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  "docSlug": "852eb8103109",
  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "pageNumber": 223,
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  "notes": "The slide uses a comparison table to justify capital allocation towards share buybacks rather than M&A.",
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      "text": "TWX appears better served by immediately initiating actions to bolster its stock price (through a dutch auction and other initiatives) to create a more attractive acquisition currency.",
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      "text": "2006E EBITDA Multiple: 8.3x",
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      "text": "Absent evidence that TWX has an attractive strategic use for its debt capacity, the repurchase of shares from the owners is an appropriate deployment of capital.",
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      "text": "TWX shares appear to be a more attractive investment for TWX shareholders than almost any other media company in the market. The idea of purchasing TWX shares at 8.3x 2006E OIBDA or 15.6x 2006E FCF appears to be a more attractive investment for TWX shareholders than using the excess balance sheet capacity for an acquisition at a steep multiple relative to the current trading multiple for TWX.",
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      "text": "TWX appears better served by immediately initiating actions to bolster its stock price (through a dutch auction and other initiatives) to create a more attractive acquisition currency. Expansion by means of future acquisitions, as a result, may not have to occur at value destroying multiples.",
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      "text": "Exhibit 3.27: TRADING VALUES OF SELECTED POTENTIAL TARGETS",
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      "text": "TWX Stock Appears to be a More Attractive Investment than any Acquisition Target",
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