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  "documentTitle": "Allergan, Inc. (AGN)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2014-04-22 00:00:00",
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  "notes": "This slide provides factual evidence regarding the accumulation of an economic stake and the subsequent market reaction.",
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      "text": "With Pershing Square out of the market, Allergan settled to its unaffected price of $116.63 on the close of trading April 10th",
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      "text": "During this period, average volume in Allergan shares declined to 1.9mm",
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      "text": "On April 9th and 10th Pershing Square did not trade Allergan stock or derivatives",
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      "text": "During this period, Pershing Square's notional shares underlying its options accounted for ~17% of Allergan's average daily volume",
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      "text": "With Pershing Square out of the market, Allergan settled to its unaffected price of $116.63 on the close of trading April 10th",
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      "text": "Volume during this period averaged 2.8mm shares",
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      "text": "After reaching a 4.99% economic stake on the morning of April 8th, Pershing Square stopped trading",
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      "text": "During the 31-day trading period from February 25th through April 8th, Pershing Square through its derivative counterparty accumulated a 4.99% economic stake in Allergan",
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      "text": "unaffected share price: $116.63",
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      "text": "Economic stake includes: Allergan common shares; 1% strike, deep in-the money Allergan call options; and Allergan forward contracts on common stock",
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      "text": "Allergan Unaffected Share Price (Cont.)",
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