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  "documentTitle": "Allergan, Inc. (AGN)",
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  "authorName": "William Ackman",
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  "notes": "Uses a binary choice structure to frame the valuation argument.",
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      "text": "PAH's share price has nearly doubled in the six months since the MacDermid acquisition was announced",
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      "text": "Did PAH purchase MacDermid at materially less than its fair value? PAH paid ~10x LTM EBITDA. The seller was a private equity firm with no urgency to sell.",
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