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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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      "kind": "callout",
      "text": "Limitations on written consent are clearly contrary to shareholder interests... Beneficial tender offers may also be precluded because of a bidder's inability to take action by written consent.",
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      "text": "In terms of day-to-day governance, shareholders may lose an important right—the ability to remove directors or initiate a shareholder resolution without having to wait for the next scheduled meeting—if they are unable to call a timely special meeting. Shareholders could also be powerless to respond to a beneficial offer if a bidder cannot call a special meeting. Over the past few years...companies have responded to shareholder resolutions seeking the right to call special meetings by offering management proposals with stricter requirements...Such restrictions can be used as anti-takeover devices-impeding the removal of incumbent board members or delaying a takeover attempt of the company—and, therefore, run counter to the stated intention of allowing shareholders to call special meetings.",
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      "text": "ISS 2014 US Proxy Voting Guidelines:",
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      "text": "ISS Supports Special Meeting and Written Consent Rights as Important Tools for Empowering Shareholders to Respond to Attractive Offers",
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