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  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
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  "pageNumber": 12,
  "pageCount": 95,
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  "slideType": "villain_critique",
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  "nDataPoints": 8,
  "notes": "The slide uses a CEO quote to contrast the company's stated strategy with the activist's thesis that the strategy is exhausted.",
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      "text": "Spruce Point believes that Amcor’s roll-up is in its final stages, having merged with Bemis in a $6.8 billion dollar transaction – the largest in its recent history.",
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      "text": "Spruce Point believes that Amcor's roll-up is in its final stages, having merged with Bemis in a $6.8 billion dollar transaction – the largest in its recent history. Now as a $20 billion market cap entity, to continue its growth by acquisitions, Amcor will have to look for larger targets, few of which exist that will move the needle.",
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      "kind": "quote",
      "text": "And our model and our track record has been to acquire. We've done 25-plus deals in the last 6 or 7 years.",
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      "kind": "quote",
      "text": "And our model and our track record has been to acquire. We've done 25-plus deals in the last 6 or 7 years. — CEO Delia, Citigroup Conf Dec 2019",
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      "kind": "source-note",
      "text": "Source: Bloomberg",
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      "text": "A Roll-Up Hitting A Wall",
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