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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 red callout box to frame the company's actions as intentional obstructionism.",
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      "kind": "callout",
      "text": "To frustrate shareholder action, Allergan designed unnecessary restrictions to calling a special meeting",
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      "kind": "list",
      "text": "The board determines, in sole discretion, whether meeting requests are compliant",
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      "text": "Special meetings may not consider any \"Similar Items\" covered at a meeting in the previous year. By which the Allergan board seeks to PROHIBIT THE ELECTION OF NEW DIRECTORS at a special meeting, even if current Allergan directors are removed.",
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      "text": "Highly unusual requirement for Cede & Co. to itself submit individual signed meeting requests (rather than granting the usual omnibus proxy) and for shareholders themselves to become record owners adds substantial logistical barriers",
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      "text": "Unduly onerous disclosure requirements (with ongoing duty to update) for requesting shareholders (e.g., 2-year trading date, relationships with AGN employees and competitors)",
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      "kind": "source-note",
      "text": "(1) A shareholder derivative lawsuit is pending in Delaware challenging the Allergan board's attempted application of \"Similar Items\" to replacing directors (in re Allergan, Inc. Stockholder Litigation)",
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      "kind": "title",
      "text": "Allergan's Special Meeting Provision Provides a Heavily Restricted Right (Cont.)",
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