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  "documentTitle": "Family Dollar Stores (FDO)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2011-05-25 00:00:00",
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  "notes": "The table uses a 15x EPS multiple to convert operational improvements into per-share value.",
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      "text": "A strategic buyer could justifiably pay a ~50% premium to market",
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      "text": "Implied Takeout Price: $80",
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      "text": "~15% of SG&A is corporate expenses. Distribution expense is also a potential source of SG&A synergy",
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      "text": "What Could a Strategic Buyer Pay?",
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