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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": "Uses a before-after-bridge style logic to show earnings accretion.",
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      "text": "272% increase in earnings per AGN share",
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      "text": "Valeant's revised proposal offers substantial value to AGN shareholders and is highly superior to AGN's standalone value",
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      "text": "What Valeant's proposal offers: $72 of cash per share, $9.01 of Valeant 2014 earnings per AGN share, + DARPin CVR",
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      "text": "Or, if $72 of cash is reinvested in additional VRX shares at $121/share: $15.46 of Valeant 2014 earnings per AGN share + DARPin CVR",
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      "text": "(1) $9.01= 0.83 x 10.85 2014 Pro Forma VRX EPS (2) $15.46 = 1.425 x 10.85 2014 Pro Forma VRX EPS",
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      "text": "How Some Large Shareholders Are Thinking About The Transaction",
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