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  "documentTitle": "Pershing Square Portfolio (multi-position annual update)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2015-01-29 00:00:00",
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  "notes": "This slide outlines the chronological sequence of the Allergan investment case.",
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      "text": "On November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square's initial purchase",
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      "text": "ALLERGAN",
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      "text": "At investment inception, ~$37bn market cap specialty pharmaceutical company\nLeader in aesthetics, dermatology, and ophthalmology\nIn February 2014, Pershing Square formed JV with Valeant to assist in Allergan merger\nBetween February 25th and April 21st, Pershing Square acquired stock and options representing 9.7% of Allergan at an average cost of $128/share representing 28% of Pershing Square’s capital at cost\nOn April 22nd, Valeant and Pershing Square announced an unsolicited offer to acquire Allergan for $153 per share, a 40% premium to Allergan’s unaffected stock price\nOn November 17th, Allergan agreed to sell to Actavis for $219 per share in cash and stock representing a 75% premium to Pershing Square’s initial purchase",
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      "text": "Allergan Inc.",
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