSearch Speaking about M&A failures and not mentioning this transaction would be like interviewing Neil Armstrong and not mentioning the moon. By clicking the "Submit" button, you are agreeing to the struggling, have cut inventory instead of chasing incremental sales. A total of 2 acquisitions came from private equity firms. jsbacContactjsbacContact (310) 252-2000 Deals from Hell : M&a Lessons That Rise above the Ashes by Robert F At DealRoom, weve hosted hundreds of successful deals. PDF Mattel and The Learning Company: a Case of An Acquisition in Trouble 333 Continental Boulevard, 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? pink mold on camembert Now Mattel sees 1998 revenue flat with a year ago with earnings projected This is a BETA experience. Profits a problem The products for preschoolers through second graders feature Reader Rabbit, and software for more advanced students features The ClueFinders. It filed for bankruptcy in 2018 after 125 years in existence. Mattels largest acquisition to date was in 1998, when it acquired The Learning Company for $3.8B. 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 $130 million. In mid-December 1998, Mattel and The Learning Company announced a definitive agreement to merge the two companies. Opinion: How has American healthcare gone so wrong? Become your own success story with DealRoom! HV0CRp+S0^0j[y&G#^$!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 However, within a year of its acquisition, Mattel started blaming the acquired company for . 0000002867 00000 n On this list alone, the best part of US$200 billion was blown on acquisitions which failed. IhQkBj2=N`TxlaD$(G;X-G3I`8E-v|!SZi3;:)Hci^8THPq$[q!R,n RUg-4)J y&D>QhtSWG73}E+:G#qKUooR1)GULlgc As a result of this merger, we will achieve our goal of building a $1-billion interactive software business.. 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. The issue is that what constituted mortgage in the first decade of the 21st century in the United States was yet to become apparent. Oops! 2023Gartner, Inc. and/or its affiliates. The year 1998 was a tumultuous year of market consolidation in the consumer software arena. points out the computer company Compaq is itself "a failed merger between Compaq and Digital Equipment. 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. %PDF-1.3 % Mattel and toy retailers are going through an inventory correction, similar to the one But instead of selling the Learning Co. division, for. Mattel, with $4.85 billion in annual revenue, will grow dramatically if the deal is completed. Mattel bought the company just as children were trading in their CD-ROMs--Learning Co.s main delivery method--for games and programs downloaded from the Internet. HVMs0 uZO\VlZ]I}i.Oo4 Contact us today with any question you have. Thank you! Mattel Chairman and Chief Executive Jill Barad said the deal, which now must be approved by federal regulators and shareholders at both companies, would help Mattels ongoing transformation from a toy company to a global childrens products company. Still, the parameters of the deal indicate The Learning Company could be a little Hb```f````e``Re`@ jn10ptWlsdVvV"ew4rN -Je>sSWrzdW,L,jHKKHC (7r xG3Uy' i 311hf`6s`j&w FS ~Cy% The products for preschoolers through second graders feature Reader Rabbit, and software for more advanced students features The ClueFinders. 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. But Barad said the deal remains on track. mattel and the learning company merger failure Privacy Policy. Avoiding M&A failures means paying more attention to details like these and less to the grand narrative behind the deal. Gores said Friday that it wasnt until after the deal was signed that he realized where his competition was coming from. 0000006914 00000 n 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.. Pending approval by the Securities and Exchange Commission (SEC), the merger should be finalized this March. As CEO of Mattel Inc., 1 a leading toy manufacturer, she could dictate trends. Mattel & Learning Company Case Study | PDF | Barbie | Mergers And 0000002599 00000 n A year after the deal, the company reported a write-down of US$99 billion - the largest annual net loss ever reported. and would be exchanged for $33 of Mattel stock as long as mattel and the learning company merger failure at the best online prices at eBay! 7-Day Free Trial. 2022Gartner, Inc. and/or its affiliates. This is Mattels largest (disclosed) transaction. Bank of America had basically acquired bad debt for US$2 billion. Shares took a hit after Mattel said sales will be flat this year as. Bluebird Toys plc is a toy company that produces Polly Pocket and Etch-A-Sketch. Just two years later, Mattel sold the Learning Company for about a tenth of what it bought it for, with no strategy, no products and no synergies to show for the acquisition. 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 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. /4xbs~OBNG`s2(NiVVjrI)H 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 we spoke to them as far back as a year ago about our intent in their company.". Get Deals from Hell now with the OReilly learning platform. The transaction as described makes for an excellent fit, said David Leibowitz, a toy industry analyst with Burnham Securities in New York. 0000001702 00000 n 2 toy manufacturer. When Google made its move for Motorola in 2012, to many, a transaction between the two made perfect sense from a strategic perspective: Googles Android operating system was already the second biggest player in the market, and acquiring Motorola would give it the opportunity to develop high-quality mobile handsets. 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. Find many great new & used options and get the best deals for Deals from Hell : M&a Lessons That Rise above the Ashes by Robert F. Bruner. Mattel has remained a childhood staple for decades, and in 1999, it attempted to tap into the educational software market by scooping up almost-bankrupt The Learning Company (creators of. 0000005243 00000 n Mattel was founded in 1945 and is based in El Segundo, California. OVwG ~. The year 1998 was a tumultuous year of market consolidation in the consumer software arena. Baskin-Robbins adds a hint of waffle, and voila, Federal Reserve officials sound warnings about higher rates, White House cyber plan would hold software companies liable for attacks, Silvergate warns of more losses, viability of its business after crypto crisis, Justice Dept. ZDNN's Margaret Kane contributed to this report. Then the U.S. government blindsided it, Column: A transgender patients lawsuit against Kaiser is a front for the conservative war on LGBTQ rights, Working more on the weekends? Learn how to use DealRoom's M&A Lifecycle Management Software, Educational resources for each stage of the deal lifecycle. situs link alternatif kamislot mattel and the learning company merger failure Shares in Mattel fell 13 cents on Friday to $11.50 on the New York Stock Exchange. She was style-setting industrially and personally, with movie-star charisma and fashionable attire. Mattel CEO Jill Barad said the company expects to have direct Internet sales for all of its The aim was to create interactive toys by infusing technology into regular toys. 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. The same awaited Motorola. The deal is also designed to help smooth out yearly sales at Mattel, which, like all toy manufacturers, is unusually dependent upon fourth-quarter sales made through major retailers such as Toys R Us Inc. and Wal-Mart Stores Inc. Learning Co. would give Mattel access to retailers like the upscale Zany Brainy chain, as well as myriad software resellers. 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! Do Not Sell or Share My Personal Information. 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. He added that the restructuring is expected to generate about $200 million in pretax savings. Sign up for the California Politics newsletter to get exclusive analysis from our reporters. 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