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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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  "pageNumber": 35,
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  "notes": "Uses a simple arithmetic bridge to show how the $223 total offer value is derived.",
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      "text": "Equity Consideration Calculation: Valeant Stock Price * Exchange Ratio = Per Share Equity Consideration + Per Share Cash Consideration = Total",
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      "text": "We believe Allergan's board has erred in using Valeant's current stock price to value the transaction\nWe believe a valuation that takes into account the fair value of the combined company, of which Allergan investors will own ~44%, is the proper methodology for valuing the offer",
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      "text": "$10.85 x 16.8 p/e = $182 per share\nPro-Forma 2014 EPS = $10.85\nBlended Unaffected 2014 P/E Multiple = 16.8x",
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      "text": "(1) Source = Management estimate, Valeant June 2nd presentation\n(2) Source = Management estimate, Valeant May 28th presentation",
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      "kind": "title",
      "text": "Using the Fair Value of the Combined Company Implies a Considerably Higher Offer Value",
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