On August, 20, 2019, Gilead Capital LP announced that it has sent a letter to Monotype Imaging Holdings Inc.’s Board of Directors expressing its concerns regarding the proposed sale of the Company to the private equity firm HGGC for $19.85 per share. In the letter, Gilead Capital conveyed that the inadequacy of the $19.85 price is evident from: (i) the Board's buyback of minority shares in the same quarter at the same $19.85 price; (ii) the bottom-quartile ‘premium’ on a stock price near its 6 year low; and (iii) the significant recent earnings beat. Gilead Capital expressed its view that the Company is worth at least $30 per share and the Board's lack of transparency with respect to the deal and the Company's second-quarter earnings raises questions about whether it engaged in a rigorous process to secure a fair price for shareholders. In addition, Gilead Capital stated that it intends to vote against the transaction.