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  "documentTitle": "Trian Partners | Activist Presentation Deck | 94 slides",
  "authorId": "trian-partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-09-01 00:00:00",
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  "pageNumber": 65,
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  "slideType": "preempt_rebuttal",
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  "density": "balanced",
  "nDataPoints": 10,
  "notes": "The slide uses a bracketed taxonomy to group deals by outcome status.",
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      "kind": "list",
      "text": "P&G should be well positioned to acquire small, mid-size & local brands and use its R&D and marketing clout to take those businesses to the next level. Unfortunately P&G's M&A track-record has historically been poor. We note that in each case below, P&G lost substantial leadership talent at the acquired company, which contributed to disappointing results",
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      "kind": "source-note",
      "text": "Source: SEC filings, investor call transcripts, Wall Street research and Trian due diligence.",
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      "text": "Table of M&A deals (Iams, Clairol, Wella, Fekkai, Gillette) with acquisition/sale dates, deal sizes, and outcome descriptions.",
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      "kind": "title",
      "text": "But P&G Must Make M&A Integration a Core Capability...The Company Has Either Given Up Or Is Struggling With Past Deals",
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