{
  "docId": "019de06f-bef7-755a-b600-72f02b7dd584",
  "docSlug": "b8fbc5e32a665b4738866dad04bcffaf",
  "documentTitle": "Icahn Enterprises | Activist Presentation Deck | 20 slides",
  "authorId": "icahn-enterprises",
  "authorName": "Icahn Capital",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 14,
  "pageCount": 20,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "Uses third-party quotes to build credibility for the activist position.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-bef7-755a-b600-72f02b7dd584/14",
  "deckHref": "/decks/019de06f-bef7-755a-b600-72f02b7dd584",
  "deckJsonHref": "/decks/019de06f-bef7-755a-b600-72f02b7dd584.json",
  "deckAnchorHref": "/decks/019de06f-bef7-755a-b600-72f02b7dd584#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "While DVMT continues to trade at a ~35% discount to the VMware shares they are supposed to track, Michael Dell and Silver Lake are proposing a conversion ratio that values Dell using the full value of those same VMW shares.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64fb79f3-9766-4fa4-bbe0-a77b04789f93",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "paragraph",
      "text": "In other words, not only does Dell want to acquire your DVMT shares at a 30% discount, but incredulously, they also want to pay for it by using Dell equity at an inflated valuation that assumes the full economic value of the VMW shares!",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "896cb148-dcd8-430e-b161-24929355bb31",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.71
      },
      "kind": "quote",
      "text": "In many ways, the IPO alternative seems suboptimal for both sides",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0dfa101f-cb51-4b3d-8172-d8b603396036",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.57
      },
      "kind": "quote",
      "text": "A full 87% of [Deutsche Bank conference] attendees believed that if the vote were to occur today, Dell’s existing bid would be voted down",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "57429ad4-eda2-48f3-946a-2051eee0584a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "quote",
      "text": "The Biggest Winner of Dell's Public-Market Return? Michael Dell",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ddc7ced0-787e-4d2b-b131-d9d6628627e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.2,
        "y": 0.76
      },
      "kind": "source-note",
      "text": "Institutional Shareholder Services Inc., research note October 5, 2018",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "05a2ad66-e151-4768-a619-35067d0a1d41",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.35,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "Bloomberg Deals, July 2, 2018",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c1a8a5b-31cd-49b8-85db-9a5a7a8500c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.3,
        "y": 0.65
      },
      "kind": "source-note",
      "text": "Deutsche Bank Securities research October 21, 2018",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ff99c9ee-bb01-4544-8652-ddf8d1b9e888",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "Dell’s Overvaluation of its Class C Shares (Cont’d)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6cd42b31-3340-4236-83a3-cbf619d0a2a5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.4,
        "y": 0.52
      },
      "kind": "title",
      "text": "The Majority’s View:",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b2d04bd-ab90-4a31-a282-caf980079f43",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}