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  "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",
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  "pageNumber": 33,
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  "slideType": "valuation_table",
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  "density": "balanced",
  "nDataPoints": 2,
  "notes": "The slide uses a comparative logic to argue against using current market value for the Valeant/Allergan deal.",
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      "kind": "list",
      "text": "Valued on an unaffected basis, this transaction is a merger between a $42 billion equity market cap company, Valeant, and a $35 billion company, Allergan. Allergan shareholders will own 44% of the combined company.",
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      "text": "Compare this transaction to one where target company shareholders will own a minimal amount of the combined company. In that case, this logic does not apply, and investors could use the current market value of the acquirer's stock to value the offer.",
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      "text": "In such a stock transaction, one cannot value the offer using the current market value of the acquirer's common stock. Investors must use the projected value of the combined entity, considering synergies and strategic benefits.",
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      "kind": "source-note",
      "text": "(1) Reflects Allergan's market capitalization as of April 10, 2014, the day before Pershing Square began its rapid accumulation program, and Valeant's market capitalization as of April 21, 2014, the day before Valeant announced its bid to acquire Allergan.",
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      "kind": "title",
      "text": "Proper Way to Value the Proposed Transaction",
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      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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