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  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-04-01 00:00:00",
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  "notes": "The slide uses a 'margin of safety' framing to argue that the proposed transaction is undervalued or safe for the acquirer.",
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      "kind": "callout",
      "text": "Val-gan would need to trade at only 7.4x 2014 Pro-Forma Cash EPS1 in order for the Transaction value to exceed Allergan's unaffected price",
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      "text": "Source: Valeant Presentation April 22, 2014 2014 Pro-Forma Cash EPS Mid-Point *Erratum: Original presentation referred to \"Venus\"",
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      "text": "2014 Pro-Forma EPS $ 11.08; Earnings Multuple 7.4x; Valeant* Stock Price $ 82; x (Exchange Ratio) 0.83; + Stock Value $ 68; + Cash Value/Share $ 48; = Total Value (Stock + Cash) $ 116; % Change vs. Unaffected Price 0%",
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