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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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  "notes": "The slide uses a hypothetical scenario to justify a valuation premium based on asset acquisition scale.",
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      "kind": "callout",
      "text": "Val-gan would only have to acquire ~$20bn of assets to justify a 26% platform premium",
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      "text": "Assumes 100% increase in value of acquired assets",
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      "text": "Shareholder Value Creation: 26%",
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      "text": "We believe the $6tn scale of the healthcare product market and Val-gan’s extraordinary financial capacity could allow it to acquire substantially more assets than the table above illustrates",
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      "text": "Pro-Forma Market Cap Assumptions: Valeant pro-forma share count of ~600mm and a share price of $126.00 (closing price April 21, 2014) This illustrative example does not take into account present value analysis of the acquisition program",
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      "text": "Acquired Assets ($bn) 10 20 30 40; (a) Value Creation ($bn) 10 20 30 40; (b) Pro-Forma Market Cap ($bn) 78 78 78 78; % Sharholder Value Creation: (a/b) 13% 26% 38% 51%",
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