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  "documentTitle": "Antero Midstream Partners | Mergers and Acquisitions Presentation Deck | 69 slides",
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  "authorName": "Antero Resources",
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  "presentationDate": "2018-03-01 00:00:00",
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      "text": "As with AR, market likely to applaud elimination of IDRs and broader simplification if structured appropriately; Would be viewed positively as the slight near term dilution would be more than offset by the accretion in 2020+; Distribution growth profile for next 5+ years is materially enhanced for AM unitholders after the transaction; AM unitholders may expect a greater than market premium given the material accretion expected to be had by AMGP; As long as AM has an enhanced growth profile, higher distributions, and increased investor base through the C-Corp, AM could see a potential multiple re-rating to the upside",
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      "text": "Market likely to applaud elimination of IDRs and broader simplification of the Antero structure; Potentially positive reaction for taking a material step to eliminate the perceived misalignment issue; AMGP purchase of AM and elimination of IDRs helps AR pro forma cash flow; Transaction would potentially have a slight positive impact to AR's share price; A larger impact to AR's stock to the upside would require a re-rating of AR's multiple",
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      "text": "In light of substantial DCF and cash flow accretion and slightly lower growth, AMGP could see a higher trading price albeit with a higher yield; Market would positively view a tax step-up, which would materially reduce in corporate taxes going forward; AMGP holders would positively view the transaction as long as the premium is within the range of precedents; Despite having a PF multiple that would be lower than its corporate peers, PF AMGP would have superior growth and balance sheet, implying upside to the share price",
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      "text": "AR, AM, AMGP market reaction analysis",
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      "kind": "title",
      "text": "Potential Market Reaction to AMGP Acquisition of AM",
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