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  "documentTitle": "ValueAct Capital | Activist Presentation Deck | 75 slides",
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  "authorName": "ValueAct Capital",
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  "presentationDate": "2022-02-01 00:00:00",
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  "notes": "The slide argues for a divestiture to unlock value and allow management focus on 7-Eleven.",
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      "text": "Sogo & Seibu Valuation Under Two Strategic Alternatives",
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      "text": "Sogo & Seibu has property value estimated by a leading advisory firm at 480-550b yen, indicating upside to the possible ¥200b sale price reported in the press. However, the most important priority is completing a 100% sale as soon as possible, with due consideration for affected stakeholders, to allow management to focus on 7-Eleven due to the competitive urgency.",
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      "text": "Sources: Public company documents, VAC analysis. Memo: Business value estimated as 5x FY Feb 2020 EBITDA, sale price based on media reports, real estate appraisal value based on leading global advisory firm analysis",
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      "text": "Step 2. Complete the Sale of Sogo & Seibu",
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