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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 25 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
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  "presentationDate": "2018-07-01 00:00:00",
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  "nDataPoints": 30,
  "notes": "Includes a table for illustrative calculation and a bar chart showing share price trends with implied premia.",
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      "kind": "chart",
      "text": "Observed and Adjusted Share Prices | Implied Premia to Midstream Closing Price",
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      "text": "Midstream's offer assumes shares issued to settle the Series B that are in excess of the shares implied by the conversion mechanism and status quo market cap should reduce the status quo value of GP's shares. Analysis calculates total equity value, including status quo Series B conversion value, then divides by pro forma GP share count after Series B units are exchanged for 18.5mm GP shares to estimate an adjusted GP share price",
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      "text": "Source: Bloomberg market data as of 13-Jul-18. Calculation based on closing price (not VWAP) and assumed 6% Series B take based on commentary from Midstream's advisors.",
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      "kind": "title",
      "text": "Midstream Perspective: Dilutive Impact of Series B Settlement on Current GP Share Price",
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