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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": "This slide is part of an activist campaign (Valeant/Pershing Square) against Allergan.",
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      "text": "Source: Interview with David Pyott (Reuters, July 1), Company filings and FactSet. (1) Represents Allergan's maximum borrowing capacity while retaining investment-grade rating (2) As of July 14, 2014. Peers from Allergan's 2014 proxy (excluding Forest Laboratories).",
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      "text": "Represents 24% premium over 12-month median price target of $135 per share before initial Valeant bid",
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      "text": "A leveraged buyback of this scale would likely have to be conducted at a meaningful premium to AGN's current price",
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      "text": "82% premium over the three-year average price of $92 per share",
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      "text": "Allergan's stock is currently trading at 29x 2014E earnings per share, vs. 18x for its peers(2)",
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      "text": "Allergan has indicated that the company is contemplating a leveraged buyback of up to $10 billion(1), compared to a total buyback of $2.4 billion from 2011 to Q1 2014",
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      "text": "A Large Buyback at the Currently Elevated Share Price would be Value-Destructive",
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