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  "authorName": "William Ackman",
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      "text": "Recent performance has shown weak top-line trends",
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      "text": "Nomad’s acquisitions of Iglo and Findus give it the leading branded frozen foods business in Europe",
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      "text": "Historically, Iglo disproportionately invested behind new frozen food categories, at the expense of core offerings, to drive incremental growth\nNomad has shifted its focus back to its core offerings; shift will take time to fully impact the Company's financial performance but early results are encouraging\nImproving sequential sales declines for four straight quarters and encouraging results in the Must Win Battles where the new strategy has been activated",
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      "text": "Leading positions in UK, Italy, Germany, France, Spain, and Nordic region\nStable, high-margin, cash-flow generative with low capex and cash taxes\nPurchase price for both assets of €3.2bn or ~8x EBITDA post-synergies\nPF '15 (ex. synergies): €2.1bn revenue, €345mm EBITDA, €0.95 EPS ($1.02)\nSynergies estimated at €43-48mm",
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      "text": "Nomad Foods (\"NOMD\")",
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