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  "documentTitle": "Agrium (AGU)",
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  "authorName": "Barry Rosenstein",
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      "text": "No matter the ultimate outcome, Agrium shareholders deserve a better process than this, and the current board still has much to explain regarding how it previously evaluated Retail acquisitions and the company’s overall structure.",
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      "text": "No matter the ultimate outcome, Agrium shareholders deserve a better process than this, and the current board still has much to explain regarding how it previously evaluated Retail acquisitions and the company's overall structure.",
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      "text": "Capital Allocation: Prices paid for $4+ billion of Retail acquisitions – including UAP at ~13x EBITDA and Landmark at ~15x – can only be justified by reference to Agrium’s Original Comparables",
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      "text": "Corporate Governance: The board's switch to the Midnight Comparables when challenged by JANA to unlock value means one of two things: Either Agrium’s board for years sat idly by and allowed management to pursue acquisitions at inflated valuations without any serious consideration of value; When asked why Agrium switched their comparables so suddenly, Agrium’s VP of Corporate and Investor Relations commented to Reuters that the board “hadn’t really done that much work”(1) on valuing Retail before JANA’s involvement; Or, the board never honestly evaluated its corporate structure with an eye to maximizing value, and instead sought to avoid a debate by deliberately talking down Agrium’s value",
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      "text": "\"hadn't really done that much work\" — Agrium's VP of Corporate and Investor Relations (commenting to Reuters)",
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      "text": "(1) “Shareholder, Agrium Spar Over Value Of Retail Arm”; Reuters; Rod Nickel and Euan Rocha; August 16, 2012.",
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      "text": "Case Study: Retail Comparable Company Switcheroo (Cont’d)",
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