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  "docSlug": "f306ccfd77a7",
  "documentTitle": "PepsiCo (PEP)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-07-01 00:00:00",
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  "pageNumber": 45,
  "pageCount": 59,
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  "notes": "Includes a specific call-out regarding Mondelez's historical precedent with Cadbury.",
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      "kind": "callout",
      "text": "Of all companies, Mondelez has no “moral” right to “just say no” to a value-creating offer from PepsiCo.",
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      "text": "Trian has assumed an all-stock transaction where both companies’ shareholders have full (pro-rata) participation in the upside of the combined company. The structure is similar to P&G / Gillette (though at a much lower multiple of EBITDA)\nThis is a structure we would like used more often: neither side is burdened by an uneconomic cash premium; both sides share in the synergies, both sides benefit from a more efficient capital structure / capital return\nUnfortunately social issues too often get in the way of shareholders’ best interests (only one CEO, one Board, one corporate headquarters survive)\nLastly, a note specific to Mondelez… Of all companies, Mondelez has no “moral” right to “just say no” to a value-creating offer from PepsiCo. After all, Kraft itself made a successful unsolicited (and culturally unpopular) offer for Cadbury in 2009",
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      "kind": "source-note",
      "text": "Note: The estimates, projections, pro forma information and potential impact of the ideas set forth herein are based on assumptions that Trian believes to be reasonable, but there can be no assurance that actual results or performance will not differ, and such differences may be material. This presentation does not recommend the purchase or sale of any security.",
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      "text": "Benefits to PepsiCo Shareholders: Not forced to overpay, Shares in synergies, Shares in Mondelez margin upside, Creates catalyst to separate beverages from a position of strength, More efficient capital structure and capital return (20% of market cap). Benefits to Mondelez Shareholders: Compensated through 16% premium for change-of-control, Shares in synergies, Sharing best practice with PepsiCo increases probability of margin improvement, More efficient capital structure and capital return (20% of market cap)",
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      "kind": "title",
      "text": "Proposed Deal Structure Creates A “Win-Win” For Both Sides",
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