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  "documentTitle": "General Electric (GE)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2015-10-05 00:00:00",
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  "notes": "The slide uses a precedent table to establish a pattern of overpayment or inconsistent performance in M&A.",
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      "text": "In the past five years, GE has spent more than $30 billion on major acquisitions at a weighted average price of 10.3x EBITDA",
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      "text": "In the past five years, GE has spent more than $30 billion on major acquisitions at a weighted average price of 10.3x EBITDA\nDespite success in several more recent deals, we believe GE's overall M&A track record has been mixed",
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      "text": "TV / EBITDA: 10.3x",
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      "text": "Source: SEC filings and press releases. Notes (1)-(4) regarding specific deal exclusions and data sources.",
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      "kind": "table",
      "text": "General Electric: Major Acquisitions Since 2010 table with columns: Date, Target Acquired, Segment, Transaction Value ($bn), TV/EBITDA",
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      "kind": "title",
      "text": "Industrial M&A Must Be More Disciplined",
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