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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",
  "orientation": "landscape",
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  "pageNumber": 34,
  "pageCount": 120,
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  "slideType": "thesis_headline",
  "function": "frame_situation",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The slide uses a 'We believe' framing to preemptively address market skepticism regarding the deal's value.",
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      "kind": "callout",
      "text": "We believe Valeant’s current stock price does not reflect the anticipated value of the combined entity, including synergies, and therefore serves as a poor measure to evaluate the offer",
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      "text": "Valeant management believes the transaction delivers immediate accretion of ~25% to Valeant’s 2014 EPS on a pro forma basis(1)\nWe believe transaction uncertainty created by Allergan’s obstructionism has kept Valeant’s stock price from reflecting the transaction’s benefits\nWe believe merger arbitrage activity has affected Valeant’s stock price\nShort interest is 4x the average level prior to deal announcement\nArbitrage investors require compensation for uncertainty and time value of money",
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      "text": "(1) Based on EPS of $8.55-$8.80 standalone and $10.69-$11.00 pro forma (Valeant management estimates – May 28, 2014 and June 2, 2014, respectively).",
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      "kind": "title",
      "text": "We Believe Valeant’s Current Stock Price Does Not Reflect the Full Value of the Offer",
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  "metrics": [],
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      "evidence": "Uses 'We believe' to frame the market's current valuation as incorrect.",
      "confidence": 0.9
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  "arcBeats": [],
  "loops": [
    {
      "to": 40,
      "from": 31,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "8bf64e6f-6eda-40f4-bfec-81e388dad58f",
      "evidence": "The document provides detailed financial analysis to support the valuation of the deal",
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      "objective": "To reveal the true value of the deal",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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