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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 40 slides",
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  "notes": "The chart displays annual median premiums (bars) against the S&P 500 index (line).",
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      "text": "Annual median premiums paid for U.S. public targets",
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      "text": "Notes: 1. Includes announced bids for control of U.S. public targets with an aggregate value of $1Bn or more. Excludes terminated transactions, ESOPs, self-tenders, spin-offs, share repurchases, minority interest transactions, exchange offers, recapitalizations and restructurings. Includes transactions announced on or before Jun 30, 2020. 2. Annual amounts based on mean of percentage premiums paid over unaffected stock price which is defined as stock price four weeks prior to the earliest of the deal announcement; announcement of a competing bid; and market rumors. 3. Includes all announced bids irrespective of consideration offered (i.e., includes all cash, all stock and hybrid bids). Excludes outliers. 4. S&P 500 indexed to closing price on the last trading day of 1996",
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      "text": "Source: Refinitiv (formerly Thomson Reuters) as of Jul 30, 2020",
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      "text": "Transactions of $1Bn or More",
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