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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
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  "authorName": "Nelson Peltz",
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  "presentationDate": "2015-02-17 00:00:00",
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      "kind": "callout",
      "text": "In fact, many of the company’s allegations almost exactly match what Heinz said about Trian in 2006 – allegations that were proven wrong over time",
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      "text": "Since Trian went public with our slate, DuPont has espoused the same rhetoric typical of contested elections. In fact, many of the company’s allegations almost exactly match what Heinz said about Trian in 2006 – allegations that were proven wrong over time",
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      "text": "\"Trian has chosen this path [a proxy contest] with the potential to disrupt our Company at a key stage of execution against our plan\" — DuPont Press Release, 1/8/15; \"Trian’s presence on the Board will create substantial risk in Heinz’s ability to deliver value to all shareholders\" — Heinz (6/06); \"I said to another CEO that if I were to form a board today, Nelson [Peltz] would be one of the first directors I’d ask to serve... [Trian’s] team had good questions and good suggestions.\" — Bill Johnson, CEO Magazine (3/08)",
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      "text": "Note: February 14, 2013 was the day the Heinz acquisition was announced. Key metrics from FY 2006-2012 as company doesn’t disclose marketing spend in 2013. (1) Represents annualized cost savings as calculated on a run-rate basis from most recently available Heinz financials (3 month period ended Sept 28, 2014). SG&A savings estimate based on comparison to SG&A levels in FY 2013.",
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      "text": "Sources: Bloomberg, DuPont and Heinz press releases and transcripts, H.J. Heinz Company SEC filings and H.J. Heinz Corporation II SEC filings. Trian’s only proxy contest (2006), which ISS labeled a “milestone proxy fight”. See ISS M&A Insight H.J. Heinz Co. Note dated September 11, 2006 and WSJ article as of October 9, 2006 “Bigger Than They Look: How can investors with small stakes have such an impact in proxy fights?”",
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      "kind": "title",
      "text": "Did DuPont Learn Anything From Heinz?",
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