{
  "docId": "019de50e-8266-7532-8656-991ba5b4d308",
  "docSlug": "e3c6fc8c538798bc8f4877f4ad34c89c",
  "documentTitle": "Yahoo | Mergers and Acquisitions Presentation Deck | 34 slides",
  "authorId": "yahoo",
  "authorName": "Yahoo",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2008-07-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3342599,
  "pageNumber": 23,
  "pageCount": 34,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses a contrast-based structure to frame the proposal as risky and overvalued.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de50e-8266-7532-8656-991ba5b4d308/23",
  "deckHref": "/decks/019de50e-8266-7532-8656-991ba5b4d308",
  "deckJsonHref": "/decks/019de50e-8266-7532-8656-991ba5b4d308.json",
  "deckAnchorHref": "/decks/019de50e-8266-7532-8656-991ba5b4d308#slide-23",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "callout",
      "text": "Microsoft and Mr. Icahn overstate the value their proposal would deliver to Yahoo! stockholders and substantially understate the risks",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "56f627cd-3888-4465-ae84-18273c5b212a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.23
      },
      "kind": "list",
      "text": "Acquisition of Yahoo!'s search assets by Microsoft; Commercial search agreement; Distribution of Asia assets; Pro-rata dividend; $3.9B tender offer; Replacement of Board and management.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50272aee-e96f-459c-982c-8fa5fa049713",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.55
      },
      "kind": "list",
      "text": "1. Superior value of existing Google agreement; 2. Precludes full sale; 3. Icahn slate lacks business knowledge; 4. Destabilization risk during regulatory approval.",
      "attrs": null,
      "subkind": "numbered",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71969026-a1e6-48bb-bc8d-f193ac31b049",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "On July 11, 2008, Microsoft Corporation and Carl Icahn proposed a complex restructuring of Yahoo! including:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80a6d34d-17e3-43f1-ac74-8faa3bcf957f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.5
      },
      "kind": "paragraph",
      "text": "On July 12, 2008, Yahoo!'s Board rejected this proposal based on a number of factors including:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fbe9cfea-877f-4fc3-b99c-2ac3d8927a4b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Microsoft/Icahn Search and Restructuring Proposal",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e8c2bd7b-3cf2-4573-89ad-06d63204b868",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Thesis archetype",
      "slug": "thesis-archetype",
      "agent": null,
      "layer": "slide",
      "matchId": "a37686ee-c68c-4d95-baff-c6003f59f0b6",
      "evidence": "Microsoft/Icahn Search and Restructuring Proposal",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "preempt-rebuttal",
      "slug": null,
      "matchId": "50e03831-f5b8-4bb8-b657-3aae50ecca76",
      "evidence": "The slide explicitly lists an opponent's proposal and then systematically refutes it with four specific counter-arguments.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}