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  "notes": "The slide demonstrates how tax-efficient unwinding of cross-shareholdings increases the net value realized by TICO.",
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      "text": "The book value per share for Toyota Industries [...] could be underplaying the benefits of the deal, in terms of tax [...]",
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      "text": "Under the Revised TOB structure, TICO will benefit from the favorable tax treatment afforded by issuer buybacks when it unwinds its cross-shareholdings. Elliott’s NAV factors in this tax treatment",
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