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  "notes": "The slide compares two valuation scenarios for HC (4.9x vs 4.5x EBITDA) and their impact on synergy distribution.",
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      "text": "The following analysis estimates the split of synergy value between Deluxe vs. M&F at a range of run-rate synergy levels and of purchase prices for HC",
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      "text": "Source: FactSet, Montana Projections – Updated Case",
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