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  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 44 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital LP and Deason Capital Services, LLC",
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  "presentationDate": "2018-04-01 00:00:00",
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      "kind": "callout",
      "text": "The Xerox synergy valuation assumes both flawless execution AND massive post-closing multiple expansion for the combined company, neither of which is realistic.",
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      "text": "Five callout boxes containing quotes from Xerox 10-K regarding synergy risks.",
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      "text": "Why should shareholders capitalize 100% of the purported synergies when (A) management has never demonstrated the ability to bring cost savings to the bottom line and (B) Xerox's 10-K is replete with (well justified) warnings that the synergies may never be achieved?",
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      "text": "1) Per page 6 of “Xerox Responds to Carl Icahn and Darwin Deason Open Letter” presentation filed with the SEC on February 13, 2018\n2) Assumes 60% of $1.25B of transaction cost synergies per Xerox presentation dated February 9, 2018 are achievable\n3) See Xerox 2017 10-K",
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      "kind": "table",
      "text": "A More Realistic View of Synergy Value table comparing Xerox's View vs Realistic View",
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      "text": "Xerox also inflates the proposed transaction's value by capitalizing 100% of the purported synergies using that same lofty and unjustified premium",
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