{
  "docId": "019de06f-55b4-734a-a2e3-c1019ed629b5",
  "docSlug": "42b17c6fff3e2006bf9fc5d84bd6edcc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 120 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2955465,
  "pageNumber": 17,
  "pageCount": 120,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "This slide addresses potential legal or procedural pushback from the company regarding shareholder rights.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-55b4-734a-a2e3-c1019ed629b5/17",
  "deckHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5",
  "deckJsonHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5.json",
  "deckAnchorHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5#slide-17",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.1,
        "y": 0.63
      },
      "kind": "list",
      "text": "While the sale of a share revokes that share from the special meeting solicitation, the remainder of that investor's position will continue to qualify in support for the meeting",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30160063-7839-45f9-8d64-3222cf95ef56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.1,
        "y": 0.36
      },
      "kind": "list",
      "text": "Shareholders are required to represent that they intend to hold shares through the special meeting",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b6e46963-b1e9-4c1f-9113-4b5d80f07eff",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.1,
        "y": 0.47
      },
      "kind": "list",
      "text": "Shareholders are still permitted to sell their shares after announcing their intention to hold them, but any shares sold will not count towards the 25% requirement to call a special meeting",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c23c9989-57b3-4fd8-8542-96b1a8325b56",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.06,
        "y": 0.29
      },
      "kind": "list",
      "text": "There are, however, misperceptions that should be dismissed",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d363899a-7461-422a-a247-45f73743d131",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.06,
        "y": 0.21
      },
      "kind": "list",
      "text": "Allergan's bylaws as written provide onerous burdens",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f808f635-7397-4227-bad2-ce72e5a0a4ad",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.65,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "Misperceptions Regarding Calling a Special Meeting",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6059640b-57ba-4148-86f8-1b8163b955ff",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 24,
      "from": 9,
      "beatId": "bf928945-d71f-4324-9c3e-615807756058",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Complication",
      "beatSlug": "complication",
      "evidence": "The document highlights Allergan's poor corporate governance and questionable business practices",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    },
    {
      "to": 20,
      "from": 14,
      "beatId": "1bad9eef-dae4-4818-9e13-1327b1983cfc",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document exposes contradictions in Allergan's arguments against the special meeting",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}