{
  "docId": "019de06f-98bc-706e-9c0c-e01708fefbea",
  "docSlug": "4efa0d9df4944d7c7d4d31a5a9f25881",
  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 44 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital LP and Deason Capital Services, LLC",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 15,
  "pageCount": 44,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "section_divider",
  "function": "transition",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a table-like structure to list specific grievances against the deal.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-98bc-706e-9c0c-e01708fefbea/15",
  "deckHref": "/decks/019de06f-98bc-706e-9c0c-e01708fefbea",
  "deckJsonHref": "/decks/019de06f-98bc-706e-9c0c-e01708fefbea.json",
  "deckAnchorHref": "/decks/019de06f-98bc-706e-9c0c-e01708fefbea#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.6,
        "w": 0.9,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "table",
      "text": "Highly unusual structure: Tortured and convoluted transaction structure in which Fuji will acquire a 50.1% controlling interest in Xerox. Skewed risk profile: Fuji will take control of Xerox and receive $120 million more in annual dividends from Xerox “without spending a penny”. No control premium: Even if shareholders assume that the combined entity will achieve a majority of the forecasted $1.7B in synergies – which current management has never demonstrated the capability to do – the transaction only provides ~$28 of value per share. Relative values disproportionately favor Fuji: In Xerox’s analysis, Fuji Xerox is valued based on a multiple of 2018E adjusted EBITDA that is 2.5 turns higher than Xerox, even though Fuji Xerox has 40% lower margins, a higher mix of manufacturing, is on pace to report consecutive years of revenue declines and is still reeling from a massive accounting scandal. Insufficient minority protections: Fuji will continue to compete with Xerox post-closing (for example, in certain categories of high-end equipment, which account for ~20% of Xerox’s total equipment revenue), which will provide ample opportunities for Fuji to abuse its control of Xerox to take market share solely for its own benefit. Conflicted, poorly-run process: Negotiations were led by a conflicted Xerox CEO, who betrayed shareholders by “serv[ing] as a loyal agent of the acquirer” in “a process that ignore[d] other bidders” and was conducted without a proper market check.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cf1e9478-753a-4273-b34f-f9f4759cf07a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.15,
        "x": 0.05,
        "y": 0.07
      },
      "kind": "title",
      "text": "Section II",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75509a62-b52f-4c5c-8ca7-afb7e1c3a608",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 25,
      "from": 6,
      "beatId": "dbad4d53-698b-4806-9ea9-f34856f07762",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "The document presents the proposed Fuji/Xerox transaction as a monster that undervalues Xerox and results in significant value destruction.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}