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  "documentTitle": "Saputo Inc. (TSX:SAP)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a red callout box to emphasize the lack of transparency in recent deals.",
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      "text": "Spruce Point is concerned that Saputo has overpaid for transactions that have struggled... while recent M&A activity has become more opaque, and potentially much more expensive and problematic.",
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      "text": "Spruce Point is concerned that Saputo has overpaid for transactions that have struggled (e.g. MG (Australia) and Dairy Crest (U.K.)), while recent M&A activity has become more opaque, and potentially much more expensive and problematic.",
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      "text": "Deal Price / Revenues: 5.1x",
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      "text": "a little distressed — Q2 2022 Conference Call",
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      "text": "Saputo's M&A Activity In The Past 5 Years",
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