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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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  "notes": "Uses a binary choice structure to frame the investment thesis.",
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      "text": "PAH's share price has nearly doubled in the six months since the MacDermid acquisition was announced",
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      "text": "Did Investors begin to ascribe Platform Value to PAH? Investors recognize the Platform Value of PAH. PAH's stock price move implies a 100% platform premium",
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      "text": "Did PAH purchase MacDermid at materially less than its fair value? PAH paid ~10x LTM EBITDA. The seller was a private equity firm with no urgency to sell",
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