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  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2016-11-01 00:00:00",
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  "notes": "Part of Pershing Square's proposal for McDonald's.",
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      "text": "Pershing has assumed the following structural and tax assumptions with respect to an IPO spin-off of McOpCo.",
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      "text": "65% of McOpCo shares are IPO'ed in the transaction; 35% stake retained by PF McDonald's allows for McOpCo's business to be deconsolidated. McOpCo is assumed to be essentially a debt free subsidiary. Immediately prior to the IPO, $1.35bn of McDonald's consolidated FY '05E net debt is allocated to McOpCo ($1.5bn total debt, $150mm cash). The remaining $5bn of FY '05E net debt is allocated to PF McDonald's ($5.15bn total debt, $150mm cash). McOpCo's tax basis is assumed to be approximately $1.65 billion ($3bn initial basis less $1.35bn allocated debt). To the extent that the IPO distribution exceeds PF McDonald's tax basis in McOpCo, then the tax cost for the IPO would be the amount by which the IPO distribution exceeds McDonald's basis multiplied by McDonald's corporate and state/local tax rate.",
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      "text": "McOpCo IPO: General Assumptions",
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