{
  "docId": "019de06f-7b6a-7599-b88b-e5db756b283e",
  "docSlug": "e8ed5b303558509d41c1162984588b13",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 25,
  "pageCount": 79,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "roadmap",
  "function": "plan_implementation",
  "density": "balanced",
  "nDataPoints": 7,
  "notes": "Outlines specific financial mechanics for a corporate spin-off/restructuring proposal.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/25",
  "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e",
  "deckJsonHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e.json",
  "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-25",
  "components": [
    {
      "bbox": {
        "h": 0.065,
        "w": 0.428,
        "x": 0.528,
        "y": 0.3
      },
      "kind": "list",
      "text": "Step 2: Issue Debt and Pursue Leveraged Self Tender",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a802e79-4795-41a9-ae33-3cb35587cb1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.065,
        "w": 0.483,
        "x": 0.074,
        "y": 0.3
      },
      "kind": "list",
      "text": "Step 1: IPO of 65% McOpCo",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b4aee7a-bd4f-4171-96a0-f6c6aba7c2c7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.415,
        "x": 0.087,
        "y": 0.418
      },
      "kind": "list",
      "text": "IPO 65% of McOpCo; IPO generates estimated $3.27bn of after tax proceeds; Assumes a 7x EV/FY'06E EBITDA multiple; Assumes $1.35 bn of Net Debt allocated to McOpCo",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "adf6c266-1a9d-47ac-af9d-3f204c5a4145",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.415,
        "x": 0.536,
        "y": 0.418
      },
      "kind": "list",
      "text": "Issue $14.7bn of financing secured against PF McDonald's real estate; Debt financing and IPO proceeds used to; Refinance all of the existing $5 bn of net debt at Pro Forma McDonald's; Repurchase 316mm shares at $40 per share; Pay $300mm in fees and transaction costs",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e2b8122d-6844-42df-9d74-37253ae78ed6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.025,
        "w": 0.272,
        "x": 0.364,
        "y": 0.153
      },
      "kind": "title",
      "text": "Pershing's Proposal: McOpCo IPO",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3616524c-bdce-4cb2-b4cc-de7ae4705240",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 36,
      "from": 24,
      "beatId": "96b55855-b5bd-4f3a-af97-bae3c64e2f8a",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The deck proposes a McOpCo IPO as a solution and presents valuation tables and financial analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 33,
      "from": 25,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "d59afb20-e8a6-4237-99f3-ce0619d279c6",
      "evidence": "The deck presents valuation tables and financial analysis to support the proposal",
      "position": 1,
      "objective": "To reveal the potential value creation of a McOpCo IPO",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.8,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}