{
  "docId": "019dd923-622c-750b-8b98-eaae8b08698d",
  "docSlug": "c665ec3b53b5",
  "documentTitle": "Amcor plc (pro forma Amcor-Berry Global combination) (AMCR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-03-10 00:00:00",
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  "pageNumber": 58,
  "pageCount": 95,
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  "nextPage": 59,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 16,
  "notes": "Uses a CEO quote as a setup for a contradiction analysis.",
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  "components": [
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      "kind": "callout",
      "text": "The CEO touted cost synergies in G&A heavily while selling the transaction. Yet, as evidenced by the audit fees pre- and post-acquisition, costs soared beyond what investors should have expected.",
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      "kind": "metric",
      "text": "Audit Fees: $20.8m",
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      "subkind": "primary",
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      "kind": "paragraph",
      "text": "The CEO touted cost synergies in G&A heavily while selling the transaction. Yet, as evidenced by the audit fees pre- and post-acquisition, costs soared beyond what investors should have expected.",
      "attrs": null,
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      "kind": "quote",
      "text": "And then the third source of cost synergies is in G&A... We've gone at a very detailed level through the duplication in corporate costs... And we've been able to pencil out exactly what that opportunity represents.",
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      "kind": "quote",
      "text": "And then the third source of cost synergies is in G&A. And I want to just repeat something I said earlier, and there is an element of conservatism here because we've excluded the commercial side of the business for the purposes of assessing the opportunity here. We've gone at a very detailed level through the duplication in corporate costs that arises when two public companies come together and the duplication and operational costs associated with running regional businesses in two separate companies. And we've been able to pencil out exactly what that opportunity represents. — CEO Dalia Deal Call Aug 2018",
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      "kind": "source-note",
      "text": "Source: Bemis proxy statement",
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      "kind": "source-note",
      "text": "Source: Amcor proxy statement",
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      "kind": "table",
      "text": "Bemis Audit Fees table",
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      "text": "Amcor Audit Fees table",
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      "kind": "title",
      "text": "Cost Synergies...Right?",
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      "evidence": "Contrasts CEO quote about cost synergies with actual audit fee data.",
      "confidence": 1
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    {
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      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
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      "evidence": "The deck presents benchmarking analysis to argue that Amcor's synergies are suspect.",
      "position": 2,
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      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.6,
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