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  "documentTitle": "Pershing Square | Activist Presentation Deck | 31 slides",
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  "authorName": "Pershing Square",
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  "presentationDate": "2008-05-01 00:00:00",
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  "notes": "Slide 23 of an activist investor deck regarding Triarc/Arby's.",
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      "text": "Arby's and Triarc logos",
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      "text": "Second largest sandwich chain in the US; 3,700 restaurants; 70% franchised; $3.5bn systemwide sales.",
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      "text": "Track record of turning around underperforming company-operated restaurants and improving margins.",
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      "text": "Implied stock price: $6.59; EV: $1.2bn; Equity Value: $0.6mm; Net Debt: $0.6bn; Ticker: TRY",
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      "text": "(1) Based on a fixed exchange ratio of 4.25x and $28 share price for Wendy's. (2) Triarc EBITDA excludes one-time and non-recurring expenses.",
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