{
  "docId": "019de06f-3063-736e-8efe-3c325f18f2f1",
  "docSlug": "8a2b56079f523e69bea9092fc1eb3322",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 42,
  "pageCount": 58,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "Part of the Pershing Square activist campaign against McDonald's.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-3063-736e-8efe-3c325f18f2f1/42",
  "deckHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1",
  "deckJsonHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1.json",
  "deckAnchorHref": "/decks/019de06f-3063-736e-8efe-3c325f18f2f1#slide-42",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.15,
        "x": 0.03,
        "y": 0.3
      },
      "kind": "image",
      "text": "McOpCo logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "447204d4-df86-4087-a817-c87bfb6fe0c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.6,
        "x": 0.35,
        "y": 0.4
      },
      "kind": "list",
      "text": "Simple transaction\nMany successful value creating precedent transactions\nMinimal management distraction\nFrictional costs of roughly 5 cents per share\nPreserves current structure's control of McOpCo",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9344b76f-886b-4e8b-b071-78d4603a9bc7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.35,
        "y": 0.8
      },
      "kind": "list",
      "text": "...if desired improvements were not obtained\nMinority buyouts are simple and common transactions with minimal transaction costs",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9f41e6e6-cb33-4793-8e12-295dbd029dce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.35,
        "y": 0.3
      },
      "kind": "title",
      "text": "A minority IPO of McOpCo would have minimal execution risk and negligible frictional costs",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "907d05b3-768d-4133-8287-543aa8cbb504",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.6,
        "x": 0.35,
        "y": 0.7
      },
      "kind": "title",
      "text": "McDonald's would maintain the flexibility to repurchase minority McOpCo stake",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a037b4e-46d3-4340-a40b-599e85d75a56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.35,
        "x": 0.35,
        "y": 0.105
      },
      "kind": "title",
      "text": "Minimal Execution Risk",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3409eb1-8061-4b76-93d6-7549305396f4",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "eb0b04b9-b05e-40f4-be54-565f3a52b9fe",
      "evidence": "The slide explicitly addresses potential concerns about execution risk and transaction costs to neutralize opposition.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}