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  "authorName": "Baird",
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  "presentationDate": "2018-06-01 00:00:00",
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  "notes": "The slide uses a numbered list format within a table to structure the diagnosis of the acquisition proposal.",
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      "kind": "paragraph",
      "text": "Based on our initial assessment, Baird views the AMGP – AM acquisition as a modest net positive to AR, however, the Committee should consider pursuing certain enhancements to the initial terms of the proposal",
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      "text": "Focus Area, Reactionary / Headline Risk, Considerations. 1. Exchange Ratio, 1.600x proposed exchange Ratio implies: 3.2% discount to AM's current price, 10.8% premium to AM's clean price. Investors are likely anticipating a modest premium, Need to establish the clean unaffected date. 2. Near-Term Dilution, AM unitholders likely to be disappointed with a distribution cut, Free cash flow generation is integral. Target keeping pro forma distributions to AM unitholders neutral. 3. Series B Value, Investors may be surprised by the implied value, Negative perception of management's incentives. Series B needs to be removed, Series B could realize substantial value. 4. No Cash Component, Including a cash component may be a positive surprise. Aggregate cash proceeds in excess of $500 mm will likely be required.",
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