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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 16 slides",
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  "presentationDate": "2018-07-01 00:00:00",
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  "notes": "The slide outlines a specific financial counterproposal in a M&A context.",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "AMGP wil be converted into a Delaware C-Corp with a board of directors with at least a majority of the directors not affiliated with any of the existing corporate entities, PF AMGP or any private equity sponsor thereof",
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      "text": "Cash consideration component to at least partially offset transaction-related tax expenses which will be triggered for AM unitholders",
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      "text": "Implied 1.959x XR(1) represents 15.7% premium off adjusted market exchange ratio of 1.693x(2)",
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      "text": "Closing conditioned upon approval by a majority of the AM public unitholders (i.e. unitholders other than AR)",
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      "text": "Total consideration of 1.75 AMGP shares and $4.00 cash per AM unit",
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      "text": "Increase the dividend payout at AMGP to match planned increases of the distribution at AM, on an exchange ratio adjusted basis, for at least the first four quarters following closing of the transaction",
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      "text": "Exchange Ratio that accounts for Series B dilution and provides modest premium consistent with precedent transactions",
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      "text": "All Incentive Distribution Rights, with respect to both A and B units, are extinguished at the close of the transaction",
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      "text": "Source: Management projections and FactSet as of 7/10/18. (1) Includes equity exchange ratio of 1.750x and cash consideration of $4.00 / unit. (2) Exchange ratio adjusted for Series B dilution.",
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