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"may have concluded" is a grammatically correct and commonly used phrase in written English.
It is used to indicate that something is a possibility or an assumption. Example: The detectives investigating the case believe that the suspect may have concluded their alibi was not strong enough to hold up in court.
Exact(60)
Simply put, they may have concluded that reading is not cost-effective.
Penguin, which initially declined any comment on the settlement, may have concluded that it was unlikely to prevail in court.
But each time, the Democrats gained seats, and he may have concluded that the strategy was pointless.
Or Gilmartin may have concluded that admitting to even a single mistake would leave his own reputation in ruins.
He may have concluded that VW, with labour costs 11% higher even than its German rivals, cannot compromise this time.
And while adults may have concluded the show was designed for entertainment, younger viewers may not have understood this.
Mr. Bloomberg may have concluded that much of the help he has requested from Albany, particularly the $1 billion commuter tax proposal, is not likely to come through.
Instead, they may have concluded that the error was in keeping the documents around for the S.E.C. to subpoena them later.
Coutts may have concluded that his fires were still burning and felt the best opportunity for an on-the-water role lay elsewhere.
"The lawyers may have concluded that the state has not met that burden and it's unnecessary to take risks," he said.
Investors may have concluded that it's a little harder for the Bank of England to ease monetary policy again in November.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com