{
  "docId": "019dd923-622c-750b-8b9b-25fc98d95c50",
  "docSlug": "5ae5957203aa",
  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-18 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 42,
  "pageCount": 58,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a list-based argument structure to address potential concerns about transaction complexity and cost.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-25fc98d95c50/42",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-25fc98d95c50#slide-42",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "A minority IPO of McOpCo would have minimal execution risk and negligible frictional costs",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a328-3b28e223fedd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.17,
        "w": 0.17,
        "x": 0.03,
        "y": 0.29
      },
      "kind": "image",
      "text": "McOpCo logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a231eb65-c72a-48dd-9936-a184308f0c95",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.55,
        "x": 0.35,
        "y": 0.4
      },
      "kind": "list",
      "text": "Simple transaction; Many successful value creating precedent transactions; Minimal management distraction; Frictional costs of roughly 5 cents per share; Preserves current structure's control of McOpCo",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "19b42ee0-8de5-444e-927b-017a678e4593",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.35,
        "y": 0.8
      },
      "kind": "list",
      "text": "...if desired improvements were not obtained; Minority buyouts are simple and common transactions with minimal transaction costs",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8422a4e7-cc6e-454c-b6e9-3068dfa3013c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.35,
        "y": 0.3
      },
      "kind": "title",
      "text": "A minority IPO of McOpCo would have minimal execution risk and negligible frictional costs",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "087d65ab-5773-43f7-990c-dca201b2397e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.35,
        "y": 0.7
      },
      "kind": "title",
      "text": "McDonald's would maintain the flexibility to repurchase minority McOpCo stake",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "103dca14-0c43-408c-ab9f-009db1a680e9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.35,
        "y": 0.1
      },
      "kind": "title",
      "text": "Minimal Execution Risk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c28d5f8-c0f2-4971-a646-9cecd4d28b74",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "703f6b5f-b149-4ba6-bf2c-96cc1a2ef996",
      "evidence": "The slide explicitly addresses potential counter-arguments regarding risk and cost to facilitate a smoother approval process.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 44,
      "from": 17,
      "beatId": "80372130-4d11-441b-a4bc-6c678b9b2ece",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document proposes solutions to improve McDonald's operating performance and unlock shareholder value.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}