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  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "The slide uses a quote to undermine management's credibility regarding their standalone valuation.",
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      "kind": "paragraph",
      "text": "Alex Arfaei, BMO; \"Will Likely Go the Distance With AGN; But Should Gain More Support\", June 10, 2014:",
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      "text": "Allergan asserts that its current 26.8x P/E multiple is 'Due to Accelerated EPS Outlook from Mid-teens to Revised Guidance of 20% Five-Year EPS CAGR,' essentially saying that there is no take-out premium in AGN stock related to the VRX offer. Given the stock's reaction following Valeant's offers, we believe most investors would disagree.",
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      "text": "...Other Analysts Question Management's Views on the Standalone Value of Allergan",
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