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  "notes": "The slide highlights a specific qualitative judgment from advisors regarding market perception of the spun-off entity.",
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      "text": "Advisors were assigned to review the Proposal\nIn general, Advisors agreed with Pershing on:\nMcOpCo valuation\nRelative allocation of EBITDA between McOpCo and PF McDonald's\nHowever, their judgment was that PF McDonald's would not enjoy significant multiple expansion",
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