{
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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": 40,
  "pageCount": 120,
  "prevPage": 39,
  "nextPage": 41,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "The slide uses a red dashed box to highlight the 'Allergan Proxy Peers' row, emphasizing the comparison point.",
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  "slideHref": "/slides/019de06f-55b4-734a-a2e3-c1019ed629b5/40",
  "deckHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5",
  "deckJsonHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5.json",
  "deckAnchorHref": "/decks/019de06f-55b4-734a-a2e3-c1019ed629b5#slide-40",
  "components": [
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      "bbox": {
        "h": 0.12,
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      "kind": "callout",
      "text": "Peer movements since the unaffected date imply a 33% to 72% premium over a standalone Allergan today",
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      "kind": "source-note",
      "text": "Source: FactSet. (1) Implied Allergan share price based on relative change in index price from unaffected price of $118.63 on April 10, 2014. (2) Per Allergan proxy statement dated March 26, 2014...",
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      "kind": "table",
      "text": "Table showing index/peer performance from 04/10/2014 to 07/14/2014 and resulting implied premiums.",
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      "kind": "title",
      "text": "Even Adjusted For Peer Movements, the Offer is a Large Premium",
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  "metrics": [],
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      "matchId": "baed4044-3ffe-42e7-8e9f-3f2529f879f1",
      "evidence": "Comparing target company premium against peer group performance to validate valuation.",
      "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",
      "position": 0,
      "objective": "To reveal the true value of the deal",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.8,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
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