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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 12 slides",
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  "authorName": "Goldman Sachs",
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  "presentationDate": "2019-08-01 00:00:00",
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  "notes": "Goldman Sachs branded slide, likely from an M&A advisory deck.",
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      "kind": "disclaimer",
      "text": "STRICTLY CONFIDENTIAL, PRELIMINARY DRAFT AND SUBJECT TO CHANGE",
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      "text": "A collar mitigates the impact of fluctuations in the Acquiror's share price. In a fixed exchange ratio (\"fixed collar\") transaction, a collar adjusts the merger consideration in the event of significant upward or downward swings in Acquiror's share price. In a fixed price transaction (\"floating collar\"), a collar establishes the maximum and minimum number of Acquiror shares to be issued to the Target's shareholders.",
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      "text": "Comparison table of Fixed vs Floating Collar across Description, Impact of Share Price Decline, and Impact of Share Price Rise.",
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      "text": "Fixed vs. Floating Collar",
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