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  "documentTitle": "Wendy's International (WEN)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-05-21 00:00:00",
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  "notes": "Includes footnotes 1-4 detailing EBITDA adjustments and share calculations.",
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      "text": "Based on the assumptions below, the Pro Forma combined Company would have $473mm of '08E EBITDA without any cost savings. Assuming cost savings, the Pro Forma combined Company would have $633mm of EBITDA and is trading at 6.3x EBITDA",
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      "text": "(1) 2008E EBITDA estimates exclude non-recurring and one-time items. (2) Fully diluted shares based on all options outstanding and the treasury stock method. (3) Triarc EBITDA is based on Triarc Restaurant segment EBITDA and excludes $128mm of FY 2007A corporate expense, which is expected to be non-recurring. (4) See footnote 1 on page 23.",
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      "text": "Wendy's / Arby's Combination",
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