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  "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",
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  "pageNumber": 30,
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  "notes": "The slide uses a yellow callout box to summarize the thesis of the proposal.",
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      "kind": "callout",
      "text": "An IPO of McOpCo would have several positive strategic and financial implications for both McDonald's as well as McOpCo.",
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      "text": "Coca Cola Company carved-out its owned bottling operations in 1986... PepsiCo followed suit in 1999",
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      "text": "Allows for a voice in McOpCo through governance; Supported by highly similar, successful precedent transactions; Allows for an accelerated McOpCo refranchising program; Increases overall size of PF McDonald's investor base",
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      "kind": "title",
      "text": "A Transformational Transaction (Cont'd)",
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      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
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