{
  "docId": "019dd923-622c-750b-8b9b-7e7228555e88",
  "docSlug": "36c903ba19aa",
  "documentTitle": "Allergan, Inc. (AGN)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-22 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.70665085,
  "pageNumber": 65,
  "pageCount": 110,
  "prevPage": 64,
  "nextPage": 66,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 40,
  "notes": "The slide uses a dual-axis chart to correlate share price (line) with volume (bars) and Pershing Square's specific purchase activity (dark bars).",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "line_chart",
    "bar_chart_vertical",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-7e7228555e88/65",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-7e7228555e88#slide-65",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.82,
        "x": 0.09,
        "y": 0.13
      },
      "kind": "callout",
      "text": "Allergan's unaffected share price is $116.63, the closing price on April 10, the day before Pershing Square began its rapid accumulation program",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1242aaf2-0ac3-4d13-b378-afbeb6f60857",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.75,
        "x": 0.13,
        "y": 0.21
      },
      "kind": "chart",
      "text": "Allergan share price and volume from 2/25/2014 to 4/21/2014",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f4d5a2ae-327d-45ba-b3d2-5c60d5f2f87f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.22,
        "y": 0.46
      },
      "kind": "legend",
      "text": "Shares, Options, and Forwards Purchased by Pershing Square; Volume; Share Price",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5fb36e3-1139-46a3-aae7-20e3b8cc49f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "share price: $116.63",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d4-752d-aad0-af191754f751",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.78,
        "x": 0.11,
        "y": 0.49
      },
      "kind": "paragraph",
      "text": "Note: Chart shows Allergan's share price, volume, and the number of shares, delta-one options, and forwards purchased by Pershing Square from February 25, 2014, the day Pershing Square began its purchases, to April 21, 2014. Share price and volume data are as per Capital IQ.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "32f377d2-8b18-420d-b00c-19377878e8ff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.09,
        "y": 0.09
      },
      "kind": "title",
      "text": "Allergan Unaffected Share Price",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f1bcca7-5967-45e8-b5fe-3fac75fcc147",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "01578553-dc07-4620-ab4c-06fa7d947744",
      "evidence": "Establishes an 'unaffected' baseline price to counter potential claims of market manipulation or inflated valuation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [
    {
      "to": 69,
      "from": 64,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "96b6da1b-b7fe-4458-b004-ac1d3163a35f",
      "evidence": "The presentation notes that Allergan shareholders may miss out on value creation if the deal is not pursued",
      "position": 1,
      "objective": "To highlight the risks of not pursuing the Valeant acquisition",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}