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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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  "notes": "The slide uses quotes to frame management's M&A strategy as a potential defensive tactic (poison pill/entrenchment) rather than purely strategic growth.",
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      "kind": "paragraph",
      "text": "Jeff Edwards, Allergan CFO, Conference call, May 12, 2014:",
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      "text": "David Pyott, Allergan CEO, 8-K filed May 19, 2014:",
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      "text": "As you know, historically we produced strong free cash flow as well and we've managed to deploy a lion's share of that free cash flow. The number one priority is always business development, so M&A. By all means we will continue looking aggressively for opportunities across the therapeutic areas we presently do business, but also looking for adjacencies or other specialty areas that could provide significant value.",
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      "text": "We listened carefully to investors' perspectives and heard that they would like to see us harnessing this financial strength to create even more stockholder value by, among other suggestions, either purchasing growth oriented companies or technologies that fit our strategy and operating model, and/or buying back Allergan stock.",
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      "kind": "title",
      "text": "Management is Considering Making Acquisitions of its Own to Thwart an Attractive Bid",
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