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  "documentTitle": "Pershing Square Portfolio (multiple positions)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2015-04-28 00:00:00",
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  "notes": "This slide serves as a case study or precedent for an activist campaign.",
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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\nOn April 22nd, Valeant and Pershing Square announced an unsolicited offer to acquire Allergan for $161 per share, a 38% premium to Allergan’s unaffected stock price\nOn March 17th, Allergan merged with Actavis for $242 per share in cash and stock representing a 88% premium to Pershing Square’s cost basis",
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      "text": "share price: $242",
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