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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2023-01-12 00:00:00",
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  "notes": "Uses a waterfall-style bridge to show the drop from the final offer price to current valuation.",
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      "kind": "callout",
      "text": "This bid represented a 46% premium to Disney’s original offer and a 104% premium to the Unaffected Sky share price – another example of poor M&A judgement",
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      "text": "Implied Sky Enterprise Value",
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      "text": "Disney’s final bid in September 2018 valued Sky at £34bn; some analysts today estimate it is currently worth ~£9bn(1), 73% below Disney’s final offer. This bid represented a 46% premium to Disney’s original offer and a 104% premium to the Unaffected Sky share price - another example of poor M&A judgement",
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      "text": "Enterprise Value: £34bn",
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      "kind": "quote",
      "text": "We never understood why this lower growth, lower return (and lower multiple) business with undeniable long-term structural risks would enhance Disney's asset mix or contribute to Disney's DTC transformation.",
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      "kind": "quote",
      "text": "“We never understood why this lower growth, lower return (and lower multiple) business with undeniable long-term structural risks would enhance Disney’s asset mix or contribute to Disney’s DTC transformation. By allowing Comcast to prevail in the Sky bidding war, Disney avoided paying a massive premium for a business which is primarily a European DBS distributor” — Todd Juenger, Bernstein, September 24, 2018",
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      "kind": "title",
      "text": "An Acquisition of Sky by Disney Would Have Permanently Impaired Shareholder Value...",
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