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  "notes": "Includes Goldman Sachs branding and standard investment banking disclaimer.",
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      "text": "A spin-merger between Client and Strategic Party has the potential to enhance Denali shareholder value, assuming: Multiple uplift of Client business if New Strategic Party trades in-line with Strategic Party's current standalone multiples; Potential revenue and cost synergies; Enterprise business multiple re-rating; Other potential tax and structuring benefits.",
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      "text": "Source: Management, company reports and IBES. Note: Please refer to Appendix A page 20 for additional assumptions and detail. Please refer to Appendix pages 22 and 23 for DFS and tax-related considerations.",
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