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      "Add 2-3 pillar dividers before S5 ('Is the offer adequate?', 'What are the alternatives?', 'What does process require?') so the deck shows a MECE spine instead of a slide list",
      "Replace S13 as the closer with an explicit recommendation slide ('Reject at C$40; counter at C$XX backed by precedent + WACC + analyst targets') and move MI 61-101 into the appendix",
      "Cut the appendix from 8 slides to 3-4 — keep S15 (NAVPS buildup), S16 (analyst targets), S22 (WACC); S17-S21 are five variants of the same peer-comparison and could collapse into one"
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