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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 16 slides",
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  "authorName": "Tudor, Pickering, Holt & Co",
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  "notes": "The slide presents a series of negative findings or 'pain points' regarding a proposed transaction.",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "AMGP share price does not reflect the dilutive impact of Series B exchange\nTaxable transaction unduly burdens public unitholders; pro forma dividend taxes are significantly higher than status quo distribution taxes\nBenefits of transaction, such as distribution accretion, should be shared in a more balanced manner\nThese factors suggest AMGP’s proposal is well below market and any measure of implied intrinsic value\nPublic AM unitholders would own less than 30% of the PF C-corp, with little practical governance benefit\nGiven AM’s yield and growth profile, there is no near-term compelling driver for AM to do a transaction",
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