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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 rhetorical question as a title to frame the subsequent bullet points as a rebuttal to management's potential strategy.",
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      "text": "We are dubious that Allergan shareholders would be better off paying a premium for another company than receiving a premium for their own business\nGiven Allergan's poor M&A history, we expect shareholders will be skeptical of the value-creation potential of any acquisition\nUnlike Valeant, Allergan has no experience integrating a large acquisition\nShareholders will likely be especially leery of acquisitions of pipeline assets, which are speculative in nature and have been particularly value-destructive for Allergan historically\nAny \"value-creating\" acquisitions would have most likely been available for years before the Valeant bid",
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      "text": "Why is Now the Right Time to Make a Large Acquisition?",
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