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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 precedent table to anchor the current deal against historical market data.",
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      "kind": "source-note",
      "text": "Source: Company filings and FactSet as of 7/14/14. Note: Mean and median values do not include proposed Allergan / Valeant transaction.",
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      "kind": "subtitle",
      "text": "Pharmaceutical M&A transactions over $15 billion in last 10 years (ranked by upfront premium paid)",
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      "text": "Table of 8 transactions with columns for Acquiror, Target, Date, Transaction Value, Form of Consideration, Premium, EV/Revenue, and EV/EBITDA.",
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      "kind": "title",
      "text": "The Offer is Compelling Even When Valued at Valeant's Current Share Price: The \"Look-Through\" Value of the Deal",
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      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "8bf64e6f-6eda-40f4-bfec-81e388dad58f",
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      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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