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  "docSlug": "026aa39efc5ddd02b246ab06000ae2aa",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 31 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-05-01 00:00:00",
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  "pageNumber": 25,
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  "slideType": "valuation_table",
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  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide highlights the discrepancy in valuation multiples between Wendy's and Triarc.",
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      "kind": "callout",
      "text": "In the proposed transaction, Wendy's, which currently has a market cap of $2.45bn and is currently trading at 8.9x '08E EBITDA, is buying Triarc at 7.4x EBITDA for ~$600mm in an all-stock transaction",
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      "text": "(1) Based on Triarc's Q1 2008 Balance sheet. Net debt includes Triarc's $59mm of cash and cash equivalents, $18mm of restricted cash and equivalents, and $97mm of long-term investments, the majority of which is an investment in Trian. Net debt excludes the value of Deerfield REIT notes and Deerfield REIT common stock.",
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      "kind": "table",
      "text": "Triarc Deal Capitalization and Trading Multiple",
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      "kind": "title",
      "text": "Triarc's Offer: What's Really Happening...",
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