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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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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-07-01 00:00:00",
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  "notes": "The slide uses a red callout box to emphasize the core thesis regarding management's failure to maximize value.",
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      "kind": "callout",
      "text": "We believe that recent sellers of AGN shares include long-term investors who fear that Allergan's board and management will not act to maximize shareholder value",
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      "text": "88%(1) of Allergan's float has changed hands since the initial VRX bid, likely indicating that many long-term AGN investors have sold shares",
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      "text": "We believe these buyers likely support the Valeant transaction and believe in the value creation of the business combination",
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      "text": "We believe selling shareholders also recognize that value-destructive actions taken by Allergan management to scuttle the Valeant deal remain a risk",
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      "text": "(1) % of float traded excludes shares owned by Pershing Square and Valeant.",
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