{ "docId": "019de06f-7049-743a-b0a8-9cfe2ffaf4d1", "docSlug": "6b0fd61af0e9d15d1f72975600e94619", "documentTitle": "Moelis & Company | Investment Banking Pitch Book | 44 slides", "authorId": "moelis-company", "authorName": "Moelis & Company", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "investment_bank", "sourceTypeLabel": "Investment bank", "presentationDate": "2016-07-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.294673, "pageNumber": 5, "pageCount": 44, "prevPage": 4, "nextPage": 6, "slideType": "appendix_disclosure", "function": "establish_context", "density": "overcrowded", "nDataPoints": 4, "notes": "This is a standard disclosure/background slide for an investment banking fairness opinion or advisory presentation.", "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de06f-7049-743a-b0a8-9cfe2ffaf4d1/5", "deckHref": "/decks/019de06f-7049-743a-b0a8-9cfe2ffaf4d1", "deckJsonHref": "/decks/019de06f-7049-743a-b0a8-9cfe2ffaf4d1.json", "deckAnchorHref": "/decks/019de06f-7049-743a-b0a8-9cfe2ffaf4d1#slide-5", "components": [ { "bbox": { "h": 0.055, "w": 0.805, "x": 0.108, "y": 0.415 }, "kind": "list", "text": "On May 20, 2016, the Committee held a meeting with Orlando management, Moelis, and Skadden to discuss the merits of a potential transaction with Napa, with Moelis and Orlando management discussing their preliminary perspectives based on due diligence that included:", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "012a5d01-df2b-43f9-bc79-94bb6cf53000", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.055, "w": 0.805, "x": 0.108, "y": 0.695 }, "kind": "list", "text": "On May 27, 2016, the Committee held a meeting with Orlando, Moelis, and Skadden to discuss Moelis' and Orlando's further findings and preliminary financial analysis. At this meeting, the Committee authorized Moelis to communicate a proposal to Napa's advisors that Orlando would be prepared to enter into a transaction at $100 / share for Napa.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "11f799f0-3035-4cb7-9977-41ee54545edd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.055, "w": 0.805, "x": 0.108, "y": 0.625 }, "kind": "list", "text": "At the May 20, 2016 meeting, the Committee determined it was appropriate to explore a potential transaction with Napa. Following the Committee's approval, Moelis and Orlando held a telephonic discussion on May 23, 2016 to review Orlando's preliminary financial model for Napa and assumptions underlying the projections.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1e6fbed8-83b8-4953-9bbf-e4266413481e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.055, "w": 0.805, "x": 0.108, "y": 0.765 }, "kind": "list", "text": "On June 1, 2016, at the direction of the Committee, Moelis communicated Orlando's initial offer of $100 / share for Napa to Napa's financial advisors, with additional price negotiations between Orlando, Napa, and its advisors continuing through July 15, 2016 and multiple additional Committee meetings during this period", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "427478f5-5f5b-49d9-9a19-1ef85388fd72", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.778, "x": 0.135, "y": 0.565 }, "kind": "list", "text": "On May 11, 2016, Moelis and Orlando held a telephonic discussion with Napa's CFO to review a number of topics around Napa's financials and related business considerations", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "42ffbe32-1f64-4ed5-a297-632350c61af4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.055, "w": 0.778, "x": 0.135, "y": 0.495 }, "kind": "list", "text": "On May 5, 2016, Moelis, Orlando, Skadden, and a representative from the Committee attended a management presentation with members of Napa management and Napa's advisors to discuss a number of topics, including an overview of Napa's business, a review of Napa's go-to-market approach, and a review of Napa's financials", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5ac75029-829d-4409-847e-8e69613fd9db", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.055, "w": 0.805, "x": 0.108, "y": 0.275 }, "kind": "list", "text": "Moelis has been retained by the Special Committee to act as financial advisor to the Committee in connection with the Committee's consideration of a potential transaction involving Napa and alternatives thereto, following an initial meeting with the Committee on April 19, 2016", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7f48ac84-312c-4057-8dac-b9cc6129bcdf", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.778, "x": 0.135, "y": 0.36 }, "kind": "list", "text": "Orlando's Committee was assembled in part because of common ownership between Napa and Orlando, with E and family owning ~46% of Napa and ~27% of Orlando common shares outstanding", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "80d15516-702b-4d4b-b3f1-76bbdc7a39a5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.055, "w": 0.778, "x": 0.135, "y": 0.835 }, "kind": "list", "text": "During this period, on July 6, 2016, Moelis and Orlando held a telephonic discussion with Napa's CFO to review Napa's Q2 preliminary financial results and related business considerations, with follow-up financial information provided by Napa to Orlando through its advisors on July 10 and July 11, 2016", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b4fb1408-205b-49c0-b93f-dd5db625a1e6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.055, "w": 0.805, "x": 0.108, "y": 0.165 }, "kind": "paragraph", "text": "Moelis has held discussions with the Special Committee (the \"Special Committee\" or the \"Committee\") of the Board of Directors of Orlando, Orlando's management, Napa's management and its advisors, and has also reviewed a number of public and private information sources in forming its perspectives", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "81320ba5-b152-4bfc-86e3-cf65c8973484", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.025, "w": 0.115, "x": 0.108, "y": 0.115 }, "kind": "title", "text": "Background", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0bef3c94-7fbe-43fa-9a42-d966850fd7fa", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "from": 1, "beatId": "fcb48449-8459-4e77-abcf-6c4918c8e2d4", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Situation & Context", "beatSlug": "consultants-gambit-situation-context", "evidence": "The document provides an overview of Project Napa and its background", "position": 0, 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