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      "text": "Source: Company filings, broker research, Sandell estimates (as included in slide 36), Bloomberg. (1) Sandell estimates. (2) Sandell estimates. PwC report “Considering an IPO?” (Sep-2012) found the average company incurs $1.5m of recurring costs as a result of being public. (3) Sandell estimate of one-time costs involved in a spin-off.",
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