The board and its advisers also carefully studied the financial impact of Microsoft's proposal and concluded that it would have provided no meaningful improvement to our operating cash flow.
Our ESEA reauthorization proposal, ESEA flexibility package, Race to the Top initiative, School Improvement Grant program, and the Teacher Incentive Fund all support the development of strong systems of educator evaluation and support.
We continue to believe that our proposal represents a highly attractive offer for Temple-Inland and fairly rewards your shareholders for potential future operational and cyclical improvement as well as the potential synergies in a combination of our two businesses.