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  "documentTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 69 slides",
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      "text": "Recent Wall Street research analyst commentary has focused on the likelihood and attractiveness of an acquisition of AM by AMGP given relative valuation",
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      "text": "Issue centers on management and private equity ownership in AMGP with fears AR may grow more than is optimal at the expense of E&P shareholders to the benefit of midstream. - TPH 2/20/18",
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      "text": "Relatedly, on the midstream-side, investors have speculated about incentives created by varying ownership levels in AR, AM, and AMGP across both AR itself and insiders. - Raymond James 2/15/18",
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      "kind": "quote",
      "text": "relative valuation gap between AM and AMGP leaves a GP buy-in of the LP as the more probable outcome. Given the easier path to accretion in the second scenario, our updated AM price target of $38/unit assumes a midpoint between an assumed takeout value of ~$36/unit (~30% premium to current). Recent sell-off at AM and taxable transaction likely necessitates a meaningful premium to the LP. the combined midstream asset base could see a significant rerate with NAV of inventory blowdown >$12.5B vs. current combined equity value of ~$8.5B. - TPH 2/20/18",
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      "text": "Management is clearly attuned to investor calls for greater clarity surrounding segment-level reporting and engagement with the investment community generally. - Morgan Stanley 2/14/18",
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      "text": "We view a consolidation of the midstream complex as the most likely outcome of this review - TPH 2/20/18. Though two scenarios are explored, relative valuation gap between AM and AMGP leaves a GP buy-in of the LP as the more probable outcome. Recent sell-off at AM and taxable transaction likely necessitates a meaningful premium to the LP. - TPH 2/20/18. we see AM+AMGP potentially trading at 11.4x 2019e EBITDA, a level we believe could be quite attractive relative to an estimated 2019-2021 EBITDA CAGR of 22%. - Morgan Stanley 2/14/18",
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