{
  "docId": "019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "docSlug": "6ded4b1cfe2c",
  "documentTitle": "Bristol-Myers Squibb Company (BMY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2019-03-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 13,
  "pageCount": 197,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "precedent_table",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 5,
  "notes": "Uses a red/green bar chart to visualize performance vs index; highlights Celgene/BMS deal with question marks.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-fc4318e06f9b/13",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-fc4318e06f9b#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "callout",
      "text": "Significantly more successful teams have struggled to integrate and create value with large deals",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "65ae9e02-9b6d-4562-9c20-597e1115e018",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.37,
        "x": 0.59,
        "y": 0.55
      },
      "kind": "chart",
      "text": "Stock performance vs index",
      "attrs": null,
      "subkind": "bar-horizontal",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "10528f35-d66f-4ed7-94a9-0381ec8c94b2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Stock Price Performance vs. NYSE Arca Pharmaceutical Index",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab2c-4eb4be8b1e66",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "On average, value has been destroyed in each of the five previous largest pharmaceutical deals relative to the Pharmaceutical Index in the five years following the completion of each respective acquisition.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c477e3a2-dbd9-46f4-b585-937f6ef10a45",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.04,
        "y": 0.93
      },
      "kind": "source-note",
      "text": "Source: Public company filings, CapitalIQ, Bloomberg. (1) Represents transaction value at announcement or at time of amendment to final terms. (2) Total return for all periods includes dividends.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8319e9a-b148-4924-a6ea-9d420ff41274",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "table",
      "text": "Largest Pharmaceutical Transactions in History table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc251b1e-9b87-475b-bbe9-13a0a5236593",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "The Largest Pharmaceutical Deals Have Not Gone Well (cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8c65df9e-4857-449f-a767-1468308e016e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "ff9bbfdc-2a10-477d-98f3-0ba195951234",
      "evidence": "Uses historical data to argue that large M&A deals destroy value, countering potential management claims of synergy.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}