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  "documentTitle": "Allergan, Inc. (AGN)",
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  "authorName": "William Ackman",
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  "presentationDate": "2014-04-22 00:00:00",
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      "kind": "callout",
      "text": "Val-gan would need to trade at only 7.4x 2014 Pro-Forma Cash EPS1 in order for the Transaction value to exceed Allergan's unaffected price",
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      "text": "Val-gan would need to trade at only 7.4x 2014 Pro-Forma Cash EPS1 in order for the Transaction value to exceed Allergan’s unaffected price",
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      "text": "P/E Ratio: 7.4x",
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      "kind": "source-note",
      "text": "Source: Valeant Presentation April 22, 2014 2014 Pro-Forma Cash EPS Mid-Point *Erratum: Original presentation referred to \"Venus\"",
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      "text": "P/E Ratio: 7.4x; 2014 Pro-Forma EPS $11.08; Earnings Multiple 7.4x; Valeant* Stock Price $82; x (Exchange Ratio) 0.83; + Stock Value $68; + Cash Value/Share $48; = Total Value (Stock + Cash) $116; % Change vs. Unaffected Price 0%",
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      "text": "Large Margin of Safety",
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