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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
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  "authorName": "Pershing Square Capital Management",
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  "notes": "The slide uses a chronological narrative to frame the transition from the initial proposal to the revised proposal.",
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      "text": "Since November 15, we have had numerous discussions with shareholders and franchisees from around the world",
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      "text": "Management believed that our Initial Proposal (1) would result in potential \"frictional costs\"; (2) could have an unfavorable credit impact; and (3) could create system issues",
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      "text": "McDonald's believed, based on its advisors' valuation, that there was not enough value creation to outweigh frictional costs and other concerns",
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      "text": "September 22, 2005: Pershing Square Capital Management (\"Pershing\") presented a proposal for increasing shareholder value (\"Initial Proposal\") to McDonald's management",
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      "text": "October 31, 2005: McDonald's management communicated its response to our Initial Proposal",
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      "text": "Today we would like to share our Revised Proposal for Creating Significant Value at McDonald's which incorporates feedback from McDonald's management, franchisees and other shareholders",
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