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  "documentTitle": "Adobe | Mergers and Acquisitions Presentation Deck | 18 slides",
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      "text": "*Due to the absence at this time of estimates of the acquisition-related restructuring cost and the allocation of the purchase price between goodwill, in-process R&D, other tangibles and equity-based compensation expenses related to SFAS 123R, Adobe is currently unable to provide GAAP estimates on future earnings. Adobe's target of break even to slightly accretive to earnings on a non-GAAP basis assumes no adverse impact from the loss of deferred revenue in the first twelve months following the close due to purchase accounting.",
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      "text": "Expected to be break even to slightly accretive to earnings in first 12 months after the close of transaction on a non-GAAP basis*",
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      "text": "Adobe Board of Directors has authorized $1 billion stock repurchase to be executed after close of the transaction",
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      "text": "$3.4 billion stock for stock deal; Fixed exchange ratio of 0.69 Adobe shares for every Macromedia share; Pro forma Adobe ownership of 18% for Macromedia stockholders",
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      "text": "Expected closing by Fall 2005; Subject to Macromedia and Adobe stockholder approvals, and customary regulatory approvals",
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